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: 811-3618

METROPOLITAN SERIES FUND

(Exact name of registrant as specified in charter)

One Financial Center

Boston, MA 02111

(Address of principal executive offices) (Zip code)

(Name and Address of Agent for Service) Copy to:

Michael P. Lawlor	David C. Mahaffey, Esq.
c/o MetLife Advisers, LLC One Financial Center Boston, MA 02111	Sullivan & Worcester LLP 1666 K Street, N.W. Washington, D.C. 20006

Registrant’s telephone number, including area code: 617-578-4036

Date of fiscal year end: December 31

Date of reporting period: January 1, 2014 through December 31, 2014

Item 1: Report to Shareholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”):

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Managed By Baillie Gifford Overseas Limited

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Baillie Gifford International Stock Portfolio returned -3.10%, -3.34%, and -3.19%, respectively. The Portfolio’s benchmark, the MSCI All Country World ex-U.S. Index¹, returned -3.87%.

MARKET ENVIRONMENT / CONDITIONS

Those investing in world equity markets from a base in the U.S. will probably feel quite mixed about 2014. On the one hand, the U.S. market delivered excellent returns as, despite occasional setbacks, belief in the economic recovery continued to grow. Such was the generally favorable mood that the Federal Reserve took the decision to first reduce, and then eventually halt, its bond buying program. The positive tone, combined with other factors such as continuing low interest rates, helped the U.S. stock market to reach record highs during the period.

However, strength in the U.S. extended to the dollar, which rose strongly against all other major currencies in 2014, hampering the returns earned from international markets. With the exception of Canada, which eked out a marginal gain, all international regions (Europe ex-United Kingdom (“U.K.”), Developed Asia Pacific, Emerging Markets and the U.K.) delivered negative returns in U.S. dollar terms during the year.

If we consider market results in local currencies, the picture was somewhat rosier, with most major investment markets delivering positive returns over the period as a whole. This outcome could be attributed to several factors including increasing investor confidence, some signs of improvement in the economic backdrop, and the continuation of loose monetary policy in many developed countries.

The year saw greater optimism over prospects for the U.K., where economic data suggested that growth was improving. Although some areas of weakness remained and equity markets were virtually flat, even in local currency terms, the tone on the whole was favorable. European markets also saw growing investor confidence through the year, but economic recovery remained weak in the Eurozone, with data from Germany and France particularly disappointing. The European Central Bank eventually announced further supportive measures in an attempt to generate a sustained upturn, but resurgent concerns at the end of the year about a possible Greek exit from the Eurozone did nothing to help market sentiment.

In Japan, the government moved to implement the third of Prime Minister Abe’s ‘three arrows’, aimed at structural reform and creating a basis for the fragile economic recovery to gather pace. However, the pace of change was slower than many had hoped and, towards the end of the period, Abe called a snap election two years ahead of schedule, in a bid to secure a stronger mandate to enact his policies. He was returned to power with a substantial majority, giving him the authority to resume his economic plan.

Although there were several flashpoints around the world, notably in the Middle East and Ukraine, and these situations created uncertainty in terms of global security, they had a limited impact on major investment markets for most of the year. However, a sharp fall in the oil price in the latter part of the period and the resulting weakness in the Russian currency were of greater concern to investors and caused an increase in volatility.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Due to the bottom-up nature of the Portfolio, the majority of relative performance was driven by stock selection. Specifically, stock selection in Emerging Markets, Developed Asia, and Europe helped relative performance while stock selection in the U.K. detracted.

In terms of contributors, the Portfolio was helped by holdings in a range of sectors, including Industrials and Financials. Within the Industrials sector, aerospace holdings Ryanair (Ireland), the European low cost airline and Embraer (Brazil), the airplane manufacturer, were contributors. While lower oil prices are beneficial to those involved with air travel, Ryanair’s performance is largely attributable to good demand growth and robust ticket pricing on the back of the company’s new focus on customer service.

Financials holdings that were helpful to the Portfolio included property and casualty insurance company Fairfax Financial (Canada) and the stock exchange group Hong Kong Exchanges and Clearing (Hong Kong). The launch of the Shanghai-Hong Kong Connect scheme in November 2014 established mutual stock market access between mainland China and Hong Kong, and represents a significant step towards China opening up its financial system to the rest of the world, via Hong Kong.

Elsewhere, the Portfolio’s overweight position in Information Technology (“IT”) was helpful and internet companies Baidu (China) and MercadoLibre (Brazil) performed well, as did semiconductor manufacturer, TSMC (Taiwan). There were, however, some detractors in the IT space, including the Russian internet search business, Yandex (Russia), which was a new holding during the year.

The Portfolio’s Russian holdings were weak across the board as Western sanctions relating to events in Ukraine, and a falling oil price and currency have hurt the Russian economy. Despite commercial bank Sberbank (Russia) retaining many of the bottom-up attractions that first drew us to the stock (including an overwhelmingly dominant market share in a very under-banked country), the macro-economic environment is now more challenging for the banking sector and we sold the holding at the end of the year. The proceeds were reinvested in Yandex (Russia), which dominates Russia’s growing internet search arena.

The falling oil price has seen broad-based weakness in the Energy sector and while the Portfolio’s underweight in the sector was helpful, its holdings in Tullow Oil (U.K.), Seadrill (Norway) and Petrofac (U.K.) detracted.

MSF-1

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Managed By Baillie Gifford Overseas Limited

Portfolio Manager Commentary*—(Continued)

We did not make significant changes to the Portfolio over the year and the output of our bottom-up stock selection is a Portfolio with the largest overweight positions in Industrials and IT, and the largest underweight positions in Financials, Energy and Health Care.

The Industrials sector has a wide assortment of companies that we find attractive, from Ryanair and Embraer (mentioned above) to the industrial compressor business Atlas Copco (Sweden), to distributors Brenntag (Germany) and Wolseley (U.K.). New Industrials holdings added during the year were Copa Holdings (Panama) and MTU Aerospace (Germany). Copa is an airline operating flights through Panama to various parts of the Americas. It dominates these routes, is able to charge premium prices to customers given the lack of alternatives, and is well placed to grow in an environment where competitors are consolidating and even reducing capacity. MTU Aerospace operates in an industry characterized by high barriers to entry: it manufactures components for aircraft engines, as well as supplying spare parts for existing engines and offering overhaul services to airlines.

The IT sector is also very wide, and the Portfolio’s holdings span semiconductor design and manufacturing, mobile handsets, internet search, and enterprise software, amongst other areas, with exposure to a range of geographical markets. One sale during the year was Trend Micro (Japan), a maker of anti-virus computer and internet security software whose business model, while very profitable currently, is under pressure from new competitive threats.

We sold China Mobile (China), the dominant Chinese telecoms provider, due to rising competitive pressures and questionable capital allocation. This increases the Portfolio’s underweight position in the Telecommunications sector, an area where we have long struggled to find attractive growth companies.

The Portfolio has also maintained an underweight to Japan for some time. As a growth manager we have struggled to find attractive holdings within a domestic market experiencing deflation and deleveraging, while the past strength of the Yen and competition from China have challenged Japan’s large exporters. At year end, we remained cautious with regards to the eventual success of ‘Abenomics’ but going forward will continue to watch progress and crucially, search for attractive companies with good prospects for growth.

Jonathan Bates

Angus Franklin

Portfolio Managers

Baillie Gifford Overseas Limited

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ALL COUNTRY WORLD EX-U.S. INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
Baillie Gifford International Stock Portfolio
Class A		-3.10		2.83		1.75
Class B		-3.34		2.54		1.49
Class E		-3.19		2.68		1.60
MSCI All Country World ex-U.S. Index		-3.87		4.43		5.13

¹ The MSCI All Country World ex-U.S. Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. The Index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Naspers, Ltd. - N Shares		3.2
Taiwan Semiconductor Manufacturing Co., Ltd.		3.1
Nestle S.A.		2.7
Samsung Electronics Co., Ltd.		2.6
Svenska Handelsbanken AB - A Shares		2.3
Ryanair Holdings plc (ADR)		2.1
Atlas Copco AB - B Shares		2.0
Fairfax Financial Holdings, Ltd.		1.9
Baidu, Inc. (ADR)		1.9
Rio Tinto plc		1.9

Top Countries

	% of Net Assets
United Kingdom		20.8
Japan		9.6
Germany		6.5
Ireland		5.4
South Korea		5.2
Sweden		5.0
Taiwan		4.0
South Africa		3.7
Switzerland		3.5
France		3.4

MSF-3

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Baillie Gifford International Stock Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.75	%	$	1,000.00	$	937.60	$	3.66
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.43	$	3.82
Class B(a)	Actual		1.00	%	$	1,000.00	$	936.70	$	4.88
	Hypothetical*		1.00	%	$	1,000.00	$	1,020.16	$	5.09
Class E(a)	Actual		0.90	%	$	1,000.00	$	937.00	$	4.39
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.67	$	4.58

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—98.4% of Net Assets

Security Description	Shares		Value
Argentina—1.7%
MercadoLibre, Inc. (a)		248,238	$	31,692,546
Australia—2.5%
Brambles, Ltd.		2,453,692		21,130,880
Cochlear, Ltd. (a)		254,010		16,031,342
Treasury Wine Estates, Ltd.		2,544,228		9,897,408
				47,059,630
Brazil—1.9%
Embraer S.A. (ADR)		542,616		20,000,826
Itau Unibanco Holding S.A. (ADR)		1,288,925		16,768,914
				36,769,740
Canada—2.9%
Cenovus Energy, Inc.		318,499		6,571,201
Fairfax Financial Holdings, Ltd.		70,650		37,020,405
Ritchie Bros. Auctioneers, Inc. (a)		443,057		11,913,803
				55,505,409
China—3.1%
Baidu, Inc. (ADR) (b)		161,600		36,839,952
Sun Art Retail Group, Ltd. (a)		6,227,000		6,158,974
Want Want China Holdings, Ltd. (a)		12,275,626		16,103,762
				59,102,688
Denmark—3.2%
DSV A/S		747,876		22,719,306
Novo Nordisk A/S - Class B		463,399		19,607,154
Novozymes A/S - B Shares		456,837		19,166,987
				61,493,447
Finland—2.8%
Kone Oyj - Class B (a)		557,213		25,307,746
Sampo Oyj - A Shares		583,314		27,351,357
				52,659,103
France—3.4%
Edenred (a)		541,183		15,027,078
Essilor International S.A. (a)		228,234		25,406,247
Lafarge S.A.		353,083		24,780,899
				65,214,224
Germany—6.5%
Brenntag AG		317,244		17,851,117
Continental AG		130,056		27,617,718
Deutsche Boerse AG		404,503		28,988,321
MTU Aero Engines AG		132,264		11,548,451
SAP SE		340,654		24,086,109
Sky Deutschland AG (a) (b)		1,621,502		13,229,012
				123,320,728
Hong Kong—3.0%
Hang Seng Bank, Ltd.		1,215,900		20,217,275
Hong Kong—(Continued)
Hong Kong Exchanges and Clearing, Ltd.		1,657,200		36,456,203
				56,673,478
India—0.6%
IDFC, Ltd.		5,006,671		12,374,789
Ireland—5.4%
CRH plc		766,175		18,198,156
Experian plc		1,442,300		24,328,313
James Hardie Industries plc		1,857,471		19,777,992
Ryanair Holdings plc (ADR) (b)		561,248		40,000,145
				102,304,606
Japan—9.6%
FANUC Corp.		112,600		18,583,350
Fast Retailing Co., Ltd.		59,200		21,568,449
Japan Exchange Group, Inc. (a)		1,173,200		27,333,639
Rakuten, Inc. (a) (b)		2,044,000		28,457,815
Shimano, Inc.		166,100		21,485,062
SMC Corp.		103,600		26,978,176
Tokyo Electron, Ltd.		238,600		18,106,627
Toyota Tsusho Corp.		854,300		19,745,043
				182,258,161
Netherlands—1.3%
Heineken Holding NV		400,974		25,134,081
Norway—0.2%
Seadrill, Ltd. (a)		267,561		3,079,992
Panama—0.8%
Copa Holdings S.A. - Class A (a)		150,210		15,567,764
Peru—0.8%
Credicorp, Ltd.		101,691		16,288,864
Portugal—0.2%
Galp Energia SGPS S.A. (a)		388,533		3,930,765
Russia—1.6%
Magnit OJSC (GDR)		436,486		19,683,139
Yandex NV - Class A (b)		570,184		10,240,505
				29,923,644
Singapore—1.6%
United Overseas Bank, Ltd. (a)		1,618,473		29,922,100
South Africa—3.7%
Massmart Holdings, Ltd. (a)		758,903		9,264,648
Naspers, Ltd. - N Shares		477,191		61,437,404
				70,702,052
South Korea—5.2%
Hyundai Mobis		46,659		9,930,729
NAVER Corp.		31,260		20,194,598

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
South Korea—(Continued)
Samsung Electronics Co., Ltd.		41,245	$	49,578,637
SK Telecom Co., Ltd.		76,078		18,500,748
				98,204,712
Spain—1.6%
Inditex S.A.		1,045,370		29,952,928
Sweden—5.0%
Atlas Copco AB - B Shares		1,458,897		37,382,568
Svenska Handelsbanken AB - A Shares		942,556		44,010,532
Volvo AB - B Shares		1,238,624		13,376,942
				94,770,042
Switzerland—3.5%
Cie Financiere Richemont S.A.		166,157		14,717,744
Nestle S.A.		708,429		51,928,938
				66,646,682
Taiwan—4.0%
Hon Hai Precision Industry Co., Ltd.		5,812,139		16,027,370
Taiwan Semiconductor Manufacturing Co., Ltd.		13,502,000		59,580,690
				75,608,060
Turkey—0.8%
BIM Birlesik Magazalar A/S (a)		681,093		14,581,219
United Kingdom—20.8%
Amlin plc		2,960,100		21,897,190
Antofagasta plc		978,543		11,361,163
ARM Holdings plc		2,323,097		35,771,670
ASOS plc (a) (b)		193,858		7,698,935
BG Group plc		861,000		11,460,540
BHP Billiton plc		505,800		10,818,967
British American Tobacco plc		655,883		35,636,661
Burberry Group plc		518,692		13,142,945
Capita plc		1,534,300		25,713,611
Hargreaves Lansdown plc		1,162,300		18,122,232
Petrofac, Ltd.		878,200		9,524,653
Premier Farnell plc		3,022,212		8,282,567
Prudential plc		1,509,470		34,736,161
Rio Tinto plc		791,600		36,471,038
Rolls-Royce Holdings plc (b)		1,047,723		14,113,945
St. James’s Place plc		1,450,015		18,222,717
Standard Chartered plc		1,206,722		18,097,215
Tullow Oil plc		1,630,893		10,319,093
Unilever NV		667,612		26,225,642
Wolseley plc		481,091		27,387,735
				395,004,680
Security Description	Shares/ Principal Amount*		Value
United States—0.7%
Pricesmart, Inc. (a)		158,049		14,417,230
Total Common Stocks (Cost $1,613,189,910)				1,870,163,364
Short-Term Investments—10.1%
Mutual Fund—8.6%
State Street Navigator Securities Lending MET Portfolio (c)		161,994,801		161,994,801
Repurchase Agreement—1.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $28,661,616 on 01/02/15, collateralized by $28,340,000 U.S. Government Agency Obligations with rates ranging from 0.250% - 4.375%, maturity dates ranging from 05/31/15 - 08/15/15, with a value of $29,238,388.		28,661,616		28,661,616
Total Short-Term Investments (Cost $190,656,417)				190,656,417
Total Investments—108.5% (Cost $1,803,846,327) (d)				2,060,819,781
Other assets and liabilities (net)—(8.5)%				(160,695,974	)
Net Assets—100.0%			$	1,900,123,807

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $182,707,513 and the collateral received consisted of cash in the amount of $161,994,801 and non-cash collateral with a value of $29,481,456. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,809,056,269. The aggregate unrealized appreciation and depreciation of investments were $385,943,956 and $(134,180,444), respectively, resulting in net unrealized appreciation of $251,763,512 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

(GDR)— A Global Depositary Receipt is a negotiable certificate issued by one country’s bank against a certain number of shares of a company’s stock held in its custody but traded on the stock exchange of another country.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Schedule of Investments as of December 31, 2014

Ten Largest Industries as of December 31, 2014 (Unaudited)	% of Net Assets
Banks		7.7
Insurance		7.3
Machinery		6.4
Semiconductors & Semiconductor Equipment		6.0
Diversified Financial Services		5.5
Internet Software & Services		5.2
Food Products		5.0
Media		3.9
Trading Companies & Distributors		3.4
Food & Staples Retailing		3.4

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Argentina	$	31,692,546	$	—		$	—	$	31,692,546
Australia		—		47,059,630			—		47,059,630
Brazil		36,769,740		—			—		36,769,740
Canada		55,505,409		—			—		55,505,409
China		36,839,952		22,262,736			—		59,102,688
Denmark		—		61,493,447			—		61,493,447
Finland		—		52,659,103			—		52,659,103
France		—		65,214,224			—		65,214,224
Germany		—		123,320,728			—		123,320,728
Hong Kong		—		56,673,478			—		56,673,478
India		—		12,374,789			—		12,374,789
Ireland		40,000,145		62,304,461			—		102,304,606
Japan		—		182,258,161			—		182,258,161
Netherlands		—		25,134,081			—		25,134,081
Norway		—		3,079,992			—		3,079,992
Panama		15,567,764		—			—		15,567,764
Peru		16,288,864		—			—		16,288,864
Portugal		—		3,930,765			—		3,930,765
Russia		10,240,505		19,683,139			—		29,923,644
Singapore		—		29,922,100			—		29,922,100
South Africa		—		70,702,052			—		70,702,052
South Korea		—		98,204,712			—		98,204,712
Spain		—		29,952,928			—		29,952,928
Sweden		—		94,770,042			—		94,770,042
Switzerland		—		66,646,682			—		66,646,682
Taiwan		—		75,608,060			—		75,608,060
Turkey		—		14,581,219			—		14,581,219
United Kingdom		—		395,004,680			—		395,004,680
United States		14,417,230		—			—		14,417,230
Total Common Stocks		257,322,155		1,612,841,209			—		1,870,163,364
Short-Term Investments
Mutual Fund		161,994,801		—			—		161,994,801
Repurchase Agreement		—		28,661,616			—		28,661,616
Total Short-Term Investments		161,994,801		28,661,616			—		190,656,417
Total Investments	$	419,316,956	$	1,641,502,825		$	—	$	2,060,819,781
Collateral for securities loaned (Liability)	$	—	$	(161,994,801	)	$	—	$	(161,994,801	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	2,060,819,781
Cash denominated in foreign currencies (c)		62,261
Receivable for:
Investments sold		2,201,049
Fund shares sold		960,291
Dividends and interest		1,111,665
Prepaid expenses		5,246
Total Assets		2,065,160,293
Liabilities
Collateral for securities loaned		161,994,801
Payables for:
Investments purchased		1,250,372
Fund shares redeemed		125,719
Accrued expenses:
Management fees		1,082,272
Distribution and service fees		85,641
Deferred trustees’ fees		97,529
Other expenses		400,152
Total Liabilities		165,036,486
Net Assets	$	1,900,123,807
Net assets consist of:
Paid in surplus	$	2,001,395,539
Undistributed net investment income		29,557,052
Accumulated net realized loss		(387,746,607	)
Unrealized appreciation on investments and foreign currency transactions		256,917,823
Net Assets	$	1,900,123,807
Net Assets
Class A	$	1,490,015,961
Class B		387,290,259
Class E		22,817,587
Capital Shares Outstanding*
Class A		147,964,246
Class B		39,074,959
Class E		2,289,432
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.07
Class B		9.91
Class E		9.97

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,803,846,327.

(b) Includes securities loaned at value of $182,707,513.

(c) Identified cost of cash denominated in foreign currencies was $62,280.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	45,100,873
Interest		859
Securities lending income		1,676,434
Total investment income		46,778,166
Expenses
Management fees		15,881,841
Administration fees		46,719
Custodian and accounting fees		1,234,576
Distribution and service fees—Class B		1,031,382
Distribution and service fees—Class E		36,968
Audit and tax services		60,726
Legal		30,013
Trustees’ fees and expenses		40,768
Shareholder reporting		172,267
Insurance		9,651
Miscellaneous		35,238
Total expenses		18,580,149
Less management fee waiver		(2,521,368	)
Net expenses		16,058,781
Net Investment Income		30,719,385
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		42,691,165
Foreign currency transactions		(918,299	)
Net realized gain		41,772,866
Net change in unrealized depreciation on:
Investments		(131,977,686	)
Foreign currency transactions		(168,389	)
Net change in unrealized depreciation		(132,146,075	)
Net realized and unrealized loss		(90,373,209	)
Net Decrease in Net Assets From Operations	$	(59,653,824	)

(a) Net of foreign withholding taxes of $4,508,508.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	30,719,385		$	30,994,569
Net realized gain		41,772,866			21,915,768
Net change in unrealized appreciation (depreciation)		(132,146,075	)		229,395,258
Increase (decrease) in net assets from operations		(59,653,824	)		282,305,595
From Distributions to Shareholders
Net investment income
Class A		(23,080,583	)		(24,733,409	)
Class B		(5,182,984	)		(1,391,154	)
Class E		(320,223	)		(402,216	)
Total distributions		(28,583,790	)		(26,526,779	)
Increase (decrease) in net assets from capital share transactions		(153,964,195	)		285,595,731
Total increase (decrease) in net assets		(242,201,809	)		541,374,547
Net Assets
Beginning of period		2,142,325,616			1,600,951,069
End of period	$	1,900,123,807		$	2,142,325,616
Undistributed net investment income
End of period	$	29,557,052		$	28,339,756

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		8,639,913		$	88,952,702			13,914,522		$	132,496,071
Reinvestments		2,243,011			23,080,583			2,723,944			24,733,409
Redemptions		(22,352,068	)		(233,844,574	)		(16,279,447	)		(156,565,254	)
Net increase (decrease)		(11,469,144	)	$	(121,811,289	)		359,019		$	664,226
Class B
Sales		1,949,577		$	19,595,616			1,400,012		$	13,236,229
Shares issued through acquisition		0			0			36,865,244			343,584,075
Reinvestments		510,639			5,182,984			155,090			1,391,154
Redemptions		(5,258,516	)		(54,016,096	)		(7,239,361	)		(69,828,994	)
Net increase (decrease)		(2,798,300	)	$	(29,237,496	)		31,180,985		$	288,382,464
Class E
Sales		146,213		$	1,478,906			171,847		$	1,652,354
Reinvestments		31,395			320,223			44,691			402,216
Redemptions		(457,071	)		(4,714,539	)		(575,018	)		(5,505,529	)
Net decrease		(279,463	)	$	(2,915,410	)		(358,480	)	$	(3,450,959	)
Increase (decrease) derived from capital shares transactions				$	(153,964,195	)				$	285,595,731

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.54		$	9.28		$	7.87		$	9.98		$	9.45
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.16			0.16			0.10			0.10
Net realized and unrealized gain (loss) on investments		(0.48	)		1.26			1.37			(2.04	)		0.57
Total from investment operations		(0.32	)		1.42			1.53			(1.94	)		0.67
Less Distributions
Distributions from net investment income		(0.15	)		(0.16	)		(0.12	)		(0.17	)		(0.14	)
Total distributions		(0.15	)		(0.16	)		(0.12	)		(0.17	)		(0.14	)
Net Asset Value, End of Period	$	10.07		$	10.54		$	9.28		$	7.87		$	9.98
Total Return (%) (b)		(3.10	)		15.54			19.52			(19.87	)		7.21
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87			0.87			0.91			0.95			0.94
Net ratio of expenses to average net assets (%) (c)		0.75			0.77			0.81			0.90			0.91
Ratio of net investment income to average net assets (%)		1.58			1.70			1.83			1.06			1.10
Portfolio turnover rate (%)		8			19			62			96			140
Net assets, end of period (in millions)	$	1,490.0		$	1,680.7		$	1,476.3		$	623.9		$	1,183.7
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.38		$	9.15		$	7.75		$	9.84		$	9.33
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.13	(d)		0.14			0.08			0.07
Net realized and unrealized gain (loss) on investments		(0.48	)		1.23			1.35			(2.03	)		0.56
Total from investment operations		(0.34	)		1.36			1.49			(1.95	)		0.63
Less Distributions
Distributions from net investment income		(0.13	)		(0.13	)		(0.09	)		(0.14	)		(0.12	)
Total distributions		(0.13	)		(0.13	)		(0.09	)		(0.14	)		(0.12	)
Net Asset Value, End of Period	$	9.91		$	10.38		$	9.15		$	7.75		$	9.84
Total Return (%) (b)		(3.34	)		15.14			19.37			(20.13	)		6.86
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.12			1.13			1.16			1.20			1.19
Net ratio of expenses to average net assets (%) (c)		1.00			1.03			1.06			1.15			1.16
Ratio of net investment income to average net assets (%)		1.32			1.34	(d)		1.68			0.87			0.86
Portfolio turnover rate (%)		8			19			62			96			140
Net assets, end of period (in millions)	$	387.3		$	434.8		$	97.8		$	89.5		$	112.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.43		$	9.19		$	7.79		$	9.88		$	9.36
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.15			0.15			0.09			0.09
Net realized and unrealized gain (loss) on investments		(0.48	)		1.23			1.35			(2.03	)		0.56
Total from investment operations		(0.33	)		1.38			1.50			(1.94	)		0.65
Less Distributions
Distributions from net investment income		(0.13	)		(0.14	)		(0.10	)		(0.15	)		(0.13	)
Total distributions		(0.13	)		(0.14	)		(0.10	)		(0.15	)		(0.13	)
Net Asset Value, End of Period	$	9.97		$	10.43		$	9.19		$	7.79		$	9.88
Total Return (%) (b)		(3.19	)		15.30			19.39			(19.98	)		7.04
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.02			1.02			1.06			1.10			1.09
Net ratio of expenses to average net assets (%) (c)		0.90			0.92			0.96			1.05			1.06
Ratio of net investment income to average net assets (%)		1.43			1.56			1.79			0.97			0.99
Portfolio turnover rate (%)		8			19			62			96			140
Net assets, end of period (in millions)	$	22.8		$	26.8		$	26.9		$	25.0		$	36.5

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(d) Net investment income per share and the ratio of net investment income to average net assets for Class B during 2013 were impacted by the timing of dividends received from the Portfolio’s investments and the assets received through a merger with the Met Investors Series Trust American Funds International Portfolio.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Baillie Gifford International Stock Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-13

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-14

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $28,661,616, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MSF-15

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these 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.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	164,969,223	$	0	$	318,356,220

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $20,138,038 in sales of investments, which are included above.

MSF-16

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$15,881,841		0.860	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Baillie Gifford Overseas Limited is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.080%	On amounts over $156.25 million and under $400 million
0.180%	Of the next $100 million
0.120%	Of the next to $400 million
0.150%	On amounts in excess of $900 million

An identical expense agreement was in place for the period December 1, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

MSF-17

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$28,583,790	$	26,526,779	$	—	$	—	$	28,583,790	$	26,526,779

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses		Total
$29,993,467	$	—	$	251,707,881	$	(382,875,551	)	$	—	$	(101,174,203	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $31,218,273.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/16		Total
$169,332,274	$	213,543,277	$	382,875,551

8. Acquisition

At the close of business on April 26, 2013, the Portfolio, with aggregate Class A, Class B, and Class E net assets of $1,514,112,574, $98,152,323, and $26,620,393 respectively, acquired all of the assets and liabilities of American Funds International Portfolio of the Met Investors Series Trust (“American Funds International”).

The acquisition was accomplished by a taxable exchange of 36,865,244 Class B shares of the Portfolio (valued at $343,584,075) for 41,617,864 Class C shares of American Funds International. Each shareholder of American Funds International received Class B shares of the Portfolio at the Class B’s NAV, as determined at the close of business on April 26, 2013. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by the American Funds International Portfolio may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by the American Funds International Portfolio. All other costs associated with the merger were not borne by the shareholders of either Portfolio.

American Funds International’s net assets on April 26, 2013, were $343,584,075, all for Class C shares, with investments valued at $334,864,216. For financial reporting purposes, assets received, liabilities assumed, and shares issued by the Portfolio were recorded at fair value. The fair value of the investments received by the Portfolio became the new cost basis of the investments in the Portfolio.

The aggregate net assets of the Portfolio immediately after the acquisition were $1,982,469,365. Assuming the acquisition had been completed on January 1, 2013, the Portfolio’s pro-forma results of operations for the year ended December 31, 2013 are as follows:

Net investment income	$	30,222,657	(a)
Net realized and unrealized gain on investments		258,968,602	(b)
Net increase in net assets from operations	$	289,191,259

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of American Funds International that have been included in the Portfolio’s Statement of Operations since April 26, 2013.

(a) $30,994,569 net investment income as reported December 31, 2013 minus $ 428,522 from American Funds International pre-merger net investment loss, minus $724,668 in higher net advisory fees, plus $334,481 in lower distribution and service fees, plus $46,797 of pro-forma eliminated other expenses.

(b) $389,063,898 unrealized appreciation as reported December 31, 2013 minus $184,533,324 pro-forma December 31, 2012 unrealized appreciation, plus $21,915,768 net realized gain as reported December 31, 2013, plus $32,522,260 in net realized gain from American Funds International pre-merger.

MSF-18

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-19

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Baillie Gifford International Stock Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Baillie Gifford International Stock Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Baillie Gifford International Stock Portfolio of Metropolitan Series Fund as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-20

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-21

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-22

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-23

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-24

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Baillie Gifford International Stock Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Baillie Gifford Overseas Limited regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the one-, three- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the MSCI All Country World Index ex USA, for the one- and three-year periods ended October 31, 2014 and underperformed its benchmark for the five-year period ended October 31, 2014. The Board also took into account management’s discussion of the Portfolio’s performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-25

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, E, and G shares of the Barclays Aggregate Bond Index Portfolio returned 5.81%, 5.48%, 5.58%, and 5.46%, respectively. The Portfolio’s benchmark, the Barclays U.S. Aggregate Bond Index¹, returned 5.97%.

MARKET ENVIRONMENT / CONDITIONS

The Federal Open Market Committee (the “Committee”) met eight times during the one-year period and held the target range for the federal funds rate at 0 to 0.25%, a range set in December 2008. In October, the Committee concluded its asset purchase program. This was the program in which the Committee was systematically purchasing and holding both agency Mortgage-Backed Securities (“MBS”) and longer-term Treasury securities. Following their most recent meeting, the Committee noted that economic activity was expanding at a moderate pace. Further, the Committee observed that labor market conditions improved, and that household spending was increasing moderately. The Committee agreed to maintain the policy of reinvesting principal payments from its retained agency debt and agency MBS into agency MBS. The Committee also stated that it would continue rolling over maturing Treasury securities at auction.

At December 31, 2014, the yield curve flattened from the 2013 year-end levels. The 2-year Treasury finished at 0.67% (up from 0.38%

on December 31, 2013), and the 30-year Treasury finished at 2.57% (down from 3.97% on December 31, 2013).

Crude oil prices fluctuated significantly during the one-year period. After posting a high of approximately $107 per barrel in June, oil ended the year at its low of $53 per barrel.

The Corporate sector was the strongest performing Index sector for the one-year period on a total return basis. Total returns for the Index sectors were: 7.46% for Corporate; 6.14% for Government-Related; 6.08% for MBS; 5.05% for Treasury; 3.86% for Commercial Mortgage-Backed Securities; and 1.88% for Asset-Backed Securities.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling approach where the objective is to track the performance of the Index by holding a subset of Index constituents and neutralizing exposures across key characteristics (i.e., duration, term structure, high sector, sub-sector, quality). Factors that impacted tracking error included: sampling, transaction costs, and contributions and withdrawals.

Stacey Lituchy

Tresa Lau

Tomas Cambara

Portfolio Managers

MetLife Investment Management, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
Barclays Aggregate Bond Index Portfolio
Class A		5.81		4.13		4.48		—
Class B		5.48		3.85		4.21		—
Class E		5.58		3.95		4.32		—
Class G		5.46		3.80		—		4.13
Barclays U.S. Aggregate Bond Index		5.97		4.45		4.71		—

¹ Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98,1/2/01, 5/1/01 and 4/28/09, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		69.2
Corporate Bonds & Notes		24.8
Foreign Government		2.0
Mortgage-Backed Securities		1.6
Municipals		0.7
Asset-Backed Securities		0.5

MSF-2

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Barclays Aggregate Bond Index Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.28	%	$	1,000.00	$	1,020.00	$	1.43
	Hypothetical*		0.28	%	$	1,000.00	$	1,023.79	$	1.43
Class B(a)	Actual		0.53	%	$	1,000.00	$	1,017.60	$	2.70
	Hypothetical*		0.53	%	$	1,000.00	$	1,022.53	$	2.70
Class E(a)	Actual		0.43	%	$	1,000.00	$	1,018.30	$	2.19
	Hypothetical*		0.43	%	$	1,000.00	$	1,023.04	$	2.19
Class G(a)	Actual		0.58	%	$	1,000.00	$	1,017.60	$	2.95
	Hypothetical*		0.58	%	$	1,000.00	$	1,022.28	$	2.96

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—69.2% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—28.9%
Fannie Mae 15 Yr. Pool
2.500%, 12/01/27		5,308,334	$	5,416,511
2.500%, 02/01/28		3,944,221		4,024,173
2.500%, 07/01/28		6,947,009		7,080,122
2.500%, 10/01/28		4,538,713		4,625,681
3.000%, 01/01/27		2,247,287		2,337,216
3.000%, 02/01/27		3,713,055		3,861,714
3.000%, 03/01/27		1,849,728		1,923,786
3.000%, 01/01/29		3,084,628		3,208,178
3.000%, 10/01/29		3,820,354		3,973,459
3.500%, 02/01/26		3,673,556		3,889,530
3.500%, 03/01/26		1,499,788		1,587,963
3.500%, 05/01/29		4,186,649		4,426,076
4.000%, 04/01/19		134,756		142,726
4.000%, 05/01/19		318,590		337,602
4.000%, 01/01/20		390,645		413,991
4.000%, 06/01/24		739,947		788,942
4.000%, 11/01/24		3,736,666		3,984,086
4.500%, 07/01/18		426,913		448,411
4.500%, 05/01/19		155,791		163,682
4.500%, 08/01/24		857,644		914,100
4.500%, 06/01/25		1,597,923		1,703,418
5.000%, 06/01/18		111,211		117,177
5.000%, 01/01/19		317,595		336,297
5.000%, 02/01/20		318,447		338,837
5.000%, 01/01/22		383,607		414,158
5.000%, 02/01/24		1,098,666		1,194,071
5.500%, 11/01/17		52,447		55,394
5.500%, 02/01/18		44,159		46,650
5.500%, 04/01/18		343,029		362,494
6.000%, 09/01/17		112,223		116,626
6.500%, 04/01/17		304,416		316,657
7.500%, 08/01/15		217		217
Fannie Mae 20 Yr. Pool
3.000%, 02/01/33		2,490,381		2,575,237
3.500%, 04/01/32		2,579,000		2,722,291
4.000%, 02/01/31		1,319,432		1,421,352
4.500%, 08/01/30		868,883		946,608
5.000%, 02/01/24		300,146		331,504
5.000%, 09/01/25		272,965		301,408
5.500%, 07/01/23		196,201		219,249
5.500%, 01/01/24		131,022		146,417
5.500%, 07/01/24		358,242		400,364
5.500%, 07/01/25		297,060		331,944
7.000%, 10/01/21		17,704		19,932
Fannie Mae 30 Yr. Pool
3.000%, 08/01/42		1,847,634		1,875,319
3.000%, 09/01/42		2,781,712		2,823,394
3.000%, 11/01/42		3,346,349		3,396,492
3.000%, 12/01/42		6,173,499		6,266,004
3.000%, 01/01/43		1,617,279		1,641,512
3.000%, 02/01/43		5,367,734		5,439,267
3.000%, 03/01/43		7,002,478		7,094,410
3.000%, 07/01/43		7,510,361		7,608,963
3.000%, 09/01/43		3,959,236		4,011,215
3.500%, 12/01/40		2,824,032		2,947,147
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
3.500%, 03/01/42		1,748,961		1,825,305
3.500%, 04/01/42		3,880,851		4,051,947
3.500%, 05/01/42		4,709,183		4,914,742
3.500%, 06/01/42		3,480,532		3,632,460
3.500%, 08/01/42		2,377,427		2,481,203
3.500%, 09/01/42		5,978,081		6,239,029
3.500%, 10/01/42		3,142,764		3,279,948
3.500%, 01/01/43		2,815,745		2,938,654
3.500%, 02/01/43		4,439,512		4,633,300
3.500%, 04/01/43		4,647,683		4,850,408
3.500%, 06/01/43		2,627,811		2,742,433
3.500%, 08/01/44		4,819,470		5,030,070
4.000%, 08/01/39		1,921,808		2,052,289
4.000%, 09/01/39		1,544,353		1,649,206
4.000%, 12/01/39		2,025,124		2,162,619
4.000%, 06/01/40		2,049,641		2,189,121
4.000%, 09/01/40		1,318,063		1,407,759
4.000%, 12/01/40		8,288,857		8,852,923
4.000%, 01/01/41		5,097,844		5,444,931
4.000%, 02/01/41		5,234,985		5,624,754
4.000%, 12/01/41		2,178,774		2,327,190
4.000%, 02/01/42		2,330,248		2,489,905
4.000%, 09/01/43		3,419,177		3,650,557
4.000%, 02/01/44		4,530,025		4,857,358
4.000%, 05/01/44		4,330,071		4,624,705
4.000%, 08/01/44		4,660,942		4,981,159
4.000%, 11/01/44		4,690,542		5,043,540
4.500%, 08/01/33		364,321		397,354
4.500%, 10/01/33		418,424		456,362
4.500%, 04/01/34		216,682		236,073
4.500%, 01/01/39		318,717		345,971
4.500%, 07/01/39		2,551,553		2,770,004
4.500%, 09/01/39		4,233,632		4,596,094
4.500%, 10/01/39		1,766,499		1,917,738
4.500%, 05/01/40		2,167,461		2,354,913
4.500%, 11/01/40		2,139,395		2,324,420
4.500%, 12/01/40		3,068,982		3,334,402
4.500%, 04/01/41		8,078,696		8,778,547
4.500%, 05/01/41		1,938,421		2,106,345
5.000%, 07/01/33		303,542		336,800
5.000%, 08/01/33		731,369		811,501
5.000%, 09/01/33		369,805		410,322
5.000%, 10/01/33		3,146,268		3,490,985
5.000%, 03/01/34		418,807		464,693
5.000%, 04/01/34		990,393		1,097,876
5.000%, 05/01/34		159,513		176,693
5.000%, 09/01/34		400,396		443,521
5.000%, 02/01/35		449,211		497,593
5.000%, 04/01/35		292,694		323,642
5.000%, 05/01/35		89,215		98,648
5.000%, 11/01/35		313,928		347,121
5.000%, 03/01/36		1,055,136		1,166,702
5.000%, 07/01/37		998,565		1,102,862
5.000%, 01/01/39		860,970		950,675
5.000%, 04/01/40		2,757,188		3,049,760

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.000%, 07/01/41		2,091,072	$	2,315,612
5.500%, 10/01/32		60,290		67,797
5.500%, 02/01/33		235,441		264,767
5.500%, 03/01/33		548,974		617,353
5.500%, 05/01/33		2,030,535		2,283,451
5.500%, 08/01/33		1,052,192		1,183,250
5.500%, 10/01/33		133,149		149,733
5.500%, 12/01/33		1,193,300		1,341,933
5.500%, 02/01/34		383,663		431,458
5.500%, 03/01/34		232,290		261,228
5.500%, 04/01/34		99,950		112,402
5.500%, 06/01/34		361,705		406,764
5.500%, 09/01/34		355,326		399,591
5.500%, 12/01/34		887,883		998,491
5.500%, 01/01/35		309,161		347,674
5.500%, 02/01/35		685,614		771,025
5.500%, 04/01/35		394,223		442,034
5.500%, 06/01/35		1,329,000		1,490,181
5.500%, 01/01/37		490,406		548,247
5.500%, 05/01/37		198,534		221,886
5.500%, 05/01/38		263,253		294,220
5.500%, 06/01/38		292,442		326,843
5.500%, 07/01/38		223,257		249,519
6.000%, 08/01/28		3,472		3,931
6.000%, 11/01/28		1,149		1,313
6.000%, 12/01/28		1,403		1,608
6.000%, 06/01/31		74,169		85,078
6.000%, 09/01/32		148,767		170,643
6.000%, 01/01/33		39,124		44,877
6.000%, 02/01/33		90,338		103,622
6.000%, 03/01/33		183,612		210,610
6.000%, 04/01/33		395,573		453,739
6.000%, 05/01/33		338,458		388,225
6.000%, 05/01/34		443,460		508,331
6.000%, 09/01/34		366,652		420,286
6.000%, 11/01/34		557,516		639,071
6.000%, 01/01/35		245,973		279,202
6.000%, 07/01/36		101,188		114,624
6.000%, 09/01/36		288,166		326,430
6.000%, 07/01/37		307,780		348,553
6.000%, 08/01/37		418,276		473,688
6.000%, 09/01/37		1,010,544		1,144,416
6.000%, 10/01/37		388,739		440,237
6.000%, 05/01/38		1,216,537		1,377,699
6.000%, 12/01/38		319,992		362,400
6.500%, 05/01/28		72,082		83,880
6.500%, 12/01/28		223,349		259,906
6.500%, 03/01/29		5,606		6,384
6.500%, 04/01/29		37,315		42,507
6.500%, 05/01/29		8,837		10,064
6.500%, 08/01/29		1,397		1,591
6.500%, 05/01/30		32,839		37,398
6.500%, 09/01/31		6,493		7,543
6.500%, 02/01/32		7,842		8,184
6.500%, 06/01/32		45,932		53,358
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
6.500%, 09/01/33		20,719		23,595
6.500%, 10/01/33		134,413		153,073
6.500%, 10/01/34		401,858		465,535
6.500%, 10/01/37		212,037		241,897
7.000%, 06/01/26		860		941
7.000%, 06/01/28		29,755		31,996
7.000%, 10/01/29		14,819		17,561
7.000%, 12/01/29		3,903		4,038
7.000%, 04/01/32		17,455		18,977
7.000%, 06/01/32		68,423		79,715
7.000%, 10/01/37		291,703		331,428
7.500%, 09/01/25		6,486		7,575
7.500%, 06/01/26		6,911		8,246
7.500%, 07/01/29		16,349		19,429
7.500%, 10/01/29		8,522		9,485
8.000%, 10/01/26		441		464
8.000%, 11/01/29		252		307
8.000%, 05/01/30		18,294		19,157
8.000%, 11/01/30		4,346		5,195
8.000%, 01/01/31		6,712		7,914
8.000%, 02/01/31		8,946		10,922
Fannie Mae ARM Pool
2.739%, 11/01/43 (a)		2,463,513		2,547,297
2.769%, 02/01/42 (a)		2,908,038		3,021,214
3.157%, 10/01/41 (a)		886,367		931,491
3.503%, 05/01/41 (a)		1,657,317		1,767,836
Fannie Mae-ACES
2.679%, 05/25/21 (a)		5,000,000		5,078,255
Freddie Mac 15 Yr. Gold Pool
2.500%, 12/01/27		2,404,634		2,450,990
2.500%, 02/01/28		3,819,924		3,893,334
2.500%, 04/01/28		3,149,379		3,206,294
2.500%, 12/01/29		4,884,191		4,972,598
3.000%, 03/01/27		2,117,324		2,199,012
3.000%, 05/01/27		2,681,759		2,785,326
3.000%, 11/01/28		3,353,895		3,483,493
3.500%, 12/01/25		2,526,120		2,672,714
3.500%, 05/01/26		994,219		1,052,605
4.000%, 06/01/19		263,483		279,036
4.000%, 05/01/25		1,474,342		1,573,900
4.000%, 08/01/25		807,194		861,701
4.000%, 10/01/25		637,639		680,697
4.500%, 09/01/18		256,823		269,435
4.500%, 10/01/18		581,359		609,908
4.500%, 04/01/19		413,254		433,668
4.500%, 06/01/19		230,794		242,195
4.500%, 08/01/19		82,319		86,384
5.000%, 05/01/18		619,283		651,719
5.000%, 12/01/18		127,888		134,586
5.000%, 06/01/19		327,292		346,149
5.500%, 11/01/17		52,962		56,017
5.500%, 01/01/24		717,794		788,962
6.000%, 04/01/16		2,476		2,524
6.000%, 05/01/17		49,296		50,813
7.000%, 12/01/15		603		604
7.500%, 03/01/16		3,660		3,731

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 20 Yr. Gold Pool
3.000%, 04/01/33		3,822,143	$	3,947,173
3.500%, 04/01/32		3,687,618		3,883,470
4.000%, 01/01/31		1,386,008		1,496,614
4.000%, 08/01/31		1,454,997		1,571,109
4.500%, 05/01/29		421,712		459,367
5.000%, 03/01/27		194,260		214,134
Freddie Mac 30 Yr. Gold Pool
2.500%, 07/01/43		3,199,696		3,121,085
3.000%, 10/01/42		3,190,137		3,226,795
3.000%, 01/01/43		3,051,201		3,086,263
3.000%, 03/01/43		7,055,584		7,138,474
3.000%, 04/01/43		5,684,354		5,749,715
3.000%, 06/01/43		2,035,063		2,058,462
3.000%, 07/01/43		4,951,456		5,008,390
3.500%, 01/01/42		2,047,519		2,133,155
3.500%, 03/01/42		1,807,279		1,882,842
3.500%, 08/01/42		6,266,523		6,524,100
3.500%, 02/01/43		2,482,824		2,584,331
3.500%, 05/01/43		4,418,512		4,600,069
3.500%, 06/01/43		2,687,226		2,797,644
3.500%, 06/01/44		3,768,543		3,923,524
3.500%, 10/01/44		3,877,390		4,036,847
3.500%, 12/01/44		4,789,159		4,986,113
4.000%, 06/01/39		1,663,657		1,774,583
4.000%, 12/01/39		2,186,534		2,332,324
4.000%, 11/01/40		2,052,975		2,190,180
4.000%, 04/01/41		1,883,304		2,009,239
4.000%, 09/01/41		2,071,318		2,209,825
4.000%, 10/01/41		4,269,077		4,554,545
4.000%, 11/01/41		2,215,228		2,363,359
4.000%, 10/01/43		4,531,492		4,833,836
4.000%, 07/01/44		6,449,586		6,879,924
4.000%, 10/01/44		4,660,481		4,971,444
4.500%, 10/01/35		804,656		872,149
4.500%, 06/01/38		1,222,738		1,325,299
4.500%, 02/01/39		720,049		780,618
4.500%, 03/01/39		978,105		1,060,381
4.500%, 04/01/39		998,329		1,082,307
4.500%, 09/01/39		1,217,573		1,319,993
4.500%, 10/01/39		3,442,650		3,732,241
4.500%, 11/01/39		1,186,358		1,286,153
4.500%, 01/01/40		800,830		868,847
4.500%, 05/01/40		1,380,972		1,498,263
4.500%, 11/01/40		1,622,452		1,760,252
4.500%, 02/01/41		1,060,816		1,151,763
4.500%, 05/01/41		1,240,350		1,346,690
4.500%, 06/01/41		901,452		978,737
4.500%, 12/01/43		2,273,364		2,464,923
5.000%, 10/01/33		806,771		893,067
5.000%, 03/01/34		182,125		201,482
5.000%, 08/01/35		1,018,084		1,124,914
5.000%, 09/01/35		463,151		511,750
5.000%, 10/01/35		377,543		417,159
5.000%, 01/01/36		974,594		1,076,860
5.000%, 04/01/38		523,182		576,289
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
5.000%, 11/01/39		2,389,809		2,634,127
5.000%, 05/01/40		3,039,064		3,356,508
5.500%, 06/01/34		880,393		988,803
5.500%, 10/01/35		387,612		433,859
5.500%, 12/01/35		1,038,533		1,162,442
5.500%, 01/01/36		740,048		828,345
5.500%, 12/01/37		685,655		764,648
5.500%, 04/01/38		3,207,903		3,577,142
5.500%, 07/01/38		380,042		423,786
5.500%, 08/01/38		796,660		888,358
6.000%, 11/01/28		13,415		15,164
6.000%, 12/01/28		10,010		11,473
6.000%, 02/01/29		8,490		9,597
6.000%, 04/01/29		7,096		8,119
6.000%, 05/01/29		2,096		2,369
6.000%, 06/01/31		2,621		3,005
6.000%, 07/01/31		1,171		1,343
6.000%, 09/01/31		68,863		78,949
6.000%, 04/01/32		155,202		177,938
6.000%, 11/01/32		41,244		47,286
6.000%, 06/01/34		198,342		227,267
6.000%, 11/01/35		116,034		132,908
6.000%, 02/01/36		178,140		201,370
6.000%, 08/01/36		185,319		209,486
6.000%, 10/01/36		303,925		343,559
6.000%, 11/01/36		117,068		132,335
6.000%, 01/01/37		275,590		311,529
6.000%, 02/01/38		289,081		326,772
6.000%, 11/01/39		2,679,490		3,028,989
6.000%, 04/01/40		760,436		859,583
6.500%, 02/01/30		5,777		6,564
6.500%, 08/01/31		13,250		15,326
6.500%, 10/01/31		7,632		8,671
6.500%, 11/01/31		28,940		33,474
6.500%, 03/01/32		437,123		505,525
6.500%, 04/01/32		421,679		487,663
6.500%, 09/01/36		684,847		781,861
6.500%, 11/01/37		345,653		394,603
7.000%, 12/01/27		1,886		2,162
7.000%, 11/01/28		4,778		5,297
7.000%, 04/01/29		5,309		5,913
7.000%, 05/01/29		1,533		1,692
7.000%, 06/01/29		6,362		6,645
7.000%, 07/01/29		2,151		2,390
7.000%, 01/01/31		107,266		115,063
7.500%, 08/01/24		20,616		21,361
7.500%, 10/01/27		12,903		14,929
7.500%, 10/01/29		19,354		22,125
7.500%, 05/01/30		14,652		16,858
8.000%, 02/01/27		4,635		5,531
8.000%, 10/01/28		8,893		10,544
Ginnie Mae I 15 Yr. Pool
3.000%, 08/15/28		4,277,678		4,490,053
5.000%, 10/15/20		432,877		463,401
5.000%, 01/15/21		222,263		238,773

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
3.000%, 11/15/42		3,938,379	$	4,037,626
3.000%, 12/15/42		2,844,133		2,915,805
3.000%, 02/15/43		2,449,176		2,511,409
3.000%, 03/15/43		3,318,518		3,400,227
3.000%, 05/15/43		4,253,956		4,358,699
3.000%, 07/15/43		2,784,767		2,853,335
3.500%, 01/15/42		4,018,903		4,228,365
3.500%, 02/15/42		1,772,925		1,865,321
3.500%, 03/15/42		2,851,997		3,003,795
3.500%, 05/15/42		2,321,749		2,442,747
3.500%, 09/15/42		2,391,582		2,516,218
3.500%, 05/15/43		2,733,994		2,874,179
4.000%, 07/15/39		3,403,059		3,662,315
4.000%, 07/15/40		2,124,445		2,290,702
4.000%, 03/15/41		1,882,853		2,024,343
4.000%, 10/15/41		3,357,922		3,610,258
4.500%, 01/15/39		525,983		576,577
4.500%, 04/15/39		1,417,382		1,553,719
4.500%, 05/15/39		3,478,958		3,813,598
4.500%, 08/15/39		1,606,326		1,760,838
4.500%, 01/15/40		1,631,622		1,793,880
4.500%, 04/15/40		2,032,144		2,234,233
4.500%, 02/15/41		886,746		970,830
4.500%, 04/15/41		1,111,105		1,216,463
5.000%, 12/15/35		526,744		585,855
5.000%, 12/15/36		299,731		330,213
5.000%, 01/15/39		1,759,252		1,942,986
5.000%, 02/15/39		367,415		407,886
5.000%, 08/15/39		2,788,614		3,095,779
5.000%, 09/15/39		640,784		711,366
5.000%, 12/15/39		1,192,562		1,323,923
5.000%, 05/15/40		2,061,390		2,305,006
5.500%, 03/15/36		602,209		676,360
5.500%, 01/15/37		631,381		705,368
5.500%, 11/15/37		601,790		672,309
5.500%, 09/15/38		339,427		379,138
5.500%, 08/15/39		1,873,128		2,095,939
6.000%, 01/15/29		7,908		8,943
6.000%, 01/15/33		297,711		342,546
6.000%, 03/15/35		353,068		408,696
6.000%, 12/15/35		206,537		233,740
6.000%, 06/15/36		280,782		317,650
6.000%, 09/15/36		352,542		398,833
6.000%, 07/15/38		1,518,925		1,742,741
6.500%, 05/15/23		1,391		1,588
6.500%, 02/15/27		39,783		45,797
6.500%, 07/15/28		14,071		16,057
6.500%, 08/15/28		18,444		21,203
6.500%, 11/15/28		10,699		12,313
6.500%, 12/15/28		11,290		12,883
6.500%, 07/15/29		2,221		2,534
6.500%, 05/15/36		230,418		265,930
7.000%, 01/15/28		2,436		2,792
7.000%, 04/15/28		3,292		3,401
7.000%, 05/15/28		13,965		15,205
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
7.000%, 06/15/28		10,239		11,783
7.000%, 10/15/28		9,889		10,902
7.000%, 06/15/29		2,131		2,188
7.000%, 09/15/29		10,234		11,157
7.000%, 01/15/31		1,401		1,436
7.000%, 03/15/31		28,923		31,139
7.000%, 07/15/31		548,672		650,991
7.000%, 08/15/31		83,989		100,586
7.000%, 02/15/32		14,937		15,387
7.000%, 07/15/32		32,997		36,159
7.500%, 08/15/29		313		314
7.500%, 04/15/30		8,694		8,891
8.000%, 08/15/26		3,861		4,484
8.000%, 09/15/26		4,826		5,511
8.000%, 05/15/27		1,445		1,483
8.000%, 06/15/29		23,831		25,669
9.000%, 11/15/24		11,649		13,406
Ginnie Mae II 30 Yr. Pool
3.000%, 12/20/42		3,650,519		3,741,957
3.000%, 03/20/43		4,557,831		4,669,378
3.500%, 12/20/41		2,523,949		2,653,605
3.500%, 03/20/42		4,223,863		4,444,725
3.500%, 08/20/42		2,418,846		2,545,325
3.500%, 01/20/43		6,970,142		7,328,022
3.500%, 04/20/43		2,594,013		2,727,144
3.500%, 05/20/43		4,755,356		4,999,412
3.500%, 07/20/44		7,419,382		7,799,754
4.000%, 11/20/40		2,636,248		2,837,774
4.000%, 12/20/40		2,420,445		2,605,474
4.000%, 05/20/43		3,088,318		3,311,377
4.000%, 11/20/43		2,426,530		2,603,995
4.000%, 02/20/44		4,549,933		4,953,076
4.000%, 04/20/44		3,369,700		3,614,301
4.000%, 05/20/44		4,302,488		4,614,798
4.000%, 11/20/44		1,826,204		1,962,175
4.500%, 08/20/40		2,511,586		2,760,490
4.500%, 12/20/40		1,446,023		1,589,327
4.500%, 04/20/41		1,411,130		1,545,427
4.500%, 03/20/42		991,817		1,086,208
4.500%, 10/20/43		2,195,652		2,399,090
4.500%, 02/20/44		3,969,885		4,337,715
5.000%, 08/20/40		1,107,785		1,232,952
5.000%, 10/20/40		1,032,264		1,148,897
5.000%, 06/20/44		3,394,704		3,731,975
6.500%, 06/20/31		33,912		39,604
6.500%, 11/20/38		875,344		1,004,684
7.500%, 02/20/28		3,934		4,746
				666,509,811
Federal Agencies—4.5%
Federal Farm Credit Bank
4.875%, 12/16/15		4,500,000		4,693,562
Federal Home Loan Bank
0.375%, 06/24/16 (b)		10,040,000		10,006,953
4.875%, 05/17/17 (b)		4,420,000		4,827,828

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Federal Home Loan Bank
5.375%, 05/18/16		2,900,000	$	3,091,627
Federal Home Loan Mortgage Corp.
0.875%, 03/07/18		17,000,000		16,804,315
1.250%, 10/02/19		3,000,000		2,938,650
1.375%, 05/01/20 (b)		5,145,000		5,025,204
4.750%, 01/19/16 (b)		2,850,000		2,979,171
5.125%, 11/17/17 (b)		3,530,000		3,928,222
5.625%, 11/23/35		1,040,000		1,085,061
Federal National Mortgage Association
0.500%, 03/30/16 (b)		9,450,000		9,451,271
0.875%, 05/21/18 (b)		10,160,000		10,015,980
4.875%, 12/15/16 (b)		4,430,000		4,789,017
5.375%, 07/15/16 (b)		5,870,000		6,302,051
5.375%, 06/12/17		8,300,000		9,177,320
6.625%, 11/15/30 (b)		2,450,000		3,631,453
Tennessee Valley Authority
5.250%, 09/15/39		3,350,000		4,322,032
				103,069,717
U.S. Treasury—35.8%
U.S. Treasury Bonds
2.750%, 08/15/42		2,020,000		2,020,465
2.875%, 05/15/43		4,760,000		4,871,384
3.000%, 11/15/44		6,400,000		6,725,503
3.125%, 02/15/42		1,800,000		1,938,726
3.125%, 02/15/43		3,270,000		3,513,320
3.125%, 08/15/44		4,700,000		5,058,751
3.375%, 05/15/44		3,000,000		3,379,560
3.500%, 02/15/39		2,080,000		2,391,438
3.625%, 02/15/44		10,120,000		11,916,300
3.750%, 08/15/41		1,830,000		2,207,072
3.875%, 08/15/40		10,380,000		12,679,793
4.250%, 11/15/40		7,280,000		9,428,765
4.375%, 11/15/39		3,900,000		5,115,552
4.375%, 05/15/40		5,220,000		6,867,589
4.375%, 05/15/41		5,850,000		7,762,892
4.500%, 02/15/36		5,675,000		7,577,885
4.500%, 05/15/38 (b)		4,950,000		6,600,528
5.000%, 05/15/37		2,760,000		3,940,866
5.250%, 02/15/29		750,000		1,009,013
5.375%, 02/15/31 (b)		6,675,000		9,312,425
6.125%, 11/15/27		5,750,000		8,184,320
6.250%, 08/15/23 (b)		7,700,000		10,255,707
6.375%, 08/15/27		6,900,000		9,974,778
6.500%, 11/15/26		4,500,000		6,479,640
7.125%, 02/15/23		11,125,000		15,374,972
7.250%, 08/15/22 (b)		6,120,000		8,418,366
7.875%, 02/15/21		4,450,000		6,013,062
8.000%, 11/15/21		2,920,000		4,062,216
8.125%, 08/15/19 (b)		2,645,000		3,421,361
8.125%, 08/15/21		1,250,000		1,736,625
8.500%, 02/15/20 (b)		6,700,000		8,957,565
8.750%, 08/15/20		1,000,000		1,374,840
8.875%, 02/15/19		10,215,000		13,265,914
U.S. Treasury—(Continued)
U.S. Treasury Bonds
9.125%, 05/15/18		1,600,000		2,018,624
9.250%, 02/15/16 (b)		1,375,000		1,511,469
U.S. Treasury Notes
0.625%, 10/15/16		9,970,000		9,972,692
0.625%, 05/31/17		5,000,000		4,971,100
0.625%, 08/31/17 (b)		21,700,000		21,487,339
0.625%, 04/30/18		5,000,000		4,898,050
0.875%, 11/30/16		23,800,000		23,903,290
0.875%, 05/15/17 (b)		10,000,000		10,002,301
1.000%, 08/31/16		11,820,000		11,904,512
1.000%, 09/30/16 (b)		35,670,000		35,926,468
1.000%, 10/31/16 (b)		7,010,000		7,059,841
1.000%, 03/31/17		7,850,000		7,884,068
1.125%, 05/31/19 (b)		12,300,000		12,082,290
1.125%, 03/31/20		5,100,000		4,953,783
1.250%, 10/31/19 (b)		5,130,000		5,047,048
1.250%, 02/29/20 (b)		25,800,000		25,252,781
1.375%, 11/30/15		19,400,000		19,594,000
1.375%, 09/30/18		12,890,000		12,877,368
1.375%, 11/30/18		15,000,000		14,969,550
1.500%, 03/31/19		31,870,000		31,862,669
1.625%, 11/15/22 (b)		5,000,000		4,846,850
1.750%, 05/15/22		4,900,000		4,815,769
1.750%, 05/15/23 (b)		6,420,000		6,246,211
1.875%, 09/30/17		15,900,000		16,264,587
2.000%, 11/30/20		9,900,000		9,984,249
2.000%, 02/28/21		5,000,000		5,033,600
2.000%, 11/15/21 (b)		10,950,000		10,986,354
2.000%, 02/15/22		3,800,000		3,807,258
2.000%, 02/15/23		6,900,000		6,867,363
2.125%, 02/29/16		4,790,000		4,887,524
2.125%, 08/15/21		8,710,000		8,811,385
2.375%, 03/31/16		20,560,000		21,062,690
2.375%, 05/31/18		31,000,000		32,128,710
2.500%, 08/15/23 (b)		14,400,000		14,852,878
2.500%, 05/15/24		7,000,000		7,206,149
2.625%, 02/29/16		2,510,000		2,575,285
2.625%, 04/30/16		17,800,000		18,314,242
2.625%, 08/15/20 (b)		6,000,000		6,265,320
2.750%, 05/31/17		9,840,000		10,286,638
2.750%, 11/15/23 (b)		5,085,000		5,349,776
3.000%, 08/31/16 (b)		8,350,000		8,688,592
3.000%, 09/30/16 (b)		18,100,000		18,854,408
3.000%, 02/28/17		14,980,000		15,699,190
3.125%, 05/15/19		3,000,000		3,198,270
3.250%, 05/31/16		8,230,000		8,551,464
3.375%, 11/15/19 (b)		4,350,000		4,713,617
3.500%, 02/15/18 (b)		4,000,000		4,285,000
3.500%, 05/15/20		7,790,000		8,499,280
3.625%, 02/15/20 (b)		17,190,000		18,853,992
3.750%, 11/15/18		4,550,000		4,957,725
3.875%, 05/15/18		4,700,000		5,108,665
4.000%, 08/15/18		9,620,000		10,548,907
4.250%, 11/15/17 (b)		4,700,000		5,123,000
4.500%, 02/15/16		4,520,000		4,728,101

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes
4.625%, 02/15/17		8,475,000	$	9,166,899
4.875%, 08/15/16 (b)		8,330,000		8,912,767
5.125%, 05/15/16		4,830,000		5,138,540
				825,637,691
Total U.S. Treasury & Government Agencies (Cost $1,526,414,315)				1,595,217,219
Corporate Bonds & Notes—24.8%
Aerospace/Defense—0.4%
Boeing Co. (The)
7.250%, 06/15/25		460,000		611,498
Lockheed Martin Corp.
6.150%, 09/01/36		1,700,000		2,169,397
Northrop Grumman Systems Corp.
7.750%, 02/15/31		515,000		724,037
Raytheon Co.
3.125%, 10/15/20		1,000,000		1,023,907
United Technologies Corp.
4.500%, 06/01/42		2,645,000		2,879,402
4.875%, 05/01/15		900,000		912,599
7.500%, 09/15/29		200,000		284,910
				8,605,750
Agriculture—0.2%
Altria Group, Inc.
9.700%, 11/10/18		750,000		951,967
Archer-Daniels-Midland Co.
4.479%, 03/01/21		2,000,000		2,201,541
Philip Morris International, Inc.
4.500%, 03/26/20 (b)		925,000		1,017,337
				4,170,845
Auto Manufacturers—0.4%
Daimler Finance North America LLC
8.500%, 01/18/31		1,050,000		1,599,576
Ford Motor Co.
7.450%, 07/16/31		2,200,000		3,005,764
Toyota Motor Credit Corp.
3.300%, 01/12/22		4,000,000		4,156,928
				8,762,268
Banks—5.5%
Bank of America Corp.
3.300%, 01/11/23		4,075,000		4,062,480
4.100%, 07/24/23		2,905,000		3,049,676
5.750%, 08/15/16 (b)		2,850,000		3,036,791
5.875%, 02/07/42		3,000,000		3,736,881
6.500%, 08/01/16		1,750,000		1,887,006
6.500%, 07/15/18		200,000		227,470
Bank of New York Mellon Corp. (The)
5.450%, 05/15/19		2,000,000		2,251,169
Banks—(Continued)
Bank of Nova Scotia
2.050%, 10/30/18		3,480,000		3,476,646
Barclays Bank plc
5.000%, 09/22/16		1,750,000		1,863,227
BB&T Corp.
3.200%, 03/15/16		1,865,000		1,907,011
BNP Paribas S.A.
5.000%, 01/15/21 (b)		3,225,000		3,640,749
Capital One Financial Corp.
6.750%, 09/15/17		1,200,000		1,348,353
Citigroup, Inc.
5.375%, 08/09/20		2,200,000		2,491,207
5.850%, 08/02/16		500,000		534,545
6.125%, 11/21/17 (b)		1,700,000		1,896,899
6.125%, 05/15/18		1,900,000		2,143,955
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
5.250%, 05/24/41		3,640,000		4,280,577
Credit Suisse
4.375%, 08/05/20		2,611,000		2,828,718
Deutsche Bank AG
6.000%, 09/01/17		1,500,000		1,668,284
Fifth Third Bancorp
8.250%, 03/01/38		1,175,000		1,780,628
Goldman Sachs Group, Inc. (The)
3.625%, 02/07/16		2,825,000		2,898,736
6.000%, 06/15/20		2,000,000		2,304,634
6.125%, 02/15/33		2,075,000		2,564,104
6.250%, 09/01/17		760,000		844,298
6.450%, 05/01/36		2,000,000		2,402,257
HSBC Holdings plc
5.100%, 04/05/21		2,556,000		2,887,626
6.500%, 09/15/37		905,000		1,153,634
JPMorgan Chase & Co.
3.250%, 09/23/22		2,850,000		2,870,523
4.950%, 03/25/20		2,650,000		2,940,988
6.300%, 04/23/19		1,900,000		2,205,406
JPMorgan Chase Bank N.A.
6.000%, 10/01/17		2,700,000		2,993,668
KFW
1.000%, 06/11/18		3,536,000		3,491,494
1.250%, 02/15/17		3,000,000		3,025,843
2.375%, 08/25/21		1,945,000		1,986,073
2.625%, 02/16/16		2,791,000		2,858,011
2.750%, 09/08/20		2,300,000		2,404,112
4.875%, 01/17/17		2,900,000		3,136,818
Lloyds Bank plc
6.375%, 01/21/21		1,500,000		1,797,325
Morgan Stanley
5.625%, 09/23/19		1,900,000		2,139,998
7.250%, 04/01/32		1,850,000		2,524,438
7.300%, 05/13/19		2,460,000		2,919,044
PNC Bank N.A.
4.875%, 09/21/17		1,000,000		1,080,772
5.250%, 01/15/17 (b)		1,600,000		1,719,046
Royal Bank of Canada
2.150%, 03/15/19 (b)		3,915,000		3,921,848

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
State Street Bank and Trust Co.
5.300%, 01/15/16		300,000	$	313,848
SunTrust Banks, Inc.
3.600%, 04/15/16		1,450,000		1,491,908
Toronto-Dominion Bank (The)
2.250%, 11/05/19 (b)		4,000,000		3,989,737
UBS AG
4.875%, 08/04/20		3,500,000		3,897,173
U.S. Bancorp
3.600%, 09/11/24		3,000,000		3,042,906
Wachovia Corp.
5.750%, 06/15/17		700,000		772,719
Wells Fargo & Co.
3.676%, 06/15/16		2,775,000		2,875,974
Wells Fargo Bank N.A.
5.950%, 08/26/36		1,900,000		2,386,398
				125,953,631
Beverages—0.5%
Anheuser-Busch Cos. LLC
6.450%, 09/01/37		880,000		1,160,375
Coca-Cola Co. (The)
3.150%, 11/15/20		280,000		291,965
3.200%, 11/01/23 (b)		3,000,000		3,082,866
Diageo Finance B.V.
5.300%, 10/28/15		870,000		901,901
Pepsi Bottling Group, Inc. (The)
7.000%, 03/01/29		300,000		413,460
PepsiCo, Inc.
3.600%, 03/01/24 (b)		3,975,000		4,137,016
5.000%, 06/01/18		1,000,000		1,106,289
				11,093,872
Biotechnology—0.1%
Amgen, Inc.
5.700%, 02/01/19		850,000		955,788
6.150%, 06/01/18		1,650,000		1,867,467
				2,823,255
Building Materials—0.0%
CRH America, Inc.
6.000%, 09/30/16		900,000		967,483
Chemicals—0.5%
Dow Chemical Co. (The)
4.250%, 11/15/20		2,750,000		2,940,452
9.400%, 05/15/39		650,000		1,046,804
E. I. du Pont de Nemours & Co.
5.600%, 12/15/36		1,000,000		1,173,012
6.000%, 07/15/18		1,000,000		1,136,757
Potash Corp. of Saskatchewan, Inc.
4.875%, 03/30/20 (b)		970,000		1,077,252
Praxair, Inc.
3.000%, 09/01/21 (b)		3,950,000		4,016,000
				11,390,277
Computers—0.5%
Apple, Inc.
2.400%, 05/03/23		2,072,000		2,016,157
4.450%, 05/06/44		2,944,000		3,243,661
Hewlett-Packard Co.
5.500%, 03/01/18		1,950,000		2,142,219
International Business Machines Corp.
4.000%, 06/20/42 (b)		3,200,000		3,164,864
8.375%, 11/01/19		425,000		542,311
				11,109,212
Cosmetics/Personal Care—0.2%
Procter & Gamble Co. (The)
2.300%, 02/06/22		3,600,000		3,552,512
6.450%, 01/15/26		200,000		260,614
				3,813,126
Diversified Financial Services—0.9%
Associates Corp. of North America
6.950%, 11/01/18		1,700,000		1,981,183
General Electric Capital Corp.
5.300%, 02/11/21 (b)		1,915,000		2,179,385
5.400%, 02/15/17		2,000,000		2,171,974
5.500%, 01/08/20		3,360,000		3,852,181
5.875%, 01/14/38		2,050,000		2,590,204
6.750%, 03/15/32		1,250,000		1,703,561
7.500%, 08/21/35		100,000		143,541
HSBC Finance Corp.
5.500%, 01/19/16 (b)		900,000		941,920
National Rural Utilities Cooperative Finance Corp.
10.375%, 11/01/18		2,900,000		3,790,610
Nomura Holdings, Inc.
6.700%, 03/04/20 (b)		1,325,000		1,562,758
				20,917,317
Electric—2.0%
CenterPoint Energy Houston Electric LLC
4.500%, 04/01/44		3,800,000		4,265,005
Consolidated Edison Co. of New York, Inc.
3.950%, 03/01/43		3,070,000		3,081,891
5.850%, 04/01/18 (b)		855,000		973,713
Duke Energy Carolinas LLC
5.300%, 02/15/40		2,000,000		2,476,529
Exelon Corp.
5.625%, 06/15/35		1,500,000		1,735,784
Florida Power & Light Co.
5.950%, 02/01/38		1,700,000		2,275,286
Georgia Power Co.
5.700%, 06/01/17 (b)		1,400,000		1,542,610
Hydro-Quebec
7.500%, 04/01/16		1,350,000		1,457,323
8.400%, 01/15/22		1,000,000		1,330,312
Nisource Finance Corp.
4.800%, 02/15/44		4,000,000		4,343,501

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Northern States Power Co.
6.250%, 06/01/36		2,200,000	$	2,943,312
Ohio Power Co.
5.375%, 10/01/21 (b)		1,640,000		1,900,879
Oncor Electric Delivery Co. LLC
7.000%, 05/01/32		950,000		1,336,835
Pacific Gas & Electric Co.
5.400%, 01/15/40		3,320,000		3,889,717
PacifiCorp
2.950%, 02/01/22		2,800,000		2,830,529
PPL Capital Funding, Inc.
3.400%, 06/01/23 (b)		4,000,000		4,013,121
Progress Energy, Inc.
5.625%, 01/15/16		1,900,000		1,992,046
PSEG Power LLC
8.625%, 04/15/31		1,000,000		1,443,634
Southern California Edison Co.
5.000%, 01/15/16		1,500,000		1,566,196
				45,398,223
Electronics—0.3%
Honeywell International, Inc.
5.000%, 02/15/19 (b)		2,000,000		2,235,732
Koninklijke Philips NV
5.750%, 03/11/18 (b)		900,000		1,002,252
Thermo Fisher Scientific, Inc.
4.150%, 02/01/24 (b)		3,445,000		3,620,911
				6,858,895
Environmental Control—0.1%
Waste Management, Inc.
7.000%, 07/15/28		1,265,000		1,656,578
Food—0.7%
ConAgra Foods, Inc.
5.819%, 06/15/17		1,000,000		1,096,663
General Mills, Inc.
5.650%, 02/15/19		1,700,000		1,925,858
Kroger Co. (The)
3.300%, 01/15/21 (b)		3,900,000		3,957,949
Mondelez International, Inc.
4.125%, 02/09/16		2,200,000		2,273,453
5.375%, 02/10/20		1,800,000		2,036,899
Safeway, Inc.
7.250%, 02/01/31 (b)		813,000		817,065
Sysco Corp.
2.600%, 06/12/22		2,400,000		2,364,124
Unilever Capital Corp.
5.900%, 11/15/32		1,500,000		2,048,767
				16,520,778
Forest Products & Paper—0.1%
Georgia-Pacific LLC
8.000%, 01/15/24		1,800,000		2,386,118
Forest Products & Paper—(Continued)
International Paper Co.
7.950%, 06/15/18		820,000		963,204
				3,349,322
Gas—0.0%
Sempra Energy
6.150%, 06/15/18		900,000		1,015,758
Healthcare-Products—0.1%
Baxter International, Inc.
5.375%, 06/01/18 (b)		1,400,000		1,553,835
Healthcare-Services—0.4%
Aetna, Inc.
2.750%, 11/15/22		3,000,000		2,911,977
Anthem, Inc.
5.850%, 01/15/36		1,800,000		2,213,128
Laboratory Corp. of America Holdings
4.625%, 11/15/20 (b)		1,900,000		2,022,613
UnitedHealth Group, Inc.
5.375%, 03/15/16		1,700,000		1,791,453
				8,939,171
Household Products/Wares—0.0%
Kimberly-Clark Corp.
6.125%, 08/01/17		500,000		559,349
Insurance—0.9%
ACE INA Holdings, Inc.
3.350%, 05/15/24		4,000,000		4,050,146
Aflac, Inc.
3.625%, 06/15/23		2,975,000		3,029,532
Allstate Corp. (The)
6.900%, 05/15/38		150,000		216,397
7.450%, 05/16/19		1,700,000		2,046,149
American International Group, Inc.
5.450%, 05/18/17		1,900,000		2,068,792
5.850%, 01/16/18		1,800,000		2,011,643
AXA S.A.
8.600%, 12/15/30		1,165,000		1,572,750
Berkshire Hathaway, Inc.
1.900%, 01/31/17		2,900,000		2,942,820
Chubb Corp. (The)
6.000%, 05/11/37		865,000		1,124,125
Hartford Financial Services Group, Inc.
6.100%, 10/01/41		780,000		984,822
Prudential Financial, Inc.
5.700%, 12/14/36		1,525,000		1,822,296
				21,869,472
Iron/Steel—0.1%
Vale Overseas, Ltd.
6.875%, 11/21/36		1,100,000		1,164,105

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Machinery-Construction & Mining—0.1%
Caterpillar, Inc.
7.900%, 12/15/18		1,757,000	$	2,132,948
Machinery-Diversified—0.1%
Deere & Co.
2.600%, 06/08/22		1,950,000		1,915,739
Media—1.2%
21st Century Fox America, Inc.
6.550%, 03/15/33		1,950,000		2,544,670
Comcast Corp.
4.650%, 07/15/42		3,670,000		3,971,548
5.650%, 06/15/35		1,500,000		1,844,298
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
5.000%, 03/01/21		2,600,000		2,818,437
Discovery Communications LLC
6.350%, 06/01/40		1,800,000		2,177,925
Thomson Reuters Corp.
6.500%, 07/15/18 (b)		800,000		909,006
Time Warner Cable, Inc.
5.000%, 02/01/20		1,900,000		2,098,059
5.850%, 05/01/17		1,800,000		1,963,662
6.550%, 05/01/37		100,000		128,741
Time Warner Entertainment Co. L.P.
8.375%, 03/15/23		380,000		510,338
Time Warner, Inc.
6.100%, 07/15/40		925,000		1,124,776
7.700%, 05/01/32		685,000		969,934
Viacom, Inc.
4.375%, 03/15/43		3,500,000		3,272,912
6.250%, 04/30/16		770,000		821,393
Walt Disney Co. (The)
2.750%, 08/16/21		1,930,000		1,962,353
				27,118,052
Mining—0.4%
Barrick North America Finance LLC
4.400%, 05/30/21		3,125,000		3,157,295
Freeport-McMoRan, Inc.
3.550%, 03/01/22		3,700,000		3,481,369
Newmont Mining Corp.
6.250%, 10/01/39		1,800,000		1,811,857
Rio Tinto Alcan, Inc.
6.125%, 12/15/33		1,751,000		2,112,089
				10,562,610
Miscellaneous Manufacturing—0.4%
General Electric Co.
3.375%, 03/11/24 (b)		2,900,000		3,007,103
5.250%, 12/06/17 (b)		1,800,000		1,993,933
Tyco Electronics Group S.A.
6.550%, 10/01/17		1,600,000		1,799,318
Miscellaneous Manufacturing—(Continued)
Tyco International Finance SA/Tyco Fire & Security Finance SCA
6.875%, 01/15/21 (b)		1,275,000		1,524,716
				8,325,070
Multi-National—1.3%
Asian Development Bank
5.500%, 06/27/16		3,850,000		4,127,591
European Bank for Reconstruction & Development
1.000%, 06/15/18 (b)		3,564,000		3,517,815
European Investment Bank
1.625%, 06/15/17 (b)		1,975,000		2,006,288
4.000%, 02/16/21 (b)		1,700,000		1,897,436
4.875%, 02/15/36		3,700,000		4,808,089
5.125%, 05/30/17		1,750,000		1,922,643
Inter-American Development Bank
2.375%, 08/15/17		2,000,000		2,067,639
6.800%, 10/15/25		500,000		686,945
7.000%, 06/15/25		200,000		273,762
International Bank for Reconstruction & Development
2.375%, 05/26/15 (b)		1,420,000		1,432,344
7.625%, 01/19/23		2,970,000		4,158,387
8.875%, 03/01/26		535,000		836,930
International Finance Corp.
1.750%, 09/04/18		2,975,000		3,004,901
				30,740,770
Office/Business Equipment—0.1%
Xerox Corp.
6.350%, 05/15/18 (b)		2,550,000		2,869,390
Oil & Gas—1.4%
Anadarko Petroleum Corp.
6.375%, 09/15/17		2,445,000		2,716,418
Apache Finance Canada Corp.
7.750%, 12/15/29		300,000		406,325
BP Capital Markets plc
3.245%, 05/06/22		3,900,000		3,825,068
Canadian Natural Resources, Ltd.
6.250%, 03/15/38		1,800,000		1,989,012
Chevron Corp.
3.191%, 06/24/23		3,025,000		3,055,050
ConocoPhillips Canada Funding Co. I
5.950%, 10/15/36		1,550,000		1,927,818
ConocoPhillips Holding Co.
6.950%, 04/15/29		700,000		929,957
Devon Energy Corp.
6.300%, 01/15/19		850,000		966,127
Hess Corp.
8.125%, 02/15/19		3,130,000		3,719,930
Marathon Oil Corp.
6.600%, 10/01/37		2,000,000		2,327,458
Petrobras International Finance Co. S.A.
6.125%, 10/06/16		600,000		607,349

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Shell International Finance B.V.
4.300%, 09/22/19		1,000,000	$	1,093,443
Statoil ASA
6.700%, 01/15/18		300,000		344,760
Suncor Energy, Inc.
6.100%, 06/01/18		2,500,000		2,798,494
Total Capital International S.A.
2.700%, 01/25/23 (b)		3,000,000		2,901,572
Transocean, Inc.
6.375%, 12/15/21 (b)		2,035,000		1,862,025
XTO Energy, Inc.
6.500%, 12/15/18		1,600,000		1,873,431
				33,344,237
Oil & Gas Services—0.2%
Weatherford International, Ltd.
4.500%, 04/15/22 (b)		2,300,000		2,051,624
9.625%, 03/01/19		1,500,000		1,718,052
				3,769,676
Pharmaceuticals—1.1%
Abbott Laboratories
5.125%, 04/01/19		1,073,000		1,194,750
AbbVie, Inc.
4.400%, 11/06/42		3,200,000		3,290,131
AstraZeneca plc
4.000%, 09/18/42		5,200,000		5,202,637
Bristol-Myers Squibb Co.
5.875%, 11/15/36		2,000,000		2,500,442
Express Scripts Holding Co.
6.125%, 11/15/41		1,520,000		1,909,262
GlaxoSmithKline Capital, Inc.
6.375%, 05/15/38		2,100,000		2,776,979
Johnson & Johnson
5.950%, 08/15/37		910,000		1,219,064
6.950%, 09/01/29		250,000		352,748
Merck & Co., Inc.
6.550%, 09/15/37		1,000,000		1,403,027
Merck Sharp & Dohme Corp.
5.950%, 12/01/28 (b)		300,000		387,981
Novartis Capital Corp.
4.400%, 04/24/20		900,000		993,720
Sanofi
4.000%, 03/29/21 (b)		2,775,000		3,010,199
Wyeth LLC
5.500%, 02/15/16		1,700,000		1,790,488
				26,031,428
Pipelines—0.8%
El Paso Natural Gas Co. LLC
8.375%, 06/15/32		220,000		283,183
Energy Transfer Partners L.P.
4.650%, 06/01/21		1,950,000		2,037,784
Enterprise Products Operating LLC
6.300%, 09/15/17		1,900,000		2,118,890
Pipelines—(Continued)
Kinder Morgan Energy Partners L.P.
6.500%, 02/01/37		2,000,000		2,219,148
Plains All American Pipeline L.P. / PAA Finance Corp.
6.500%, 05/01/18		2,485,000		2,806,348
Tennessee Gas Pipeline Co. LLC
7.000%, 10/15/28		1,050,000		1,266,238
7.625%, 04/01/37		640,000		799,188
TransCanada PipeLines, Ltd.
6.200%, 10/15/37		1,800,000		2,119,849
Williams Partners L.P.
5.250%, 03/15/20		3,575,000		3,833,944
				17,484,572
Real Estate Investment Trusts—0.5%
AvalonBay Communities, Inc.
6.100%, 03/15/20		860,000		996,271
Boston Properties L.P.
3.850%, 02/01/23		2,950,000		3,056,299
ERP Operating L.P.
5.750%, 06/15/17		900,000		985,499
HCP, Inc.
5.375%, 02/01/21		2,591,000		2,892,832
Kimco Realty Corp.
6.875%, 10/01/19		550,000		650,186
Regency Centers L.P.
5.250%, 08/01/15 (b)		850,000		871,038
Simon Property Group L.P.
5.250%, 12/01/16		2,000,000		2,135,977
				11,588,102
Retail—0.8%
Costco Wholesale Corp.
5.500%, 03/15/17		465,000		509,689
CVS Health Corp.
2.250%, 12/05/18		3,930,000		3,945,976
Home Depot, Inc. (The)
4.400%, 04/01/21		1,450,000		1,601,432
5.400%, 03/01/16		900,000		948,207
Lowe’s Cos., Inc.
6.875%, 02/15/28		1,000,000		1,291,984
McDonald’s Corp.
5.350%, 03/01/18		885,000		981,860
Target Corp.
6.350%, 11/01/32		1,000,000		1,293,516
Wal-Mart Stores, Inc.
2.550%, 04/11/23		4,000,000		3,925,364
5.250%, 09/01/35		935,000		1,108,983
5.625%, 04/15/41		1,900,000		2,411,352
Walgreen Co.
5.250%, 01/15/19		900,000		996,117
				19,014,480

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Semiconductors—0.1%
Intel Corp.
2.700%, 12/15/22		2,000,000	$	1,986,678
Software—0.5%
Adobe Systems, Inc.
4.750%, 02/01/20		2,200,000		2,406,708
Microsoft Corp.
4.200%, 06/01/19 (b)		2,700,000		2,973,179
Oracle Corp.
2.375%, 01/15/19 (b)		3,885,000		3,947,908
5.250%, 01/15/16		2,000,000		2,095,567
				11,423,362
Telecommunications—1.6%
America Movil S.A.B. de C.V.
2.375%, 09/08/16		2,875,000		2,927,722
AT&T Mobility LLC
7.125%, 12/15/31		100,000		137,502
AT&T, Inc.
5.500%, 02/01/18		3,500,000		3,863,806
5.800%, 02/15/19 (b)		1,700,000		1,925,091
6.300%, 01/15/38		1,300,000		1,576,886
British Telecommunications plc
9.625%, 12/15/30		1,000,000		1,571,764
Cisco Systems, Inc.
5.500%, 01/15/40		2,000,000		2,436,883
Deutsche Telekom International Finance B.V.
5.750%, 03/23/16		460,000		485,551
8.750%, 06/15/30		1,000,000		1,468,693
Orange S.A.
2.750%, 09/14/16		2,857,000		2,920,280
Rogers Communications, Inc.
6.800%, 08/15/18		800,000		925,732
Telefonica Emisiones S.A.U.
6.221%, 07/03/17		1,400,000		1,548,087
Verizon Communications, Inc.
4.600%, 04/01/21 (b)		2,400,000		2,593,968
5.150%, 09/15/23		3,510,000		3,879,094
6.100%, 04/15/18		1,600,000		1,807,419
6.550%, 09/15/43		3,304,000		4,226,245
Verizon New York, Inc.
7.375%, 04/01/32		500,000		623,028
Vodafone Group plc
6.150%, 02/27/37		2,170,000		2,577,817
				37,495,568
Transportation—0.3%
CSX Corp.
6.150%, 05/01/37		1,600,000		2,063,784
7.900%, 05/01/17		500,000		570,754
Norfolk Southern Corp.
3.000%, 04/01/22		1,911,000		1,910,528
5.590%, 05/17/25		28,000		32,725
Union Pacific Corp.
6.625%, 02/01/29		1,200,000		1,578,815
Transportation—(Continued)
United Parcel Service, Inc.
5.125%, 04/01/19		760,000		852,786
				7,009,392
Total Corporate Bonds & Notes (Cost $547,468,815)				571,304,596
Foreign Government—2.0%
Banks—0.1%
Oesterreichische Kontrollbank AG
1.625%, 03/12/19 (b)		3,025,000		3,027,533
Provincial—0.5%
Province of British Columbia
2.000%, 10/23/22 (b)		1,970,000		1,928,971
Province of Nova Scotia
5.125%, 01/26/17		900,000		975,109
9.250%, 03/01/20		250,000		327,668
Province of Ontario
2.450%, 06/29/22 (b)		4,000,000		3,982,040
4.400%, 04/14/20 (b)		2,100,000		2,339,361
Province of Quebec
7.500%, 07/15/23		350,000		470,248
				10,023,397
Sovereign—1.4%
Brazilian Government International Bonds
6.000%, 01/17/17		3,755,000		4,046,013
7.125%, 01/20/37		1,650,000		2,074,875
Colombia Government International Bond
8.125%, 05/21/24		1,500,000		1,987,500
Italy Government International Bond
4.500%, 01/21/15		1,475,000		1,477,449
Mexico Government International Bonds
5.750%, 10/12/10		4,100,000		4,407,500
6.750%, 09/27/34		1,050,000		1,383,375
8.000%, 09/24/22 (b)		2,200,000		2,893,000
Panama Government International Bond
5.200%, 01/30/20		1,370,000		1,510,425
Peruvian Government International Bond
8.750%, 11/21/33		1,450,000		2,262,000
Philippine Government International Bond
5.000%, 01/13/37 (b)		1,740,000		2,035,800
Republic of Korea
7.125%, 04/16/19		1,600,000		1,929,266
Turkey Government International Bonds
3.250%, 03/23/23		2,350,000		2,232,500
6.250%, 09/26/22		1,607,000		1,834,985
7.375%, 02/05/25		1,473,000		1,828,361
				31,903,049
Total Foreign Government (Cost $43,477,013)				44,953,979

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—1.6%

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—1.6%
Bear Stearns Commercial Mortgage Securities Trust
5.540%, 09/11/41		949,223	$	999,072
5.694%, 06/11/50 (a)		1,500,000		1,630,337
Citigroup Commercial Mortgage Trust
5.431%, 10/15/49		1,500,000		1,586,434
5.771%, 03/15/49 (a)		1,576,471		1,647,711
Commercial Mortgage Trust
5.796%, 12/10/49 (a)		2,400,000		2,620,468
Freddie Mac Multifamily Structured Pass-Through Certificates
2.902%, 08/25/20		2,301,564		2,377,516
3.060%, 07/25/23 (a)		4,800,000		4,955,136
GS Mortgage Securities Trust
3.135%, 06/10/46		2,935,000		2,971,131
3.377%, 05/10/45		2,750,000		2,854,533
4.243%, 08/10/46		966,000		1,055,589
JPMorgan Chase Commercial Mortgage Securities Trust
5.420%, 01/15/49		2,353,959		2,513,037
5.440%, 06/12/47		857,266		912,092
LB-UBS Commercial Mortgage Trust
5.156%, 02/15/31		2,441,803		2,500,824
Morgan Stanley Capital I Trust
4.989%, 08/13/42		934,744		936,985
5.651%, 06/11/42 (a)		2,000,000		2,176,747
5.809%, 12/12/49		2,530,848		2,751,819
5.908%, 06/11/49 (a)		1,382,842		1,505,667
WF-RBS Commercial Mortgage Trust
3.488%, 06/15/46		1,054,000		1,074,114
Total Mortgage-Backed Securities (Cost $36,247,778)				37,069,212
Municipals—0.7%
Los Angeles Community College District, Build America Bonds
6.750%, 08/01/49		2,210,000		3,293,695
Los Angeles, Unified School District, Build America Bonds
6.758%, 07/01/34		2,160,000		3,009,658
Municipal Electric Authority of Georgia, Build America Bonds
6.637%, 04/01/57		2,000,000		2,651,440
Oregon School Boards Association, Build America Bonds
5.680%, 06/30/28		1,900,000		2,260,126
State of California, Build America Bonds
7.300%, 10/01/39		2,000,000		2,945,980
State of Illinois, Build America Bonds
5.100%, 06/01/33		1,230,000		1,221,009
Total Municipals (Cost $12,085,627)				15,381,908
Asset-Backed Securities—0.5%
Security Description	Shares/ Principal Amount*		Value
Asset-Backed - Automobile—0.3%
CarMax Auto Owner Trust
0.970%, 04/16/18		3,145,000		3,148,922
Honda Auto Receivables Owner Trust
0.770%, 05/15/17		355,000		355,306
Nissan Auto Receivables Owner Trust
0.750%, 07/15/19		1,253,000		1,246,836
Volkswagen Auto Loan Enhanced Trust
0.950%, 04/22/19		1,252,000		1,245,586
				5,996,650
Asset-Backed - Credit Card—0.2%
Citibank Credit Card Issuance Trust
2.880%, 01/23/23		4,924,000		5,060,341
Asset-Backed - Home Equity—0.0%
Centex Home Equity Loan Trust
4.250%, 12/25/31		54,794		54,860
Total Asset-Backed Securities (Cost $11,063,208)				11,111,851
Short-Term Investments—12.0%
Discount Notes—0.9%
Federal Home Loan Bank
0.010%, 01/20/15 (c)		1,400,000		1,399,993
0.053%, 01/08/15 (c)		1,100,000		1,099,988
0.069%, 02/13/15 (c)		11,200,000		11,199,063
0.080%, 03/18/15 (c)		4,200,000		4,199,291
0.100%, 03/27/15 (c)		2,800,000		2,799,339
Federal Home Loan Mortgage Corp.
0.027%, 01/08/15 (c)		600,000		599,996
				21,297,670
Mutual Fund—10.9%
State Street Navigator Securities Lending MET Portfolio (d)		252,366,153		252,366,153
U.S. Treasury—0.2%
U.S. Treasury Bill
0.003%, 01/02/15 (c)		4,800,000		4,799,999
Total Short-Term Investments (Cost $278,463,822)				278,463,822
Total Investments—110.8% (Cost $2,455,220,578) (e)				2,553,502,587
Other assets and liabilities (net)—(10.8)%				(248,048,840	)
Net Assets—100.0%			$	2,305,453,747

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2014

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $282,346,463 and the collateral received consisted of cash in the amount of $252,366,153 and non-cash collateral with a value of $37,644,490. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) The rate shown represents current yield to maturity.

(d) Represents investment of cash collateral received from securities lending transactions.

(e) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $2,487,555,455. The aggregate unrealized appreciation and depreciation of investments were $89,353,908 and $(23,406,776), respectively, resulting in net unrealized appreciation of $65,947,132 for federal income tax purposes.

(ACES)— Alternative Credit Enhancement Securities.

(ARM)— Adjustable-Rate Mortgage

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,595,217,219		$	—	$	1,595,217,219
Total Corporate Bonds & Notes*		—		571,304,596			—		571,304,596
Total Foreign Government*		—		44,953,979			—		44,953,979
Total Mortgage-Backed Securities*		—		37,069,212			—		37,069,212
Total Municipals		—		15,381,908			—		15,381,908
Total Asset-Backed Securities*		—		11,111,851			—		11,111,851
Short-Term Investments
Discount Notes		—		21,297,670			—		21,297,670
Mutual Fund		252,366,153		—			—		252,366,153
U.S. Treasury		—		4,799,999			—		4,799,999
Total Short-Term Investments		252,366,153		26,097,669			—		278,463,822
Total Investments	$	252,366,153	$	2,301,136,434		$	—	$	2,553,502,587
Collateral for Securities Loaned (Liability)	$	—	$	(252,366,153	)	$	—	$	(252,366,153	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	2,553,502,587
Cash		107,589
Receivable for:
Fund shares sold		1,357,601
Interest		16,044,258
Prepaid expenses		5,583
Total Assets		2,571,017,618
Liabilities
Collateral for securities loaned		252,366,153
Payables for:
Investments purchased		9,963,651
Fund shares redeemed		2,207,950
Accrued expenses:
Management fees		470,349
Distribution and service fees		277,344
Deferred trustees’ fees		63,088
Other expenses		215,336
Total Liabilities		265,563,871
Net Assets	$	2,305,453,747
Net assets consist of:
Paid in surplus	$	2,203,841,572
Undistributed net investment income		67,354,802
Accumulated net realized loss		(64,024,636	)
Unrealized appreciation on investments		98,282,009
Net Assets	$	2,305,453,747
Net Assets
Class A	$	1,008,155,812
Class B		997,099,435
Class E		76,923,651
Class G		223,274,849
Capital Shares Outstanding*
Class A		89,893,140
Class B		90,698,918
Class E		6,897,593
Class G		20,358,677
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.22
Class B		10.99
Class E		11.15
Class G		10.97

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,455,220,578.

(b) Includes securities loaned at value of $282,346,463.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Interest	$	62,436,899
Securities lending income		544,336
Total investment income		62,981,235
Expenses
Management fees		5,441,189
Administration fees		50,529
Custodian and accounting fees		270,911
Distribution and service fees—Class B		2,467,039
Distribution and service fees—Class E		120,021
Distribution and service fees—Class G		585,646
Audit and tax services		83,422
Legal		30,014
Trustees’ fees and expenses		29,468
Shareholder reporting		221,127
Insurance		12,893
Miscellaneous		16,984
Total expenses		9,329,243
Less management fee waiver		(151,471	)
Net expenses		9,177,772
Net Investment Income		53,803,463
Net Realized and Unrealized Gain
Net realized gain on investments		1,945,403
Net change in unrealized appreciation on investments		61,983,517
Net realized and unrealized gain		63,928,920
Net Increase in Net Assets From Operations	$	117,732,383

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	53,803,463		$	46,837,690
Net realized gain		1,945,403			2,850,150
Net change in unrealized appreciation (depreciation)		61,983,517			(95,736,003	)
Increase (decrease) in net assets from operations		117,732,383			(46,048,163	)
From Distributions to Shareholders
Net investment income
Class A		(26,442,409	)		(23,062,199	)
Class B		(27,515,323	)		(31,382,216	)
Class E		(2,320,327	)		(2,913,429	)
Class G		(5,102,747	)		(5,184,441	)
Total distributions		(61,380,806	)		(62,542,285	)
Increase in net assets from capital share transactions		236,202,544			304,136,062
Total increase in net assets		292,554,121			195,545,614
Net Assets
Beginning of period		2,012,899,626			1,817,354,012
End of period	$	2,305,453,747		$	2,012,899,626
Undistributed net investment income
End of period	$	67,354,802		$	61,017,865

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		21,293,195		$	235,457,073			26,343,840		$	291,120,706
Reinvestments		2,432,604			26,442,409			2,048,153			23,062,199
Redemptions		(6,796,206	)		(75,167,359	)		(10,424,131	)		(115,648,870	)
Net increase		16,929,593		$	186,732,123			17,967,862		$	198,534,035
Class B
Sales		6,044,319		$	65,473,330			11,245,979		$	122,855,536
Reinvestments		2,578,755			27,515,323			2,834,888			31,382,216
Redemptions		(7,865,294	)		(85,368,142	)		(6,304,510	)		(68,745,878	)
Net increase		757,780		$	7,620,511			7,776,357		$	85,491,874
Class E
Sales		203,460		$	2,230,249			502,524		$	5,578,029
Reinvestments		214,448			2,320,327			259,896			2,913,429
Redemptions		(1,079,829	)		(11,872,674	)		(845,983	)		(9,375,183	)
Net decrease		(661,921	)	$	(7,322,098	)		(83,563	)	$	(883,725	)
Class G
Sales		7,345,176		$	79,529,693			4,996,877		$	54,265,414
Reinvestments		479,131			5,102,747			469,180			5,184,441
Redemptions		(3,271,469	)		(35,460,432	)		(3,533,045	)		(38,455,977	)
Net increase		4,552,838		$	49,172,008			1,933,012		$	20,993,878
Increase derived from capital shares transactions				$	236,202,544					$	304,136,062

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.93		$	11.59		$	11.58		$	11.17		$	10.94
Income (Loss) from Investment Operations
Net investment income (a)		0.29			0.29			0.34			0.38			0.40
Net realized and unrealized gain (loss) on investments		0.33			(0.55	)		0.10			0.43			0.25
Total from investment operations		0.62			(0.26	)		0.44			0.81			0.65
Less Distributions
Distributions from net investment income		(0.33	)		(0.40	)		(0.43	)		(0.40	)		(0.42	)
Total distributions		(0.33	)		(0.40	)		(0.43	)		(0.40	)		(0.42	)
Net Asset Value, End of Period	$	11.22		$	10.93		$	11.59		$	11.58		$	11.17
Total Return (%) (b)		5.81			(2.33	)		3.90			7.51			6.05
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.28			0.28			0.29			0.28			0.28
Net ratio of expenses to average net assets (%) (c)		0.28			0.28			0.28			0.28			0.27
Ratio of net investment income to average net assets (%)		2.62			2.65			2.92			3.36			3.63
Portfolio turnover rate (%)		13			18			24			23			21
Net assets, end of period (in millions)	$	1,008.2		$	797.4		$	637.3		$	630.8		$	662.7
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.72		$	11.37		$	11.37		$	10.97		$	10.76
Income (Loss) from Investment Operations
Net investment income (a)		0.26			0.26			0.30			0.34			0.37
Net realized and unrealized gain (loss) on investments		0.32			(0.54	)		0.10			0.44			0.23
Total from investment operations		0.58			(0.28	)		0.40			0.78			0.60
Less Distributions
Distributions from net investment income		(0.31	)		(0.37	)		(0.40	)		(0.38	)		(0.39	)
Total distributions		(0.31	)		(0.37	)		(0.40	)		(0.38	)		(0.39	)
Net Asset Value, End of Period	$	10.99		$	10.72		$	11.37		$	11.37		$	10.97
Total Return (%) (b)		5.48			(2.53	)		3.62			7.28			5.69
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53			0.53			0.54			0.53			0.53
Net ratio of expenses to average net assets (%) (c)		0.53			0.53			0.53			0.53			0.52
Ratio of net investment income to average net assets (%)		2.37			2.40			2.67			3.12			3.38
Portfolio turnover rate (%)		13			18			24			23			21
Net assets, end of period (in millions)	$	997.1		$	964.2		$	934.5		$	893.8		$	806.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.87		$	11.52		$	11.52		$	11.11		$	10.89
Income (Loss) from Investment Operations
Net investment income (a)		0.27			0.28			0.32			0.36			0.39
Net realized and unrealized gain (loss) on investments		0.33			(0.55	)		0.09			0.44			0.23
Total from investment operations		0.60			(0.27	)		0.41			0.80			0.62
Less Distributions
Distributions from net investment income		(0.32	)		(0.38	)		(0.41	)		(0.39	)		(0.40	)
Total distributions		(0.32	)		(0.38	)		(0.41	)		(0.39	)		(0.40	)
Net Asset Value, End of Period	$	11.15		$	10.87		$	11.52		$	11.52		$	11.11
Total Return (%) (b)		5.58			(2.41	)		3.68			7.38			5.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.43			0.43			0.44			0.43			0.43
Net ratio of expenses to average net assets (%) (c)		0.43			0.43			0.43			0.43			0.42
Ratio of net investment income to average net assets (%)		2.47			2.50			2.77			3.21			3.49
Portfolio turnover rate (%)		13			18			24			23			21
Net assets, end of period (in millions)	$	76.9		$	82.2		$	88.1		$	91.8		$	110.8
	Class G
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.70		$	11.35		$	11.35		$	10.96		$	10.75
Income (Loss) from Investment Operations
Net investment income (a)		0.25			0.26			0.30			0.34			0.36
Net realized and unrealized gain (loss) on investments		0.33			(0.54	)		0.10			0.42			0.23
Total from investment operations		0.58			(0.28	)		0.40			0.76			0.59
Less Distributions
Distributions from net investment income		(0.31	)		(0.37	)		(0.40	)		(0.37	)		(0.38	)
Total distributions		(0.31	)		(0.37	)		(0.40	)		(0.37	)		(0.38	)
Net Asset Value, End of Period	$	10.97		$	10.70		$	11.35		$	11.35		$	10.96
Total Return (%) (b)		5.46			(2.57	)		3.58			7.15			5.65
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58			0.58			0.59			0.58			0.58
Net ratio of expenses to average net assets (%) (c)		0.58			0.58			0.58			0.58			0.57
Ratio of net investment income to average net assets (%)		2.32			2.35			2.62			3.09			3.31
Portfolio turnover rate (%)		13			18			24			23			21
Net assets, end of period (in millions)	$	223.3		$	169.1		$	157.5		$	133.5		$	85.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Barclays Aggregate Bond Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-21

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities, expired capital loss carryforwards and paydown reclasses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

MSF-22

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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

MSF-23

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$390,447,631	$	129,335,971	$	226,689,376	$	51,762,610

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the year ended December 31, 2014 were $5,441,189.

MSF-24

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

MetLife Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, MetLife Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2014 were $526,471.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average daily net assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical expense agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$61,380,806	$	62,542,285	$	—	$	—	$	61,380,806	$	62,542,285

MSF-25

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses			Total
$67,417,890	$	—	$	65,947,132	$	(20,621,321	)	$	(11,068,438	)	$	101,675,263

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, $2,547,261 of capital loss carryforwards expired.

As of December 31, 2014, the Portfolio had post-enactment short-term accumulated capital losses of $2,360,669, post-enactment long-term accumulated capital losses of $8,707,769, and pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/16		Expiring 12/31/15		Total
$9,934,932	$	6,670,752	$	4,015,637	$	20,621,321

8. Recent Accounting Pronouncements

In June 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-26

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Barclays Aggregate Bond Index Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Barclays Aggregate Bond Index Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Barclays Aggregate Bond Index Portfolio of Metropolitan Series Fund as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-27

Metropolitan Series Fund

Trustees and Officers

Management of The Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**

MSF-28

Metropolitan Series Fund

Trustees and Officers—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-29

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-30

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MSF-31

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Barclays Aggregate Bond Index Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the one-, three- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Barclays Aggregate Bond Index, for the one-, three- and five-year periods ended October 31, 2014. The Board considered the Adviser’s analysis of the Portfolio’s performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board also noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-32

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the BlackRock Bond Income Portfolio returned 7.08%, 6.81%, and 6.92%, respectively. The Portfolio’s benchmark, the Barclays U.S. Aggregate Bond Index¹, returned 5.97%.

MARKET ENVIRONMENT / CONDITIONS

After struggling in 2013 and registering losses, fixed income markets kicked off the first quarter of 2014 with respectable returns. Contributing to returns were declining interest rates coming from the demand for yield and investors seeking safe assets because of concerns about economic growth in the U.S., much of which was disrupted by tumultuous winter weather. Adding to investor unease was increasing concern on China’s slowdown and political unrest within Ukraine.

Expectations of weaker economic growth continued into the second quarter and led to further rate declines. This period saw corporate credit spreads tighten further, leading to additional total return for the quarter and year-to-date. The Federal Reserve (the “Fed”) continued to reduce the pace of its asset purchase program, while the European Central Bank (the “ECB”) was moving to an easier monetary policy regime to fight declining inflation expectations and slowing growth within the Eurozone.

The third quarter of 2014 saw the theme of “global divergence” pick up and the U.S. yield curve continued to flatten due to a multitude of factors. Long-term yields declined as tensions escalated between Russia and Ukraine and drove demand for safe assets. Stronger growth and economic data in the U.S., as well as continued unwinding of asset purchases by the Fed, prompted investors to bring forward their expectations for monetary policy normalization in the U.S. Meanwhile, the ECB continued to fight the threat of disinflation and tepid growth while Japan continued striving to meet the objectives of “Abenomics.” On balance, this kept monetary policy from these regions easy. Within the commodities market, we saw crude oil prices start to decline. Overall, the interplay between the commodities market and divergent central bank policy led to a continued bid for duration and the U.S. dollar.

The fourth quarter of 2014 continued to mark a strong divergence globally as the U.S. once again printed strong economic data. While the Fed ended its asset purchase program, the ECB and the Bank of Japan maintained their easy monetary policies, which led to a continued bid for the U.S. dollar. Global financial markets witnessed sharp sell-offs in mid-October and December amidst falling crude oil prices, crowded trades, escalating geopolitical tensions and concerns about stalling global economic growth. During the quarter, the U.S. yield curve continued to flatten, European and Japanese yields drifted lower, and the decline in oil prices drove inflation expectations lower and corporate credit spreads wider.

To end the year, the U.S. yield curve flattened significantly, and total returns within the fixed income market were driven by declining long-term yields. The yield on the 2-year Treasury rose 28 basis points (“bps”) to 0.66%, whereas the 10-year Treasury declined 86 bps to 2.17% and the 30-year dropped to 2.75%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Portfolio performance benefited from the curve flattening bias that was maintained in 2014, as the U.S. yield curve did flatten over the year. Another major contributor to Portfolio performance was allocation/selection decisions across securitized assets, namely Commercial Mortgage-Backed Securities (“CMBS”) and Asset-Backed Securities (“ABS”), as well as a non-benchmark allocation to Non-Agency Residential MBS. The investor demand for yield compressed spreads across these sectors.

A number of other non-benchmark allocations also benefited Portfolio performance over the year. Specifically, the Portfolio’s U.S. dollar positioning against the euro and the yen helped performance due to increasing global divergence. Yield curve positioning within Australian rates was also positive as yields in the 10-year part of the curve declined. Additionally, an allocation to municipal bonds added to performance as the municipal market benefited from a positive supply/demand dynamic and the decline in long-term U.S. Treasury yields. Finally, an allocation to high yield credit modestly contributed to performance.

In contrast, Portfolio performance was hurt by security selection within the Investment Grade sector and an underweight relative to the benchmark index in agency debentures.

The Portfolio held derivatives during the period as part of its investment strategy. Derivatives are used by the Portfolio management team as a means to hedge and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the Portfolio. Specifically, from a duration standpoint, the Portfolio used U.S. Treasury futures to express a neutral bias for most of the period. In addition, the Portfolio held a yield curve flattening bias expressed by a combination of long-dated Treasury securities and short-to-intermediate Treasury futures. The overall impact of duration and yield curve positioning on performance was positive over the period.

At period end, the Portfolio was generally underweight relative to the Barclays U.S. Aggregate Bond Index in government-owned/government-related sectors in favor of non-government spread sectors. Within spread sectors, the Portfolio was most significantly overweight in CMBS and ABS, and remained underweight Investment Grade Credit. Within the government sectors, the Portfolio was underweight Agency Debentures and Agency MBS. The Portfolio also held non-benchmark allocations to High Yield Credit, Non-Agency Residential MBS, Collateralized Loan Obligations, and Treasury Inflation-Protected Securities.

MSF-1

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

The Portfolio ended the period with a modestly shorter duration versus the benchmark. We continued to manage the Portfolio at an appropriate level of risk, while looking to add return by tactically managing duration and credit exposure.

Rick Rieder

Bob Miller

Portfolio Managers

BlackRock Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

BlackRock Bond Income Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
BlackRock Bond Income Portfolio
Class A		7.08		5.70		4.72
Class B		6.81		5.44		4.45
Class E		6.92		5.54		4.56
Barclays U.S. Aggregate Bond Index		5.97		4.45		4.71

¹ Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		57.8
Corporate Bonds & Notes		23.6
Asset-Backed Securities		13.2
Mortgage-Backed Securities		8.7
Foreign Government		4.0
Municipals		0.8
Purchased Options		0.6
Floating Rate Loans		0.4
Preferred Stocks		0.2

MSF-3

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

BlackRock Bond Income Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.36	%	$	1,000.00	$	1,021.10	$	1.83
	Hypothetical*		0.36	%	$	1,000.00	$	1,023.39	$	1.84
Class B	Actual		0.61	%	$	1,000.00	$	1,019.70	$	3.11
	Hypothetical*		0.61	%	$	1,000.00	$	1,022.13	$	3.11
Class E	Actual		0.51	%	$	1,000.00	$	1,020.20	$	2.60
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.64	$	2.60

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—57.8% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—41.8%
Fannie Mae 15 Yr. Pool 2.500%, TBA (a)		47,500,000	$	48,360,937
3.000%, 11/01/28		5,981,470		6,238,162
3.000%, 12/01/28		1,467,913		1,532,283
3.000%, 01/01/29		708,616		739,706
3.000%, 04/01/29		2,081,626		2,171,173
3.000%, 05/01/29		3,637,397		3,795,144
3.000%, 08/01/29		4,112,910		4,290,481
3.000%, TBA (a)		18,900,000		19,644,926
3.500%, 11/01/25		2,786,546		2,962,582
3.500%, 08/01/26		2,323,236		2,470,070
3.500%, 08/01/28		1,240,341		1,318,582
3.500%, 10/01/28		6,165,254		6,554,809
3.500%, 11/01/28		7,075,920		7,522,164
3.500%, 02/01/29		13,893,301		14,770,459
3.500%, 04/01/29		3,128,107		3,325,968
3.500%, 05/01/29		7,301,204		7,763,078
3.500%, 07/01/29		2,860,907		3,042,740
3.500%, 12/01/29		19,500,000		20,625,388
4.000%, 01/01/25		29,647		31,442
4.000%, 02/01/25		6,588,216		7,021,759
4.000%, 09/01/25		1,215,561		1,298,910
4.000%, 10/01/25		3,419,333		3,654,733
4.000%, 01/01/26		1,004,670		1,076,131
4.000%, 04/01/26		650,226		697,166
4.000%, 07/01/26		2,992,384		3,205,220
4.000%, 08/01/26		1,392,675		1,491,908
4.500%, 12/01/20		1,926,638		2,039,306
4.500%, 02/01/25		1,217,913		1,314,489
4.500%, 04/01/25		229,835		248,409
4.500%, 07/01/25		846,108		914,543
4.500%, 06/01/26		18,462,273		19,950,270
4.500%, TBA (a)		12,900,000		13,554,069
Fannie Mae 20 Yr. Pool 5.000%, 05/01/23		5,683		6,275
Fannie Mae 30 Yr. Pool 3.000%, 12/01/42		3,587,401		3,636,323
3.000%, 01/01/43		7,863,635		7,970,695
3.000%, 02/01/43		14,252,008		14,455,288
3.000%, 03/01/43		29,240,826		29,636,717
3.000%, 04/01/43		20,138,472		20,413,387
3.000%, 05/01/43		27,735,512		28,130,115
3.000%, 06/01/43		3,457,013		3,507,929
3.500%, 01/01/42		289,756		303,400
3.500%, 04/01/42		94,449		99,054
3.500%, 05/01/42		376,466		393,818
3.500%, 06/01/42		1,266,461		1,326,582
3.500%, 07/01/42		507,771		531,284
3.500%, 10/01/42		487,057		510,815
3.500%, 12/01/42		254,565		266,970
3.500%, 01/01/43		1,530,889		1,605,217
3.500%, 02/01/43		2,369,277		2,481,069
3.500%, 03/01/43		6,116,423		6,410,786
3.500%, 04/01/43		99,304		104,144
3.500%, 06/01/43		2,237,258		2,340,634
3.500%, 07/01/43		17,680,835		18,527,970
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.500%, 08/01/43		11,618,700		12,168,394
3.500%, 09/01/43		212,330		222,441
3.500%, 10/01/43		231,967		243,301
3.500%, 11/01/43		2,619,410		2,742,571
3.500%, 01/01/44		2,630,219		2,756,168
3.500%, 06/01/44		530,921		556,225
3.500%, 07/01/44		448,884		470,472
3.500%, 08/01/44		4,043,166		4,236,782
3.500%, 09/01/44		8,185,847		8,568,168
3.500%, TBA (a)		32,125,000		33,487,807
4.000%, 06/01/39		1,843,060		1,969,337
4.000%, 12/01/39		181,693		194,142
4.000%, 05/01/42		1,062,881		1,148,480
4.000%, 07/01/42		6,842,927		7,393,951
4.000%, 11/01/42		2,695,332		2,907,469
4.000%, 01/01/43		5,241,212		5,654,658
4.000%, 02/01/43		6,293,756		6,787,376
4.000%, 03/01/43		5,698,553		6,148,336
4.000%, 05/01/43		4,203,513		4,534,734
4.000%, 06/01/43		2,515,014		2,712,421
4.000%, 07/01/43		83,515		90,116
4.000%, 08/01/43		2,440,526		2,632,763
4.000%, 09/01/43		7,534,701		8,126,376
4.000%, 11/01/43		5,947,104		6,418,461
4.000%, 12/01/43		3,456,273		3,732,554
4.000%, 01/01/44		14,752,407		15,940,860
4.000%, 02/01/44		14,050,252		15,184,612
4.000%, 05/01/44		5,878,727		6,349,188
4.000%, 06/01/44		91,449		98,668
4.000%, 07/01/44		672,083		725,133
4.000%, 08/01/44		3,460,926		3,734,506
4.000%, 09/01/44		13,124,787		14,102,412
4.000%, 10/01/44		18,095,230		19,531,376
4.000%, 11/01/44		14,987,051		16,176,709
4.000%, 12/01/44		9,350,514		10,092,097
4.500%, 11/01/39		645,976		703,262
4.500%, 08/01/40		7,507,819		8,157,792
4.500%, 11/01/40		2,169,506		2,357,374
4.500%, 08/01/41		282,001		306,839
4.500%, 09/01/41		1,476,380		1,605,197
4.500%, 01/01/42		426,723		463,546
4.500%, 07/01/42		19,129,249		20,759,142
4.500%, 08/01/42		2,090,484		2,271,408
4.500%, 08/01/43		388,857		424,043
4.500%, 09/01/43		29,944,474		32,529,150
4.500%, 10/01/43		4,812,165		5,238,167
4.500%, 12/01/43		4,164,257		4,526,118
4.500%, 01/01/44		7,351,506		8,062,550
4.500%, 02/01/44		1,476,234		1,603,962
4.500%, 03/01/44		6,958,557		7,568,193
5.000%, 11/01/32		19,699		21,830
5.000%, 02/01/33		1,852,391		2,053,192
5.000%, 03/01/33		15,684		17,316
5.000%, 04/01/33		107,568		119,179
5.000%, 07/01/33		12,727,673		14,100,045

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.000%, 08/01/33		22,779,133	$	25,238,198
5.000%, 09/01/33		18,809,297		20,836,679
5.000%, 11/01/33		776,061		859,858
5.000%, 12/01/33		315,093		349,068
5.000%, 02/01/34		123,325		136,613
5.000%, 03/01/34		94,797		105,015
5.000%, 04/01/34		33,683		37,310
5.000%, 06/01/34		56,659		62,733
5.000%, 07/01/34		5,976,837		6,618,153
5.000%, 10/01/34		2,514,759		2,786,014
5.000%, 12/01/34		87,211		96,604
5.000%, 02/01/35		566,658		627,449
5.000%, 04/01/35		10,382		11,498
5.000%, 07/01/35		1,451,000		1,607,060
5.000%, 09/01/35		13,108		14,523
5.000%, 10/01/35		4,683,118		5,188,456
5.000%, 12/01/35		1,449,740		1,605,208
5.000%, 08/01/36		1,332,229		1,475,112
5.000%, 07/01/37		715,828		793,093
5.000%, 04/01/41		106,152		117,473
5.000%, 07/01/41		850,907		945,433
5.000%, 08/01/41		1,019,592		1,128,377
5.000%, 01/01/42		11,000,024		12,193,981
5.500%, 11/01/32		2,748,861		3,086,901
5.500%, 12/01/32		442,581		498,781
5.500%, 01/01/33		1,693,229		1,899,066
5.500%, 12/01/33		570,666		643,159
5.500%, 08/01/37		4,769,575		5,369,667
5.500%, 02/01/38		660,402		748,693
5.500%, 03/01/38		472,854		535,530
5.500%, 04/01/38		556,299		623,868
5.500%, 06/01/38		549,028		622,936
5.500%, 12/01/38		540,154		603,585
5.500%, 08/01/39		624,604		698,373
5.500%, 03/01/40		619,894		692,941
5.500%, 04/01/40		263,806		295,073
5.500%, 04/01/41		744,792		836,912
5.500%, TBA (a)		4,000,000		4,474,375
6.000%, 02/01/34		482,159		550,973
6.000%, 08/01/34		374,023		427,139
6.000%, 04/01/35		5,690,157		6,504,576
6.000%, 06/01/36		1,006,597		1,155,416
6.000%, 02/01/38		1,235,413		1,400,466
6.000%, 03/01/38		471,668		541,986
6.000%, 05/01/38		1,469,364		1,689,289
6.000%, 10/01/38		1,865,099		2,117,757
6.000%, 12/01/38		582,918		664,163
6.000%, 04/01/40		5,930,177		6,724,548
6.000%, 09/01/40		614,149		696,808
6.000%, 06/01/41		1,274,762		1,447,057
6.000%, TBA (a)		4,400,000		4,989,703
6.500%, 05/01/40		9,095,897		10,358,631
Fannie Mae ARM Pool 2.993%, 03/01/41 (b)		718,264		764,587
3.129%, 03/01/41 (b)		973,463		1,035,812
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae ARM Pool 3.177%, 12/01/40 (b)		1,738,302		1,823,377
3.337%, 06/01/41 (b)		3,402,501		3,586,731
3.501%, 09/01/41 (b)		2,574,566		2,719,851
4.993%, 08/01/38 (b)		979,429		1,045,680
Fannie Mae REMICS (CMO) 5.000%, 04/25/35		253,226		271,985
Fannie Mae-Aces 0.143%, 08/25/24 (b) (c)		118,304,183		1,502,463
3.021%, 08/25/24		890,000		910,263
Freddie Mac 15 Yr. Gold Pool 3.000%, TBA (a)		11,100,000		11,520,848
Freddie Mac 30 Yr. Gold Pool 2.500%, TBA (a)		19,100,000		19,426,192
3.000%, 01/01/43		2,718,666		2,751,863
3.000%, 03/01/43		6,129,061		6,203,105
3.000%, 04/01/43		25,498,944		25,802,471
3.000%, 07/01/43		17,524,252		17,739,279
3.000%, 08/01/43		10,820,437		10,951,299
3.500%, 04/01/42		4,692,765		4,900,944
3.500%, 08/01/42		3,102,100		3,242,335
3.500%, 09/01/42		1,588,354		1,657,731
3.500%, 11/01/42		3,093,527		3,222,410
3.500%, 02/01/43		582,856		609,799
3.500%, 04/01/43		9,147,859		9,547,779
3.500%, 07/01/43		8,871,804		9,270,285
3.500%, 12/01/43		11,194,363		11,690,310
3.500%, 01/01/44		798,608		835,285
3.500%, 02/01/44		3,701,370		3,863,639
3.500%, 04/01/44		224,641		234,765
3.500%, 05/01/44		859,485		898,308
3.500%, 06/01/44		239,376		250,146
3.500%, 07/01/44		1,933,627		2,018,706
3.500%, 08/01/44		788,863		824,402
3.500%, 09/01/44		2,201,739		2,300,348
3.500%, TBA (a)		11,600,000		12,061,281
4.000%, 10/01/40		276,905		298,067
4.000%, 11/01/40		1,302,533		1,402,055
4.000%, 10/01/41		1,162,287		1,250,729
4.000%, 09/01/43		674,077		726,570
4.000%, 08/01/44		5,666,967		6,107,307
4.000%, TBA (a)		37,000,000		39,439,687
4.500%, 02/01/39		3,329,119		3,610,988
4.500%, 09/01/43		3,042,165		3,305,077
4.500%, 11/01/43		5,850,025		6,343,756
4.500%, TBA (a)		22,900,000		24,820,559
5.000%, 10/01/41		1,564,619		1,731,207
5.000%, TBA (a)		27,300,000		30,124,914
5.500%, 09/01/39		439,989		492,140
5.500%, 01/01/40		518,971		580,885
5.500%, 07/01/40		753,998		843,723
5.500%, 06/01/41		6,797,530		7,598,979
5.500%, TBA (a)		2,300,000		2,569,352
Freddie Mac ARM Non-Gold Pool 2.999%, 02/01/41 (b)		1,291,069		1,376,561

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates 3.171%, 10/25/24		2,686,000	$	2,786,789
3.490%, 01/25/24		1,113,000		1,184,310
Ginnie Mae (CMO) 0.988%, 02/16/53 (b) (c)		26,594,424		1,987,162
Ginnie Mae I 30 Yr. Pool 3.500%, 02/15/42		415,201		439,606
3.500%, 04/15/42		652,458		690,942
3.500%, 05/15/42		519,851		550,432
3.500%, 08/15/42		804,395		851,693
3.500%, 11/15/42		625,292		657,336
3.500%, 12/15/42		1,782,759		1,887,653
3.500%, 01/15/43		741,227		784,913
3.500%, 02/15/43		1,217,435		1,289,199
3.500%, 03/15/43		573,140		604,763
3.500%, 04/15/43		2,344,977		2,483,306
3.500%, 05/15/43		4,267,199		4,518,822
3.500%, 06/15/43		1,096,538		1,161,237
3.500%, 07/15/43		3,650,000		3,865,156
4.000%, 12/15/41		27,653		29,694
4.000%, 05/15/42		153,282		164,602
4.000%, TBA (a)		14,905,000		15,990,096
4.500%, 02/15/42		28,004,185		30,677,766
4.500%, TBA (a)		17,300,000		18,902,278
5.000%, 12/15/38		743,475		820,015
5.000%, 07/15/39		2,010,662		2,223,174
5.000%, 12/15/40		2,628,441		2,915,714
5.000%, TBA (a)		26,700,000		29,404,937
5.500%, 04/15/33		60,379		67,974
5.500%, TBA (a)		12,500,000		13,955,567
6.500%, 04/15/33		54,132		61,770
8.000%, 11/15/29		6,108		6,219
8.500%, 01/15/17		1,972		1,980
8.500%, 03/15/17		733		736
8.500%, 05/15/17		428		429
8.500%, 11/15/21		2,753		2,766
8.500%, 05/15/22		1,242		1,309
9.000%, 10/15/16		1,125		1,130
Ginnie Mae II 30 Yr. Pool
3.000%, TBA (a)		57,705,000		59,010,576
3.500%, 10/20/42		850,166		893,843
3.500%, 01/20/43		755,898		794,732
3.500%, 04/20/43		664,883		698,905
3.500%, 10/20/44		113,723,157		119,553,281
4.000%, 09/20/40		245,140		263,688
4.000%, 10/20/40		457,482		492,127
4.000%, 12/20/40		6,463,869		6,954,573
4.000%, 01/20/41		4,850,604		5,219,380
4.000%, 02/20/41		85,289		91,763
4.000%, 07/20/43		466,690		500,915
4.000%, 08/20/44		1,380,954		1,495,004
4.000%, 10/20/44		182,348,899		195,910,204
4.000%, 11/20/44		53,289,238		57,256,915
4.000%, 12/20/44		34,800,000		37,391,070
4.500%, 05/20/41		28,326,676		31,078,991
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
4.500%, 06/20/41		2,764,253		3,030,358
4.500%, 07/20/41		1,701,795		1,865,286
4.500%, TBA (a)		1,880,000		2,054,120
5.000%, 10/20/33		1,920,577		2,131,415
5.000%, 10/20/39		845,154		943,692
				1,817,454,276
U.S. Treasury—16.0%
U.S. Treasury Bonds 2.750%, 08/15/42		11,015,000		11,011,563
2.750%, 11/15/42		465,000		464,528
3.000%, 11/15/44		25,807,500		27,122,082
U.S. Treasury Inflation Indexed Bonds (n) 0.750%, 02/15/42		14,591,191		14,177,400
1.375%, 02/15/44		8,262,874		9,351,895
U.S. Treasury Inflation Indexed Notes (n) 0.125%, 01/15/23		7,535,374		7,286,353
0.625%, 01/15/24		22,478,074		22,574,662
U.S. Treasury Notes 0.250%, 05/31/15		29,515,000		29,533,447
0.500%, 11/30/16 (d)		10,530,000		10,503,675
1.000%, 12/15/17		164,075,000		163,690,408
1.000%, 11/30/19 (e)		91,390,000		88,641,172
1.250%, 11/30/18		5,817,800		5,776,895
1.500%, 10/31/19		20,420,000		20,295,561
1.500%, 11/30/19 (d)		88,107,800		87,550,254
1.625%, 11/15/22		6,432,200		6,239,736
1.875%, 11/30/21		43,450,000		43,195,426
2.000%, 05/31/21		17,429,000		17,516,145
2.250%, 11/15/24		113,369,900		114,131,632
2.375%, 08/15/24		19,254,000		19,610,507
				698,673,341
Total U.S. Treasury & Government Agencies (Cost $2,500,578,244)				2,516,127,617
Corporate Bonds & Notes—23.6%
Advertising—0.1%
Interpublic Group of Cos., Inc. (The) 4.000%, 03/15/22		1,757,000		1,798,439
4.200%, 04/15/24		2,802,000		2,865,913
Omnicom Group, Inc. 3.650%, 11/01/24		885,000		885,411
				5,549,763
Aerospace/Defense—0.1%
Boeing Co. (The) 2.350%, 10/30/21		970,000		963,591
Lockheed Martin Corp. 4.070%, 12/15/42		1,259,000		1,270,426
Raytheon Co. 3.150%, 12/15/24 (f)		677,000		679,030
				2,913,047

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Agriculture—0.3%
Altria Group, Inc. 2.625%, 01/14/20		1,922,000	$	1,927,580
Philip Morris International, Inc. 1.125%, 08/21/17 (f)		3,820,000		3,803,914
4.875%, 11/15/43		1,951,000		2,175,033
Reynolds American, Inc. 3.250%, 11/01/22		1,930,000		1,879,901
4.750%, 11/01/42 (f)		1,675,000		1,625,673
				11,412,101
Airlines—0.1%
Southwest Airlines Co. 2.750%, 11/06/19 (f)		1,181,000		1,186,434
United Airlines Pass-Through Trust 4.750%, 10/11/23		453,000		448,470
United Continental Holdings, Inc. 6.000%, 07/15/28 (f)		2,120,000		2,019,300
				3,654,204
Auto Manufacturers—0.3%
General Motors Co. 4.000%, 04/01/25		1,727,000		1,731,318
4.875%, 10/02/23		2,350,000		2,514,500
6.250%, 10/02/43		1,410,000		1,684,386
Jaguar Land Rover Automotive plc 8.250%, 03/15/20 (GBP)		220,000		377,183
Toyota Motor Credit Corp. 2.750%, 05/17/21		7,640,000		7,753,278
				14,060,665
Auto Parts & Equipment—0.0%
Samvardhana Motherson Automotive Systems Group B.V. 4.125%, 07/15/21 (EUR)		103,000		122,121
Schaeffler Holding Finance B.V. 5.750%, 11/15/21 (EUR) (g)		100,000		128,870
Servus Luxembourg Holding SCA 7.750%, 06/15/18 (EUR)		93,505		119,064
				370,055
Banks—5.3%
Banco Bilbao Vizcaya Argentaria S.A. 7.000%, 02/19/19 (EUR) (b)		200,000		246,547
Banco do Brasil S.A. 9.000%, 06/18/24 (b)		932,000		866,760
Bank of America Corp. 2.600%, 01/15/19		17,801,000		17,939,421
2.650%, 04/01/19		3,034,000		3,056,254
3.300%, 01/11/23		3,362,000		3,362,259
4.200%, 08/26/24		5,217,000		5,314,688
4.250%, 10/22/26		4,976,000		4,964,829
Bank of Ireland 4.250%, 06/11/24 (EUR) (b)		100,000		119,492
Bank of New York Mellon Corp. (The) 2.100%, 01/15/19 (f)		4,220,000		4,233,373
Banks—(Continued)
Bank of Nova Scotia (The) 1.300%, 07/21/17		10,965,000		10,929,287
2.800%, 07/21/21 (f)		5,289,000		5,291,206
Bankia S.A. 4.000%, 05/22/24 (EUR) (b)		200,000		236,383
Barclays plc 2.750%, 11/08/19 (f)		3,897,000		3,873,189
BB&T Corp. 2.450%, 01/15/20		2,522,000		2,511,733
Branch Banking & Trust Co. 2.300%, 10/15/18		2,160,000		2,182,477
Capital One N.A. 2.950%, 07/23/21 (f)		5,161,000		5,128,708
Citigroup, Inc. 1.850%, 11/24/17		5,104,000		5,098,136
2.500%, 09/26/18 (f)		5,097,000		5,156,553
2.500%, 07/29/19 (f)		10,820,000		10,828,689
5.800%, 11/15/19 (b) (f)		1,668,000		1,668,000
6.300%, 05/15/24 (b) (f)		945,000		930,825
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 4.625%, 12/01/23		5,161,000		5,474,345
Credit Suisse 3.000%, 10/29/21 (f)		2,270,000		2,259,404
Discover Bank 7.000%, 04/15/20		1,678,000		1,977,595
Goldman Sachs Group, Inc. (The) 2.550%, 10/23/19		9,473,000		9,438,405
2.625%, 01/31/19 (f)		6,320,000		6,358,590
2.900%, 07/19/18 (f)		6,205,000		6,365,585
3.625%, 02/07/16		3,625,000		3,719,460
HSBC Bank Brasil S.A. - Banco Multiplo 4.000%, 05/11/16 (144A) (f)		13,340,000		13,546,770
HSBC Holdings plc 4.250%, 03/14/24 (f)		5,140,000		5,348,592
JPMorgan Chase & Co. 1.350%, 02/15/17		12,770,000		12,769,719
2.200%, 10/22/19		2,445,000		2,423,917
2.350%, 01/28/19 (f)		2,630,000		2,647,158
3.875%, 09/10/24		5,490,000		5,494,672
4.750%, 03/01/15		6,975,000		7,014,876
6.100%, 10/01/24 (b) (f)		590,000		588,525
6.750%, 02/01/24 (b)		355,000		374,525
Macquarie Bank, Ltd. 1.600%, 10/27/17 (144A)		4,182,000		4,154,516
1.650%, 03/24/17 (144A) (f)		3,455,000		3,466,916
Morgan Stanley 3.750%, 02/25/23		14,291,000		14,660,008
4.350%, 09/08/26 (f)		3,950,000		3,973,601
5.000%, 11/24/25		2,932,000		3,128,781
Novo Banco S.A. 4.000%, 01/21/19 (EUR)		200,000		234,135
State Street Capital Trust IV 1.241%, 06/01/77 (b)		500,000		415,000
Wells Fargo & Co. 1.500%, 07/01/15		3,485,000		3,503,711

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Wells Fargo & Co. 2.125%, 04/22/19 (f)		5,515,000	$	5,513,555
3.300%, 09/09/24 (f)		1,752,000		1,762,962
4.100%, 06/03/26		2,150,000		2,197,423
5.375%, 11/02/43		1,887,000		2,146,864
5.900%, 06/15/24 (b) (f)		3,928,000		3,957,460
				228,855,879
Biotechnology—0.3%
Amgen, Inc. 3.625%, 05/22/24		2,803,000		2,849,084
5.650%, 06/15/42		2,275,000		2,706,793
Celgene Corp. 2.250%, 05/15/19 (f)		2,344,000		2,327,461
3.250%, 08/15/22		2,382,000		2,397,335
Gilead Sciences, Inc. 2.350%, 02/01/20 (f)		668,000		671,594
3.500%, 02/01/25 (f)		1,157,000		1,187,545
4.500%, 02/01/45		3,044,000		3,253,424
				15,393,236
Building Materials—0.0%
Cemex Finance LLC 5.250%, 04/01/21 (EUR)		100,000		122,518
Chemicals—0.5%
Agrium, Inc. 3.150%, 10/01/22		1,586,000		1,548,204
5.250%, 01/15/45 (f)		796,000		859,771
Dow Chemical Co. (The) 3.500%, 10/01/24 (f)		3,128,000		3,096,295
4.125%, 11/15/21 (f)		3,269,000		3,454,048
4.375%, 11/15/42		827,000		800,989
4.625%, 10/01/44		1,135,000		1,149,411
Eastman Chemical Co. 2.700%, 01/15/20 (f)		2,149,000		2,161,196
4.800%, 09/01/42		1,430,000		1,446,106
INEOS Group Holdings S.A. 5.750%, 02/15/19 (EUR)		100,000		116,165
LYB International Finance B.V. 4.000%, 07/15/23		3,968,000		4,059,034
Monsanto Co.
2.200%, 07/15/22		513,000		485,408
4.400%, 07/15/44		1,294,000		1,342,581
Sherwin-Williams Co. (The) 4.000%, 12/15/42		662,000		656,967
				21,176,175
Coal—0.1%
Peabody Energy Corp. 6.000%, 11/15/18 (f)		497,000		451,027
6.250%, 11/15/21 (f)		2,913,000		2,490,615
				2,941,642
Commercial Services—0.3%
EC Finance plc 5.125%, 07/15/21 (EUR)		200,000		249,875
MasterCard, Inc. 3.375%, 04/01/24		2,622,000		2,691,370
TMF Group Holding B.V. 9.875%, 12/01/19 (EUR)		250,000		310,832
United Rentals North America, Inc. 7.625%, 04/15/22		8,490,000		9,334,755
Verisure Holding AB 8.750%, 12/01/18 (EUR)		230,000		296,129
				12,882,961
Computers—0.5%
Apple, Inc. 2.100%, 05/06/19 (f)		12,125,000		12,262,643
2.850%, 05/06/21		3,690,000		3,774,719
Hewlett-Packard Co. 3.750%, 12/01/20 (f)		5,086,000		5,261,274
Seagate HDD Cayman 5.750%, 12/01/34 (144A)		909,000		958,662
				22,257,298
Distribution/Wholesale—0.1%
Rexel S.A. 5.125%, 06/15/20 (EUR)		1,904,000		2,470,740
Diversified Financial Services—1.6%
Ally Financial, Inc. 5.125%, 09/30/24 (f)		4,165,000		4,227,475
American Express Credit Corp. 1.125%, 06/05/17 (f)		7,415,000		7,391,658
2.250%, 08/15/19		4,265,000		4,265,682
Discover Financial Services 3.850%, 11/21/22		2,593,000		2,638,123
Ford Motor Credit Co. LLC 1.724%, 12/06/17		13,370,000		13,231,821
3.664%, 09/08/24 (f)		3,198,000		3,204,390
4.250%, 09/20/22		2,343,000		2,486,075
General Electric Capital Corp. 3.100%, 01/09/23 (f)		5,148,000		5,212,324
General Motors Financial Co., Inc. 2.625%, 07/10/17		8,090,000		8,125,070
2.750%, 05/15/16		4,123,000		4,189,999
4.750%, 08/15/17 (f)		5,115,000		5,394,279
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. 3.500%, 03/15/17		1,030,000		1,030,000
4.875%, 03/15/19		1,405,000		1,401,488
6.000%, 08/01/20		1,660,000		1,710,132
MassMutual Global Funding II
2.350%, 04/09/19 (144A)		4,815,000		4,844,901
				69,353,417

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—1.5%
Berkshire Hathaway Energy Co.
2.400%, 02/01/20 (144A) (f)		1,455,000	$	1,448,665
3.500%, 02/01/25 (144A) (f)		1,457,000		1,466,264
CenterPoint Energy Houston Electric LLC
4.500%, 04/01/44 (f)		2,665,000		2,974,497
CMS Energy Corp.
3.875%, 03/01/24 (f)		1,724,000		1,790,112
Commonwealth Edison Co.
4.700%, 01/15/44		1,749,000		1,992,293
Consumers Energy Co.
3.950%, 05/15/43		1,182,000		1,219,754
Dominion Resources, Inc.
1.950%, 08/15/16		3,050,000		3,082,766
2.500%, 12/01/19 (f)		3,409,000		3,418,954
DTE Energy Co.
2.400%, 12/01/19 (f)		1,041,000		1,041,172
3.500%, 06/01/24		4,100,000		4,171,106
Duke Energy Carolinas LLC
4.250%, 12/15/41		2,451,000		2,633,531
Duke Energy Corp.
3.750%, 04/15/24 (f)		883,000		918,519
Entergy Arkansas, Inc.
3.700%, 06/01/24 (f)		5,220,000		5,469,808
Florida Power & Light Co.
3.800%, 12/15/42		1,182,000		1,193,070
Georgia Power Co.
3.000%, 04/15/16		6,380,000		6,551,705
Pacific Gas & Electric Co.
4.300%, 03/15/45		1,182,000		1,213,273
4.750%, 02/15/44		1,562,000		1,717,892
PacifiCorp
3.600%, 04/01/24		7,035,000		7,270,286
4.100%, 02/01/42		3,020,000		3,186,236
PG&E Corp.
2.400%, 03/01/19		2,223,000		2,226,366
Progress Energy, Inc.
4.875%, 12/01/19 (f)		537,000		593,795
Southern California Edison Co.
1.250%, 11/01/17		1,264,000		1,255,099
Southern Co. (The)
1.950%, 09/01/16		2,908,000		2,944,400
Trans-Allegheny Interstate Line Co.
3.850%, 06/01/25 (144A)		1,658,000		1,685,917
Virginia Electric & Power Co.
3.450%, 02/15/24		895,000		921,549
4.450%, 02/15/44		1,182,000		1,291,110
				63,678,139
Electronics—0.3%
Thermo Fisher Scientific, Inc.
3.300%, 02/15/22		3,879,000		3,885,412
3.600%, 08/15/21		4,748,000		4,903,122
4.150%, 02/01/24 (f)		1,610,000		1,697,885
5.300%, 02/01/44		531,000		609,851
Electronics—(Continued)
Trionista Holdco GmbH
5.000%, 04/30/20 (EUR)		306,000		383,235
				11,479,505
Engineering & Construction—0.0%
Astaldi S.p.A.
7.125%, 12/01/20 (EUR)		100,000		123,594
Entertainment—0.0%
Gala Group Finance plc
8.875%, 09/01/18 (GBP)		189,000		307,843
Intralot Capital Luxembourg S.A.
6.000%, 05/15/21 (EUR)		100,000		101,669
				409,512
Environmental Control—0.0%
Bilbao Luxembourg S.A.
10.500%, 12/01/18 (EUR) (g)		105,625		132,924
Food—0.1%
Bakkavor Finance 2 plc
8.750%, 06/15/20 (GBP)		180,000		291,069
Boparan Finance plc
5.500%, 07/15/21 (GBP)		100,000		130,143
Kroger Co. (The)
2.950%, 11/01/21		3,173,000		3,146,972
				3,568,184
Forest Products & Paper—0.1%
International Paper Co.
3.650%, 06/15/24 (f)		1,575,000		1,573,869
4.800%, 06/15/44		2,100,000		2,144,529
				3,718,398
Healthcare-Products—0.6%
3AB Optique Developpement SAS
5.625%, 04/15/19 (EUR)		100,000		104,064
Becton Dickinson and Co.
1.800%, 12/15/17		1,005,000		1,008,707
2.675%, 12/15/19		3,128,000		3,169,136
3.125%, 11/08/21		1,593,000		1,598,929
3.734%, 12/15/24		3,196,000		3,290,522
4.685%, 12/15/44		441,000		474,940
Boston Scientific Corp.
2.650%, 10/01/18		2,290,000		2,292,695
CareFusion Corp.
1.450%, 05/15/17		2,300,000		2,283,723
IDH Finance plc
6.000%, 12/01/18 (GBP)		209,000		325,585
Medtronic, Inc.
2.500%, 03/15/20 (144A)		1,999,000		2,004,243
3.125%, 03/15/22		1,902,000		1,925,874
3.500%, 03/15/25 (144A)		1,908,000		1,951,827
3.625%, 03/15/24 (f)		2,360,000		2,449,767

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Products—(Continued)
Medtronic, Inc.
4.625%, 03/15/44		2,819,000	$	3,034,504
4.625%, 03/15/45 (144A)		956,000		1,036,295
				26,950,811
Healthcare-Services—1.0%
Aetna, Inc.
2.750%, 11/15/22		3,398,000		3,296,145
4.125%, 11/15/42		854,000		858,080
4.500%, 05/15/42		1,676,000		1,774,428
4.750%, 03/15/44 (f)		1,184,000		1,305,493
Anthem, Inc.
1.875%, 01/15/18 (f)		6,155,000		6,153,258
2.300%, 07/15/18		6,240,000		6,274,538
3.300%, 01/15/23		2,140,000		2,137,914
4.650%, 08/15/44		1,301,000		1,377,795
Care UK Health & Social Care plc
5.560%, 07/15/19 (GBP) (b)		100,000		144,482
HCA, Inc.
5.250%, 04/15/25 (f)		4,165,000		4,352,425
Priory Group No. 3 plc
7.000%, 02/15/18 (GBP)		165,295		266,955
Roche Holdings, Inc.
2.875%, 09/29/21 (144A)		2,020,000		2,045,238
Tenet Healthcare Corp.
6.250%, 11/01/18		4,710,000		5,110,350
UnitedHealth Group, Inc.
2.875%, 12/15/21		2,121,000		2,145,133
3.375%, 11/15/21		1,745,000		1,810,509
3.950%, 10/15/42		2,604,000		2,588,410
Ventas Realty L.P.
3.750%, 05/01/24 (f)		2,600,000		2,617,131
				44,258,284
Holding Companies-Diversified—0.0%
Co-operative Group Holdings
6.875%, 07/08/20 (GBP)		100,000		160,932
Home Furnishings—0.0%
DFS Furniture Holdings plc
7.625%, 08/15/18 (GBP)		215,000		346,067
Magnolia BC S.A.
9.000%, 08/01/20 (EUR)		100,000		115,693
				461,760
Household Products/Wares—0.1%
Kimberly-Clark Corp.
1.900%, 05/22/19		4,735,000		4,703,152
Housewares—0.1%
Newell Rubbermaid, Inc.
2.875%, 12/01/19		5,013,000		5,014,885
Insurance—0.7%
Allstate Corp. (The)
3.150%, 06/15/23		1,333,000		1,339,494
American International Group, Inc.
3.375%, 08/15/20		8,120,000		8,435,064
4.500%, 07/16/44		1,695,000		1,790,786
Berkshire Hathaway Finance Corp.
4.300%, 05/15/43 (f)		1,182,000		1,253,071
Loews Corp.
2.625%, 05/15/23		1,333,000		1,259,395
Manulife Financial Corp.
3.400%, 09/17/15		1,675,000		1,705,162
Prudential Financial, Inc.
4.500%, 11/15/20 (f)		2,980,000		3,234,182
4.600%, 05/15/44 (f)		3,115,000		3,282,961
4.750%, 09/17/15 (f)		4,775,000		4,899,723
XLIT, Ltd.
2.300%, 12/15/18		2,138,000		2,139,398
				29,339,236
Internet—0.3%
Alibaba Group Holding, Ltd.
2.500%, 11/28/19 (144A) (f)		5,766,000		5,688,257
3.125%, 11/28/21 (144A)		5,622,000		5,554,407
Amazon.com, Inc.
2.600%, 12/05/19 (f)		3,143,000		3,174,936
				14,417,600
Iron/Steel—0.0%
Nucor Corp.
5.200%, 08/01/43		1,140,000		1,256,648
Leisure Time—0.0%
Cirsa Funding Luxembourg S.A.
8.750%, 05/15/18 (EUR)		134,000		166,403
Lodging—0.2%
Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Property
8.000%, 10/01/20 (144A) (f)		4,526,000		4,435,480
11.000%, 10/01/21 (144A) (f)		5,018,000		4,566,380
				9,001,860
Machinery-Construction & Mining—0.1%
Caterpillar Financial Services Corp.
2.250%, 12/01/19		3,162,000		3,165,462
Caterpillar, Inc.
4.750%, 05/15/64		1,395,000		1,517,926
				4,683,388
Machinery-Diversified—0.1%
John Deere Capital Corp.
3.350%, 06/12/24		3,070,000		3,146,523

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—1.2%
CBS Corp.
2.300%, 08/15/19 (f)		2,455,000	$	2,425,673
Comcast Cable Communications LLC
8.500%, 05/01/27		2,240,000		3,214,420
Comcast Corp.
4.750%, 03/01/44 (f)		1,610,000		1,794,171
COX Communications, Inc.
8.375%, 03/01/39 (144A)		4,590,000		6,543,761
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
3.800%, 03/15/22		1,610,000		1,637,966
4.600%, 02/15/21 (f)		4,875,000		5,221,783
6.375%, 03/01/41 (f)		1,128,000		1,318,816
NBCUniversal Enterprise, Inc.
5.250%, 03/29/49 (144A)		4,585,000		4,756,937
NBCUniversal Media LLC
4.375%, 04/01/21		2,075,000		2,282,079
4.450%, 01/15/43		3,467,000		3,673,678
Numericable-SFR
5.375%, 05/15/22 (EUR)		200,000		249,754
Scripps Networks Interactive, Inc.
2.750%, 11/15/19 (f)		3,179,000		3,192,304
Time Warner Cable, Inc.
4.500%, 09/15/42 (f)		4,212,000		4,329,696
Time Warner, Inc.
2.100%, 06/01/19		5,205,000		5,127,992
4.650%, 06/01/44 (f)		970,000		1,011,297
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH
4.000%, 01/15/25 (EUR)		105,000		129,438
Unitymedia Kabel BW GmbH
9.500%, 03/15/21 (EUR)		270,000		365,102
Viacom, Inc.
2.750%, 12/15/19		3,826,000		3,833,587
				51,108,454
Metal Fabricate/Hardware—0.0%
Eco-Bat Finance plc
7.750%, 02/15/17 (EUR)		230,000		258,830
Mining—0.3%
Barrick Gold Corp.
3.850%, 04/01/22 (f)		2,518,000		2,423,180
BHP Billiton Finance USA, Ltd.
3.850%, 09/30/23 (f)		2,752,000		2,897,154
Freeport-McMoRan, Inc.
4.000%, 11/14/21 (f)		3,067,000		3,038,790
Newmont Mining Corp.
3.500%, 03/15/22 (f)		1,980,000		1,860,699
Rio Tinto Finance USA plc
2.875%, 08/21/22 (f)		1,135,000		1,091,260
				11,311,083
Miscellaneous Manufacturing—0.2%
Eaton Corp.
2.750%, 11/02/22		3,206,000		3,149,565
GCL Holdings SCA
9.375%, 04/15/18 (EUR)		220,000		278,191
General Electric Co.
4.500%, 03/11/44		2,750,000		3,022,860
Hydra Dutch Holdings 2 B.V.
5.582%, 04/15/19 (EUR) (b)		100,000		109,882
Ingersoll-Rand Luxembourg Finance S.A.
2.625%, 05/01/20		1,965,000		1,952,281
				8,512,779
Oil & Gas—1.9%
Anadarko Petroleum Corp.
3.450%, 07/15/24 (f)		5,158,000		5,035,441
BP Capital Markets plc
2.237%, 05/10/19 (f)		4,886,000		4,880,073
2.500%, 11/06/22		2,362,000		2,200,742
2.521%, 01/15/20 (f)		3,746,000		3,750,379
Chevron Corp.
2.193%, 11/15/19 (f)		1,012,000		1,015,743
Continental Resources, Inc.
4.900%, 06/01/44 (f)		1,585,000		1,373,656
Devon Energy Corp.
3.250%, 05/15/22 (f)		964,000		946,992
EOG Resources, Inc.
2.450%, 04/01/20		6,805,000		6,769,703
Exxon Mobil Corp.
1.819%, 03/15/19		5,790,000		5,803,201
Laredo Petroleum, Inc.
7.375%, 05/01/22 (f)		3,500,000		3,272,500
Linn Energy LLC / Linn Energy Finance Corp.
6.250%, 11/01/19 (f)		4,115,000		3,477,175
Marathon Petroleum Corp.
4.750%, 09/15/44		1,160,000		1,095,511
MEG Energy Corp.
6.500%, 03/15/21 (144A) (f)		8,548,000		7,800,050
Murphy Oil Corp.
2.500%, 12/01/17		7,237,000		7,193,578
Noble Energy, Inc.
4.150%, 12/15/21		3,238,000		3,301,792
5.050%, 11/15/44 (f)		485,000		479,388
Noble Holding International, Ltd.
3.950%, 03/15/22 (f)		1,735,000		1,519,955
Occidental Petroleum Corp.
3.125%, 02/15/22		2,386,000		2,358,365
Phillips 66
4.875%, 11/15/44		1,255,000		1,284,550
Pioneer Natural Resources Co.
3.950%, 07/15/22 (f)		3,202,000		3,169,333
Range Resources Corp.
5.750%, 06/01/21 (f)		135,000		139,388
Shell International Finance B.V.
3.625%, 08/21/42		1,259,000		1,197,542

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Statoil ASA
2.900%, 11/08/20 (f)		7,535,000	$	7,707,574
Suncor Energy, Inc.
3.600%, 12/01/24 (f)		4,726,000		4,670,016
Transocean, Inc.
6.800%, 03/15/38 (f)		674,000		577,555
				81,020,202
Oil & Gas Services—0.0%
Schlumberger Investment S.A.
3.650%, 12/01/23 (f)		1,276,000		1,333,865
Packaging & Containers—0.5%
Ardagh Glass Finance plc
8.750%, 02/01/20 (EUR)		133,000		165,775
Ardagh Packaging Finance plc
9.250%, 10/15/20 (EUR)		109,000		139,150
Novelis, Inc.
8.750%, 12/15/20		7,985,000		8,464,100
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.875%, 02/15/21 (f)		8,495,000		8,866,656
7.875%, 08/15/19		5,195,000		5,474,231
				23,109,912
Pharmaceuticals—1.0%
AbbVie, Inc.
2.900%, 11/06/22		4,462,000		4,392,959
4.400%, 11/06/42		1,632,000		1,683,684
Actavis Funding SCS
2.450%, 06/15/19 (f)		5,108,000		5,020,893
Actavis, Inc.
3.250%, 10/01/22 (f)		2,477,000		2,411,657
AmerisourceBergen Corp.
1.150%, 05/15/17		5,730,000		5,681,593
Bristol-Myers Squibb Co.
4.500%, 03/01/44 (f)		3,213,000		3,511,134
Express Scripts Holding Co.
1.250%, 06/02/17		2,105,000		2,083,163
Forest Laboratories, Inc.
4.375%, 02/01/19 (144A)		3,269,000		3,453,274
5.000%, 12/15/21 (144A)		3,221,000		3,487,783
Novartis Capital Corp.
4.400%, 04/24/20		2,965,000		3,280,517
Pfizer, Inc.
3.400%, 05/15/24 (f)		2,053,000		2,135,896
4.300%, 06/15/43		1,452,000		1,555,009
4.400%, 05/15/44		2,205,000		2,398,449
Teva Pharmaceutical Finance Co. B.V.
3.650%, 11/10/21		2,000,000		2,049,438
				43,145,449
Pipelines—1.3%
Energy Transfer Partners L.P.
3.600%, 02/01/23		2,902,000		2,808,172
Pipelines—(Continued)
Energy Transfer Partners L.P.
4.150%, 10/01/20		1,630,000		1,671,043
4.650%, 06/01/21		2,378,000		2,485,811
5.950%, 10/01/43		1,934,000		2,121,207
Enterprise Products Operating LLC
3.900%, 02/15/24 (f)		1,610,000		1,639,766
4.450%, 02/15/43 (f)		3,631,000		3,587,461
5.100%, 02/15/45		1,286,000		1,382,696
Kinder Morgan Energy Partners L.P.
3.500%, 03/01/21		13,934,000		13,708,701
4.250%, 09/01/24 (f)		1,275,000		1,277,563
5.000%, 03/01/43 (f)		595,000		565,207
Kinder Morgan, Inc.
3.050%, 12/01/19		7,396,000		7,337,202
Plains All American Pipeline L.P. / PAA Finance Corp.
2.600%, 12/15/19		5,546,000		5,507,450
4.900%, 02/15/45 (f)		1,420,000		1,443,072
TransCanada PipeLines, Ltd.
4.625%, 03/01/34 (f)		1,307,000		1,325,979
Western Gas Partners L.P.
4.000%, 07/01/22		4,525,000		4,586,549
Williams Partners L.P.
3.900%, 01/15/25		4,240,000		4,074,962
				55,522,841
Real Estate Investment Trusts—0.1%
American Tower Corp.
3.450%, 09/15/21		3,560,000		3,499,979
3.500%, 01/31/23 (f)		458,000		442,523
5.000%, 02/15/24		459,000		486,754
5.900%, 11/01/21 (f)		458,000		515,552
				4,944,808
Retail—0.2%
CVS Health Corp.
5.300%, 12/05/43		969,000		1,158,366
Debenhams plc
5.250%, 07/15/21 (GBP)		200,000		303,475
Hema Bondco I B.V.
6.250%, 06/15/19 (EUR)		100,000		101,649
Home Depot, Inc. (The)
4.400%, 03/15/45 (f)		563,000		615,312
House of Fraser Funding plc
8.875%, 08/15/18 (GBP)		178,000		291,302
Lowe’s Cos., Inc.
4.250%, 09/15/44		1,180,000		1,246,113
5.000%, 09/15/43		1,200,000		1,403,837
Target Corp.
3.500%, 07/01/24 (f)		2,295,000		2,382,607
Unique Pub Finance Co. plc (The)
5.659%, 06/30/27 (GBP)		186,219		288,791
Wal-Mart Stores, Inc.
2.550%, 04/11/23		1,571,000		1,547,441
4.000%, 04/11/43		809,000		839,321
				10,178,214

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—0.2%
First Data Corp.
7.375%, 06/15/19 (144A)		1,245,000	$	1,310,363
Oracle Corp.
2.800%, 07/08/21		6,719,000		6,802,564
4.300%, 07/08/34		2,354,000		2,520,362
				10,633,289
Telecommunications—1.5%
Altice S.A.
7.250%, 05/15/22 (EUR)		100,000		122,518
America Movil S.A.B. de C.V.
2.375%, 09/08/16		7,975,000		8,084,417
Cisco Systems, Inc.
2.125%, 03/01/19 (f)		2,050,000		2,059,645
Intelsat Jackson Holdings S.A.
7.250%, 04/01/19 (f)		4,886,000		5,099,763
Level 3 Financing, Inc.
8.125%, 07/01/19		5,270,000		5,599,375
Sprint Communications, Inc.
9.000%, 11/15/18 (144A)		10,180,000		11,578,732
Sprint Corp.
7.875%, 09/15/23		3,535,000		3,489,752
T-Mobile USA, Inc.
6.633%, 04/28/21		1,345,000		1,380,306
6.731%, 04/28/22		1,295,000		1,333,850
6.836%, 04/28/23		410,000		423,325
Telecom Italia S.p.A.
4.875%, 09/25/20 (EUR)		200,000		268,090
Telenet Finance V Luxembourg SCA
6.750%, 08/15/24 (EUR)		320,000		433,705
Verizon Communications, Inc.
2.625%, 02/21/20 (144A)		11,809,000		11,673,988
3.450%, 03/15/21		3,470,000		3,546,482
3.850%, 11/01/42 (f)		4,136,000		3,687,165
4.400%, 11/01/34		5,145,000		5,114,032
Virgin Media Secured Finance plc
6.000%, 04/15/21 (GBP)		240,000		393,703
Vodafone Group plc
2.500%, 09/26/22 (f)		1,571,000		1,465,066
Wind Acquisition Finance S.A.
4.082%, 07/15/20 (EUR) (b)		300,000		346,679
				66,100,593
Transportation—0.4%
Burlington Northern Santa Fe LLC
3.000%, 03/15/23		1,830,000		1,824,173
3.750%, 04/01/24		882,000		917,248
CSX Corp.
4.100%, 03/15/44		1,295,000		1,282,836
FedEx Corp.
4.900%, 01/15/34		2,725,000		3,043,460
5.100%, 01/15/44		1,580,000		1,824,373
Gategroup Finance Luxembourg S.A.
6.750%, 03/01/19 (EUR)		230,000		292,227
Transportation—(Continued)
Ryder System, Inc.
2.450%, 09/03/19		4,115,000		4,086,010
Union Pacific Corp.
4.821%, 02/01/44		1,610,000		1,838,145
Union Pacific Railroad Co. Pass Through Trust
3.227%, 05/14/26		3,720,000		3,743,287
				18,851,759
Total Corporate Bonds & Notes (Cost $1,016,812,073)				1,026,117,517
Asset-Backed Securities—13.2%
Asset-Backed - Automobile—2.2%
AmeriCredit Automobile Receivables Trust
1.660%, 09/10/18		1,400,000		1,407,258
1.680%, 07/08/19		3,191,000		3,179,088
3.310%, 10/08/19		2,010,000		2,042,775
AUTO ABS SRL
2.800%, 04/27/25 (EUR)		1,554,261		1,894,928
Chrysler Capital Auto Receivables Trust
0.560%, 12/15/16 (144A)		1,771,663		1,772,416
0.850%, 05/15/18 (144A)		2,295,000		2,294,275
1.270%, 03/15/19 (144A)		3,175,000		3,166,275
1.760%, 08/15/19 (144A)		1,670,000		1,667,555
1.780%, 06/17/19 (144A)		1,455,000		1,458,266
2.240%, 09/16/19 (144A)		1,515,000		1,518,045
2.280%, 11/15/19 (144A)		2,150,000		2,150,819
Credit Acceptance Auto Loan Trust
1.210%, 10/15/20 (144A)		2,740,000		2,740,806
1.550%, 10/15/21 (144A)		7,190,000		7,175,821
1.880%, 03/15/22 (144A)		4,205,972		4,206,123
2.200%, 09/16/19 (144A)		262,454		262,979
2.290%, 04/15/22 (144A)		1,965,000		1,967,014
3.120%, 03/16/20 (144A)		2,595,000		2,608,494
DT Auto Owner Trust
4.940%, 07/16/18 (144A)		2,978,937		3,022,289
Prestige Auto Receivables Trust
0.970%, 03/15/18 (144A)		3,819,755		3,820,221
1.090%, 02/15/18 (144A)		2,883,542		2,887,170
1.330%, 05/15/19 (144A)		6,000,000		6,008,922
Santander Drive Auto Receivables Trust
1.190%, 05/15/18		8,640,000		8,643,560
1.420%, 08/16/18 (144A)		779,400		779,400
1.430%, 11/16/18 (144A)		1,611,000		1,617,234
1.430%, 02/19/19 (144A)		905,750		905,750
1.430%, 04/16/19 (144A)		1,389,216		1,384,076
1.430%, 06/18/19 (144A)		1,446,087		1,445,653
1.430%, 12/17/19 (144A)		2,937,725		2,950,181
1.820%, 05/15/19		9,415,000		9,418,606
1.940%, 12/15/16		3,786,532		3,792,076
2.330%, 11/15/19		4,731,000		4,751,419
2.760%, 02/18/20		3,040,000		3,031,263
				95,970,757

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Credit Card—0.1%
CHLUPA Trust
3.326%, 08/15/20 (144A)		4,356,784	$	4,374,473
Asset-Backed - Home Equity—0.2%
GSAA Home Equity Trust
0.450%, 10/25/35 (b)		4,670,618		4,318,252
Morgan Stanley Mortgage Loan Trust
0.390%, 04/25/37 (b)		11,130,969		5,332,580
Option One Mortgage Loan Trust
1.295%, 11/25/32 (b)		165,209		151,647
				9,802,479
Asset-Backed - Other—6.4%
ALM X, Ltd.
2.231%, 01/15/25 (144A) (b)		2,750,000		2,681,786
American Homes 4 Rent Trust
3.678%, 12/17/36 (144A)		3,750,000		3,791,014
3.786%, 10/17/36 (144A)		2,429,362		2,478,586
Battalion CLO, Ltd.
1.632%, 10/22/25 (144A) (b)		5,205,000		5,154,871
Bayview Opportunity Master Fund lIIa Trust
3.844%, 11/28/29 (144A) (b)		4,029,965		4,032,045
Benefit Street Partners CLO II, Ltd.
1.431%, 07/15/24 (144A) (b)		2,240,000		2,187,506
Carlyle Global Market Strategies CLO, Ltd.
1.621%, 01/20/25 (144A) (b)		7,820,000		7,771,625
Chase Funding Trust
6.333%, 04/25/32		775,855		790,679
CIFC Funding, Ltd.
1.713%, 05/24/26 (144A) (b)		2,780,000		2,758,107
1.820%, 01/17/27 (144A) (b)		4,035,000		3,958,335
Countrywide Asset-Backed Certificates
0.330%, 01/25/46 (b)		5,820,309		5,044,083
0.390%, 12/25/25 (b)		185,472		492,608
CT CDO IV, Ltd.
0.475%, 10/20/43 (144A) (b)		3,450,036		3,418,365
DCP Rights LLC
5.463%, 10/25/44 (144A)		7,094,000		7,068,781
Dryden XXIV Senior Loan Fund
1.662%, 11/15/23 (144A) (b)		4,250,000		4,220,870
Dryden XXVIII Senior Loan Fund
1.332%, 08/15/25 (144A) (b)		1,035,000		1,008,533
First Franklin Mortgage Loan Trust
0.380%, 12/25/36 (b)		14,109,454		8,781,103
GT Loan Financing I, Ltd.
1.503%, 10/28/24 (144A) (b)		5,670,000		5,600,650
ING Investment Management Co.
1.384%, 04/25/25 (144A) (b)		1,780,000		1,748,501
1.621%, 10/15/23 (144A) (b)		1,180,000		1,171,418
1.681%, 01/18/26 (144A) (b)		3,140,000		3,113,859
1.761%, 10/15/22 (144A) (b)		3,395,000		3,384,245
Invitation Homes Trust
1.162%, 06/17/31 (144A) (b)		4,180,000		4,124,828
1.262%, 09/17/31 (144A) (b)		1,420,000		1,402,361
1.362%, 12/17/31 (144A) (b)		2,577,000		2,562,633
Asset-Backed - Other—(Continued)
KKR Financial CLO, Ltd.
1.381%, 07/15/25 (144A) (b)		4,895,000		4,776,335
Knollwood CDO, Ltd.
3.433%, 01/10/39 (144A) (b) (h)		760,362		8
Merrill Lynch First Franklin Mortgage Loan Trust
0.410%, 05/25/37 (b)		14,408,616		8,493,361
NextGear Floorplan Master Owner Trust
1.920%, 10/15/19 (144A)		7,445,000		7,428,427
Northwoods Capital IX, Ltd.
1.651%, 01/18/24 (144A) (b)		5,070,000		5,021,977
Oaktree EIF II, Ltd.
2.604%, 11/15/25 (144A) (b)		1,445,000		1,416,244
Octagon Investment Partners XVI, Ltd.
1.348%, 07/17/25 (144A) (b)		5,600,000		5,471,474
OHA Loan Funding, Ltd.
1.503%, 08/23/24 (144A) (b)		5,670,000		5,608,033
OneMain Financial Issuance Trust
2.430%, 06/18/24 (144A)		8,865,000		8,864,823
2.470%, 09/18/24 (144A)		9,640,000		9,677,789
3.020%, 09/18/24 (144A)		1,325,000		1,325,822
4.330%, 09/18/24 (144A)		3,075,000		3,091,236
OZLM Funding IV, Ltd.
1.382%, 07/22/25 (144A) (b)		9,625,000		9,437,823
OZLM Funding, Ltd.
1.713%, 10/30/23 (144A) (b)		8,930,000		8,879,742
PFS Financing Corp.
0.761%, 10/15/19 (144A) (b)		9,335,000		9,334,505
1.261%, 02/15/18 (144A) (b)		4,230,000		4,243,934
PFS Tax Lien Trust
1.440%, 05/15/29 (144A)		4,667,759		4,670,209
Race Point VIII CLO, Ltd.
1.482%, 02/20/25 (144A) (b)		1,635,000		1,614,134
Silvermore CLO, Ltd.
1.682%, 05/15/26 (144A) (b)		6,520,000		6,443,677
Sound Point CLO, Ltd.
1.601%, 01/21/26 (144A) (b)		2,185,000		2,153,737
1.785%, 01/23/27 (144A) (b)		3,035,000		3,020,044
SpringCastle America Funding LLC
2.700%, 05/25/23 (144A)		13,613,809		13,592,122
4.610%, 10/25/27 (144A)		7,845,000		7,906,489
Sunset Mortgage Loan Co. LLC
3.721%, 11/16/44 (144A)		2,984,745		2,984,745
SWAY Residential Trust
1.457%, 01/17/20 (144A) (b)		6,136,000		6,118,392
Symphony CLO XII, Ltd.
1.531%, 10/15/25 (144A) (b)		8,810,000		8,696,924
Symphony CLO XV, Ltd.
2.403%, 10/17/26 (144A) (b)		6,170,000		6,036,148
TICP CLO III, Ltd.
2.590%, 01/20/27 (144A) (b)		1,000,000		981,384
Venture XIX CLO, Ltd.
1.840%, 01/15/26 (144A) (b) (i)		1,715,000		1,708,819
2.690%, 01/15/26 (144A) (b) (i)		715,000		706,379
Vibrant CLO, Ltd.
1.708%, 07/17/24 (144A) (b)		16,240,000		16,130,689
2.628%, 07/17/24 (144A) (b)		3,060,000		3,015,768

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Ziggurat CLO I, Ltd.
1.813%, 10/17/26 (144A) (b)		12,105,000	$	12,083,598
				279,682,183
Asset-Backed - Student Loan—4.3%
Navient Private Education Loan Trust
0.861%, 09/16/24 (144A) (b)		4,331,150		4,331,912
1.911%, 10/17/44 (144A) (b)		3,250,000		3,218,104
Nelnet Student Loan Trust
0.683%, 08/23/36 (144A) (b)		4,030,000		3,757,909
1.883%, 11/25/24 (b)		6,095,000		6,377,278
Scholar Funding Trust
0.820%, 01/30/45 (144A) (b)		11,774,446		11,659,634
1.133%, 10/28/43 (144A) (b)		1,517,855		1,526,584
SLC Private Student Loan Trust
0.401%, 07/15/36 (b)		8,045,236		7,980,914
3.661%, 07/15/42 (144A) (b)		3,732,022		3,909,076
SLM Private Credit Student Loan Trust
0.411%, 03/15/23 (b)		1,166,737		1,150,615
0.421%, 03/15/23 (b)		8,791,304		8,714,521
0.431%, 12/15/23 (b)		12,611,959		12,503,521
0.441%, 06/15/21 (b)		4,254,790		4,224,862
0.571%, 03/15/24 (b)		1,510,000		1,442,831
0.791%, 12/16/30 (b)		4,406,757		4,341,868
SLM Private Education Loan Trust
0.761%, 08/15/22 (144A) (b)		4,807,436		4,812,388
1.011%, 02/15/22 (144A) (b)		3,305,260		3,316,607
1.561%, 08/15/25 (144A) (b)		7,680,405		7,760,288
1.561%, 10/15/31 (144A) (b)		3,740,000		3,808,259
1.770%, 05/17/27 (144A)		3,985,000		3,939,930
1.850%, 06/17/30 (144A)		25,300,000		24,860,691
2.090%, 06/15/45 (144A)		4,455,000		4,450,362
2.411%, 06/16/42 (144A) (b)		3,271,000		3,466,701
2.500%, 03/15/47 (144A)		720,000		690,127
2.661%, 01/15/43 (144A) (b)		5,200,000		5,530,798
2.940%, 10/15/31 (144A)		7,000,000		7,148,834
3.000%, 05/16/44 (144A)		970,000		943,361
3.310%, 10/15/46 (144A)		6,235,000		6,463,482
3.411%, 10/17/44 (144A) (b)		3,420,000		3,687,502
3.480%, 10/15/30 (144A)		870,000		903,836
3.740%, 02/15/29 (144A)		1,685,000		1,766,426
3.830%, 01/17/45 (144A)		8,460,000		8,893,558
4.540%, 10/17/44 (144A)		5,040,000		5,408,928
SLM Student Loan Trust
1.934%, 07/25/23 (b)		10,876,000		11,332,118
				184,323,825
Total Asset-Backed Securities (Cost $568,815,473)				574,153,717
Mortgage-Backed Securities—8.7%
Collateralized Mortgage Obligations—2.1%
Alternative Loan Trust
0.360%, 10/25/46 (b)		2,352,670		1,993,239
6.000%, 05/25/37		5,227,887		4,406,021
Collateralized Mortgage Obligations—(Continued)
American Home Mortgage Investment Trust 2.078%, 05/25/47 (c)		3,774,970		645,822
Banc of America Alternative Loan Trust 5.500%, 10/25/35		2,776,363		2,540,717
Bear Stearns Asset Backed Securities I Trust 5.750%, 12/25/35		4,188,455		4,035,564
5.750%, 02/25/36		4,631,152		4,016,788
Countrywide Alternative Loan Trust 0.310%, 05/25/47 (b)		5,535,101		4,566,630
0.355%, 03/20/47 (b)		3,252,034		2,565,016
0.365%, 07/20/46 (b)		5,613,783		3,879,501
5.500%, 04/25/37		1,647,726		1,374,957
6.500%, 09/25/37		11,998,100		9,685,598
Countrywide Home Loan Mortgage Pass-Through Trust 0.370%, 04/25/46 (b)		1,208,796		977,610
1.073%, 04/25/46 (b)		5,982,375		3,371,056
Credit Suisse Mortgage Capital Certificates 2.615%, 05/27/36 (144A) (b)		3,253,622		3,204,170
2.880%, 08/27/46 (144A) (b)		4,074,435		4,007,137
5.228%, 03/27/37 (144A) (b)		1,519,722		1,491,619
Deutsche ALT-A Securities, Inc. Alternate Loan Trust 0.320%, 12/25/36 (b)		5,138,250		4,426,274
Fannie Mae Connecticut Avenue Securities 4.570%, 01/25/24 (b)		2,721,000		2,800,170
5.420%, 10/25/23 (b)		7,415,000		8,019,248
GSR Mortgage Loan Trust 6.000%, 07/25/37		1,831,471		1,656,710
JP Morgan Madison Avenue Securities Trust 2.402%, 11/25/24 (144A) (b)		2,327,633		2,315,368
JP Morgan Mortgage Trust 6.500%, 08/25/36		660,454		560,205
LSTAR Securities Investment Trust 3.255%, 09/01/21 (144A) (b)		9,708,269		9,708,013
Merrill Lynch Mortgage Investors Trust 2.716%, 05/25/36 (b)		3,418,278		2,770,405
Morgan Stanley Resecuritization Trust 0.340%, 11/26/33 (144A) (b)		1,997,864		1,778,099
Structured Adjustable Rate Mortgage Loan Trust 2.699%, 04/25/47 (b)		2,335,659		1,843,704
Structured Asset Mortgage Investments II Trust 0.400%, 02/25/36 (b)		3,188,576		2,544,532
Wells Fargo Mortgage Backed Securities Trust 2.615%, 07/25/36 (b)		1,278,987		1,268,193
				92,452,366
Commercial Mortgage-Backed Securities—6.6%
BAMLL Commercial Mortgage Securities Trust 1.562%, 12/15/31 (b)		2,510,000		2,508,188
Banc of America Commercial Mortgage Trust 5.482%, 01/15/49 (b)		630,000		660,188
5.547%, 06/10/49 (b)		7,778,033		8,323,955
5.772%, 02/10/51 (b)		2,590,000		2,739,412

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Banc of America Merrill Lynch Commercial Mortgage, Inc. 4.621%, 07/10/43		2,087,938	$	2,089,412
BB-UBS Trust 0.596%, 11/05/36 (144A) (b) (c)		85,480,000		4,613,014
Bear Stearns Commercial Mortgage Securities Trust 5.317%, 02/11/44		6,479,255		6,914,881
5.707%, 06/11/40 (b)		1,281,000		1,396,182
BHMS Mortgage Trust 1.657%, 07/05/33 (144A) (b)		2,695,000		2,682,121
Carefree Portfolio Trust 1.485%, 11/15/19 (144A) (b)		1,370,000		1,364,671
3.415%, 11/15/19 (144A) (b)		2,215,000		2,202,998
CD Mortgage Trust 6.124%, 11/15/44 (b)		661,500		725,161
CDGJ Commercial Mortgage Trust 1.550%, 12/15/27 (144A) (b)		4,070,000		4,071,339
Citigroup Commercial Mortgage Trust 0.911%, 06/15/33 (144A) (b)		6,691,000		6,697,370
COBALT CMBS Commercial Mortgage Trust 5.766%, 05/15/46 (b)		4,494,000		4,855,736
Commercial Mortgage Pass-Through Certificates 1.530%, 03/10/46 (b) (c)		66,027,753		4,365,887
1.544%, 03/10/46 (b) (c)		40,795,228		3,316,040
1.678%, 10/13/28 (144A) (b)		5,888,061		5,901,527
1.773%, 01/10/46 (b) (c)		117,232,234		9,857,472
2.462%, 10/15/31 (144A) (b)		2,845,000		2,605,488
3.367%, 02/10/28 (144A)		3,665,000		3,691,436
3.400%, 10/05/30 (144A)		4,845,000		4,811,104
3.590%, 11/10/47		351,000		365,072
3.659%, 06/11/27 (144A) (b)		4,175,000		4,159,385
4.339%, 12/10/47		555,000		573,317
5.543%, 12/11/49 (144A) (b)		2,690,000		2,806,985
Credit Suisse Commercial Mortgage Trust 5.448%, 01/15/49 (b)		5,729		5,687
Credit Suisse First Boston Mortgage Securities Corp. 4.771%, 07/15/37		1,090,000		1,099,905
DBRR Trust 1.636%, 12/18/49 (144A) (b)		3,897,597		3,917,693
5.716%, 06/17/49 (144A) (b)		3,160,000		3,396,068
Del Coronado Trust 5.161%, 03/15/18 (144A) (b)		2,555,000		2,557,044
Extended Stay America Trust 2.675%, 12/05/31 (144A)		3,210,000		3,179,402
2.958%, 12/05/31 (144A)		4,640,000		4,701,369
Greenwich Capital Commercial Mortgage Trust 5.867%, 12/10/49 (b)		3,255,000		3,527,948
GS Mortgage Securities Corp. II 1.733%, 02/10/46 (b) (c)		106,829,792		10,365,374
3.435%, 12/10/27 (144A) (b)		9,462,358		8,902,820
GS Mortgage Securities Trust 1.219%, 04/10/47 (b) (c)		11,377,518		867,991
Commercial Mortgage-Backed Securities—(Continued)
Hilton USA Trust 1.668%, 11/05/30 (144A) (b) (c)		64,000,000		55,232
5.222%, 11/05/30 (144A) (b)		6,747,000		6,912,727
JPMorgan Chase Commercial Mortgage Securities Corp. 1.927%, 12/15/47 (b) (c)		9,668,907		923,903
JPMorgan Chase Commercial Mortgage Securities Trust 0.585%, 04/15/46 (b) (c)		4,900,000		203,982
1.008%, 08/15/46 (b) (c)		74,698,844		3,288,318
1.558%, 11/15/31 (144A) (b)		3,355,000		3,355,577
1.572%, 04/15/46 (b) (c)		27,665,811		2,376,604
3.429%, 06/10/27 (144A)		1,140,000		1,173,459
3.958%, 04/15/46 (b)		2,230,000		2,235,693
5.431%, 06/12/47 (b)		11,247,147		12,000,874
5.439%, 01/15/49		2,341,175		2,502,281
6.074%, 02/12/51 (b)		640,000		673,935
LB-UBS Commercial Mortgage Trust 5.205%, 04/15/30 (b)		3,610,000		3,636,404
Merrill Lynch Mortgage Trust 5.288%, 11/12/37 (b)		5,045,000		5,181,921
5.835%, 06/12/50 (b)		3,045,561		3,244,196
Morgan Stanley Bank of America Merrill Lynch Trust
1.232%, 11/15/46 (b) (c)		33,564,192		2,507,447
3.101%, 12/15/47		1,018,000		1,048,966
Morgan Stanley Capital I Trust
0.331%, 02/12/44 (b)		720,000		697,697
5.312%, 03/15/44		2,150,439		2,284,968
5.406%, 03/15/44		3,090,000		3,288,804
5.592%, 04/12/49 (b)		8,065,000		8,580,821
5.665%, 04/15/49 (b)		3,893,102		4,200,003
5.908%, 06/11/49 (b)		8,726,000		9,372,876
Morgan Stanley Re-REMIC Trust
Zero Coupon, 03/23/51 (144A) (j)		3,705,171		3,578,170
Zero Coupon, 07/17/56 (144A) (j)		333,931		332,512
1.000%, 03/27/51 (144A)		3,293,450		3,248,862
2.000%, 07/27/49 (144A)		3,463,599		3,472,258
5.796%, 08/15/45 (144A) (b)		1,560,000		1,678,755
Motel 6 Trust
2.743%, 10/05/25 (144A)		3,135,000		3,123,159
RBSCF Trust
5.941%, 02/16/51 (144A) (b)		9,170,683		9,554,870
SCG Trust
1.556%, 11/15/26 (144A) (b)		5,285,000		5,291,421
2.106%, 11/15/26 (144A) (b)		3,290,000		3,300,107
STRIPs, Ltd.
1.500%, 12/25/44 (144A)		4,957,619		4,957,619
VFC LLC
2.750%, 07/20/30 (144A)		2,977,096		2,977,519
Wachovia Bank Commercial Mortgage Trust
0.562%, 09/15/21 (144A) (b)		4,285,000		4,169,018
5.339%, 11/15/48		945,000		1,006,426
5.941%, 02/15/51 (b)		4,472,000		4,673,912
Wells Fargo Resecuritization Trust
1.750%, 08/20/21 (144A)		2,471,839		2,471,072

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
WF-RBS Commercial Mortgage Trust
0.626%, 08/15/46 (b) (c)		43,711,110	$	1,538,544
0.994%, 11/15/47 (b) (c)		25,903,966		1,804,056
1.241%, 05/15/47 (b) (c)		12,257,757		933,722
1.461%, 03/15/47 (b) (c)		27,562,405		2,321,388
1.496%, 03/15/48 (144A) (b) (c)		64,885,512		5,203,234
1.795%, 12/15/45 (144A) (b) (c)		42,183,726		4,148,812
				286,351,766
Total Mortgage-Backed Securities (Cost $392,304,244)				378,804,132
Foreign Government—4.0%
Sovereign—4.0%
Brazilian Government International Bonds
4.250%, 01/07/25		9,653,000		9,653,000
Colombia Government International Bonds
4.000%, 02/26/24		5,175,000		5,291,437
4.375%, 03/21/23 (COP)		792,000,000		292,005
Hellenic Republic Government Bonds
2.000%, 02/24/23 (EUR) (k)		39,000		29,888
2.000%, 02/24/24 (EUR) (k)		39,000		29,645
2.000%, 02/24/25 (EUR) (k)		39,000		27,945
2.000%, 02/24/26 (EUR) (k)		39,000		26,744
2.000%, 02/24/27 (EUR) (k)		39,000		26,010
2.000%, 02/24/28 (EUR) (k)		39,000		25,317
2.000%, 02/24/29 (EUR) (k)		39,000		25,103
2.000%, 02/24/30 (EUR) (k)		39,000		24,766
2.000%, 02/24/31 (EUR) (k)		39,000		24,540
2.000%, 02/24/32 (EUR) (k)		39,000		24,201
2.000%, 02/24/33 (EUR) (k)		39,000		24,172
2.000%, 02/24/34 (EUR) (k)		39,000		23,894
2.000%, 02/24/35 (EUR) (k)		39,000		23,786
2.000%, 02/24/36 (EUR) (k)		39,000		23,601
2.000%, 02/24/37 (EUR) (k)		39,000		23,374
2.000%, 02/24/38 (EUR) (k)		39,000		23,530
2.000%, 02/24/39 (EUR) (k)		39,000		23,554
2.000%, 02/24/40 (EUR) (k)		39,000		23,577
2.000%, 02/24/41 (EUR) (k)		39,000		23,596
2.000%, 02/24/42 (EUR) (k)		39,000		23,705
Indonesia Government International Bonds
5.375%, 10/17/23 (144A)		1,350,000		1,471,500
5.875%, 01/15/24 (144A)		3,190,000		3,604,700
Italy Buoni Poliennali Del Tesoro
2.350%, 09/15/19 (EUR)		57,421,653		75,006,988
Mexican Bonos
4.750%, 06/14/18 (MXN)		87,800,000		5,937,788
5.000%, 12/11/19 (MXN)		19,000,000		1,279,437
6.500%, 06/09/22 (MXN)		134,800,000		9,579,569
10.000%, 12/05/24 (MXN)		40,200,000		3,568,836
Mexico Government International Bonds
4.000%, 10/02/23		16,050,000		16,651,875
Peruvian Government International Bond
7.350%, 07/21/25		2,900,000		3,849,750
Sovereign—(Continued)
Poland Government International Bond
5.000%, 03/23/22		3,500,000		3,920,700
Slovenia Government International Bonds
4.125%, 02/18/19 (144A)		2,015,000		2,110,753
5.250%, 02/18/24 (144A)		1,744,000		1,916,220
5.500%, 10/26/22 (144A)		1,393,000		1,544,489
South Africa Government Bond
7.750%, 02/28/23 (ZAR)		31,461,000		2,706,118
South Africa Government International Bond
4.665%, 01/17/24 (f)		2,600,000		2,691,000
Turkey Government Bonds
7.100%, 03/08/23 (TRY)		1,220,000		498,023
8.500%, 09/14/22 (TRY)		4,623,000		2,047,582
8.800%, 09/27/23 (TRY)		10,576,000		4,792,961
9.000%, 07/24/24 (TRY)		8,535,000		3,944,771
Turkey Government International Bonds
5.750%, 03/22/24 (f)		10,500,000		11,733,750
Total Foreign Government (Cost $178,699,696)				174,594,200
Municipals—0.8%
Los Angeles Community College District
6.600%, 08/01/42		1,150,000		1,655,816
Metropolitan Transportation Authority Build America Bonds
6.668%, 11/15/39		170,000		232,137
6.814%, 11/15/40		1,005,000		1,389,955
Municipal Electric Authority of Georgia, Build America Bonds
6.637%, 04/01/57		1,000,000		1,325,720
New Jersey State Turnpike Authority
7.414%, 01/01/40		1,451,000		2,180,476
New York City Water & Sewer System
5.375%, 06/15/43		2,360,000		2,753,695
5.500%, 06/15/43		2,825,000		3,329,488
5.882%, 06/15/44		1,150,000		1,552,972
New York State Dormitory Authority Build America Bonds
5.389%, 03/15/40		1,075,000		1,366,820
Port Authority of New York & New Jersey
4.960%, 08/01/46		1,910,000		2,162,139
State of California General Obligation Unlimited, Build America Bonds
7.550%, 04/01/39		780,000		1,203,688
7.600%, 11/01/40		4,580,000		7,146,311
State of Illinois, Build America Bonds
5.100%, 06/01/33		5,120,000		5,082,573
University of California CA, Revenue
4.858%, 05/15/2112		980,000		1,021,003
Total Municipals (Cost $29,387,944)				32,402,793

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Purchased Options—0.6%

Security Description	Notional Amount*		Value
Call Options—0.5%
1 Year Interest Rate Swap, Exercise Rate 11.40, Expires 07/01/15 (Counterparty - Credit Suisse International) (BRL)		65,256,000	$	18,142
1 Year Interest Rate Swap, Exercise Rate 11.40, Expires 07/01/15 (Counterparty - Deutsche Bank AG) (BRL)		23,305,000		6,479
1 Year Interest Rate Swap, Exercise Rate 11.50, Expires 01/02/15 (Counterparty - Credit Suisse International) (BRL)		43,674,000		0
1 Year Interest Rate Swap, Exercise Rate 11.50, Expires 01/02/15 (Counterparty - JPMorgan Chase Bank N.A.) (BRL)		46,710,000		0
1 Year Interest Rate Swap, Exercise Rate 11.75, Expires 01/02/15 (Counterparty - Bank of America N.A.) (BRL)		58,181,000		0
2 Year Interest Rate Swap, Exercise Rate 12.00, Expires 01/02/15 (Counterparty - Deutsche Bank AG) (BRL)		32,003,000		0
2 Year Interest Rate Swap, Exercise Rate 11.80, Expires 01/02/15 (Counterparty - Credit Suisse International) (BRL)		38,698,000		0
5 Year Interest Rate Swap, Exercise Rate 2.53, Expires 09/30/15 (Counterparty - Barclays Bank plc)		71,285,000		1,822,779
EUR Currency, Strike Price PLN 4.39, Expires 02/19/15 (Counterparty - JPMorgan Chase Bank N.A.) (EUR)		2,379,000		12,140
USD Currency, Strike Price BRL 2.65, Expires 01/08/15 (Counterparty - Deutsche Bank AG)		4,380,600		46,386
USD Currency, Strike Price BRL 2.80, Expires 01/08/15 (Counterparty - Goldman Sachs & Co.)		4,380,600		806
USD Currency, Strike Price CHF 1.025, Expires 05/18/15 (Counterparty - Deutsche Bank AG)		1,091,000		285,840
USD Currency, Strike Price CHF 1.035, Expires 05/18/15 (Counterparty - Deutsche Bank AG)		589,000		129,360
USD Currency, Strike Price JPY 102.00, Expires 01/12/15 (Counterparty - Bank of America N.A.)		48,955,000		7,284,210
USD Currency, Strike Price JPY 105.00, Expires 01/12/15 (Counterparty - Deutsche Bank AG)		97,910,000		12,117,439
USD Currency, Strike Price KRW 1100.00, Expires 01/09/15 (Counterparty - JPMorgan Chase Bank N.A.)		3,775,000		13,726
USD Currency, Strike Price KRW 1115.00, Expires 01/09/15 (Counterparty - JPMorgan Chase Bank N.A.)		2,230,000		2,509
USD Currency, Strike Price KRW 1130.00, Expires 01/09/15 (Counterparty - BNP Paribas S.A.)		1,887,500		568
Call Options—(Continued)
USD Currency, Strike Price ZAR 11.30, Expires 01/16/15 (Counterparty - Deutsche Bank AG)		4,500,000		120,852
				21,861,236
Put Options—0.1%
1 Year Interest Rate Swap, Exercise Rate 12.30, Expires 01/02/15 (Counterparty - Bank of America N.A.) (BRL)		66,862,000		146,970
10 Year Interest Rate Swap, Exercise Rate 1.30, Expires 01/20/15 (Counterparty - Deutsche Bank AG) (EUR)		40,240,000		107
10 Year Interest Rate Swap, Exercise Rate 1.30, Expires 01/20/15 (Counterparty - Deutsche Bank AG) (EUR)		45,180,000		120
10 Year Interest Rate Swap, Exercise Rate 1.33, Expires 01/29/15 (Counterparty - Deutsche Bank AG) (EUR)		40,930,000		1,075
10 Year Interest Rate Swap, Exercise Rate 1.36, Expires 01/21/15 (Counterparty - Deutsche Bank AG) (EUR)		42,080,000		46
10 Year U.S. Treasury Note Futures, Exercise Rate 126.00, Expires 01/23/15		29		8,156
2 Year Interest Rate Swap, Exercise Rate 12.50, Expires 01/02/15 (Counterparty - Credit Suisse International) (BRL)		12,929,000		35,267
5 Year Interest Rate Swap, Exercise Rate 2.53, Expires 09/30/15 (Counterparty - Barclays Bank plc)		71,285,000		486,178
EUR Currency, Strike Price PLN 4.26, Expires 02/19/15 (Counterparty - JPMorgan Chase Bank N.A.) (EUR)		5,947,000		46,581
EUR Currency, Strike Price USD 1.17, Expires 05/08/15 (Counterparty - Citibank N.A.) (EUR)		2,340,000		620,060
EUR Currency, Strike Price USD 1.215, Expires 03/03/15 (Counterparty - Citibank N.A.) (EUR)		106,158,000		2,180,549
Eurodollar Futures @ 99.625, Expires 03/16/15		2,340		58,500
Eurodollar Midcurve 1 Year Futures @ 98.500, Expires 03/13/15		4,490		449,000
Eurodollar Midcurve 1 Year Futures @ 98.625, Expires 03/13/15		223		37,631
Eurodollar Midcurve 1 Year Futures @ 98.750, Expires 03/13/15		1,941		533,775
USD Currency, Strike Price BRL 2.10, Expires 01/08/15 (Counterparty - JPMorgan Chase Bank N.A.)		649,000		0
				4,604,015
Total Purchased Options (Cost $12,461,772)				26,465,251

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (m)—0.4%

Security Description	Shares/ Principal Amount*		Value
Lodging—0.2%
Motel 6
Mezzanine Term Loan, 10.000%, 10/15/17		7,086,486	$	7,121,918
Media—0.2%
Charter Communications Operating LLC
Term Loan G, 4.250%, 09/12/21		7,865,000		7,914,699
Total Floating Rate Loans (Cost $14,913,676)				15,036,617
Preferred Stocks—0.2%
Diversified Financial Services—0.2%
Citigroup Capital XIII, 7.875% (b) (f)		292,339		7,770,371
Thrifts & Mortgage Finance—0.0%
Federal Home Loan Mortgage Corp. Series Z, 8.375% (b) (f)		70,000		276,500
Federal National Mortgage Association Series S, 8.250% (b) (l)		70,000		270,900
				547,400
Total Preferred Stocks (Cost $8,194,785)				8,317,771
Short-Term Investments—5.6%
Mutual Fund—3.3%
State Street Navigator Securities Lending MET Portfolio (o)		145,436,473		145,436,473
Repurchase Agreement—2.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $101,992,557 on 01/02/15, collateralized by $105,510,000 U.S. Treasury Note at 0.750%, due 03/31/18, with a value of $104,036,658.		101,992,557		101,992,557
Total Short-Term Investments (Cost $247,429,030)				247,429,030
Total Investments—114.9% (Cost $4,969,596,937) (p)				4,999,448,645
Other assets and liabilities (net)—(14.9)%				(649,312,263	)
Net Assets—100.0%			$	4,350,136,382

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(b) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(c) Interest only security.

(d) All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of December 31, 2014, the value of securities pledged amounted to $98,053,929.

(e) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $6,749,687.

(f) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $165,684,478 and the collateral received consisted of cash in the amount of $145,436,473 and non-cash collateral with a value of $25,243,323. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(g) Payment-in-kind security for which part of the income earned may be paid as additional principal.

(h) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2014, the market value of restricted securities was $8, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.

(i) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent 0.1% of net assets.

(j) Principal only security.

(k) Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.

(l) Non-income producing security.

(m) Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(n) Principal amount of security is adjusted for inflation.

(o) Represents investment of cash collateral received from securities lending transactions.

(p) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $4,975,013,148. The aggregate unrealized appreciation and depreciation of investments were $118,121,989 and $(93,686,492), respectively, resulting in net unrealized appreciation of $24,435,497 for federal income tax purposes.

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $728,397,814, which is 16.7% of net assets.

(ACES)— Alternative Credit Enhancement Securities.

(ARM)— Adjustable-Rate Mortgage

(BRL)— Brazilian Real

(CDO)— Collateralized Debt Obligation

(CLO)— Collateralized Loan Obligation

(CMO)— Collateralized Mortgage Obligation

(COP)— Colombian Peso

(EUR)— Euro

(GBP)— British Pound

(LIBOR)— London InterBank Offered Rate

(MXN)— Mexican Peso

(REMIC)— Real Estate Mortgage Investment Conduit

(TRY)— Turkish Lira

(ZAR)— South African Rand

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Knollwood CDO, Ltd. Series 2004-1A Class C		02/10/04	$	760,362	$	760,362	$	8

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
BRL	2,661,925	Bank of America N.A.		01/05/15		USD	1,025,000	$	(23,599	)
BRL	3,511,986	Bank of America N.A.		01/05/15		USD	1,366,000		(44,810	)
BRL	2,827,591	Deutsche Bank AG		01/05/15		USD	1,093,000		(29,276	)
BRL	3,753,702	Deutsche Bank AG		01/05/15		USD	1,413,185		(1,063	)
BRL	5,358,135	Deutsche Bank AG		01/05/15		USD	2,049,000		(33,300	)
BRL	2,222,208	Goldman Sachs & Co.		01/05/15		USD	836,612		(629	)
BRL	8,350,344	Goldman Sachs & Co.		01/05/15		USD	3,235,000		(93,647	)
BRL	11,609,308	Goldman Sachs & Co.		01/05/15		USD	4,370,645		(3,288	)
BRL	13,561,606	Goldman Sachs & Co.		01/05/15		USD	5,105,642		(3,841	)
BRL	8,021,603	JPMorgan Chase Bank N.A.		01/05/15		USD	3,074,000		(56,318	)
CLP	904,175,000	Credit Suisse International		01/13/15		USD	1,475,000		13,433
COP	2,643,712,626	Credit Suisse International		01/13/15		USD	1,080,831		31,415
COP	3,945,794,543	Credit Suisse International		01/13/15		USD	1,696,309		(36,259	)
COP	6,966,028,871	Credit Suisse International		01/13/15		USD	2,882,220		48,484
COP	2,631,378,000	Goldman Sachs & Co.		01/13/15		USD	1,086,000		21,057
COP	2,036,826,000	Morgan Stanley & Co.		01/13/15		USD	891,000		(34,079	)
COP	2,082,125,360	Morgan Stanley & Co.		01/13/15		USD	864,670		11,309
COP	2,589,716,600	Morgan Stanley & Co.		01/13/15		USD	1,080,850		8,679
EUR	107,168	BNP Paribas S.A.		01/21/15		USD	133,331		(3,630	)
EUR	107,000	Bank of America N.A.		01/21/15		USD	133,910		(4,412	)
EUR	180,000	JPMorgan Chase Bank N.A.		01/21/15		USD	217,972		(126	)
EUR	237,000	JPMorgan Chase Bank N.A.		01/21/15		USD	295,678		(8,848	)
EUR	1,369,000	JPMorgan Chase Bank N.A.		01/21/15		USD	1,717,220		(60,379	)
INR	187,367,435	JPMorgan Chase Bank N.A.		02/18/15		USD	3,001,000		(59,864	)
KRW	1,422,102,500	Deutsche Bank AG		01/09/15		USD	1,274,000		19,547
KRW	576,888,000	JPMorgan Chase Bank N.A.		01/13/15		USD	516,000		8,627
MXN	13,031,779	Credit Suisse International		01/16/15		USD	879,500		3,197
MXN	12,970,382	JPMorgan Chase Bank N.A.		01/16/15		USD	879,500		(962	)
TRY	36,396,000	BNP Paribas S.A.		01/07/15		USD	15,333,024		238,596
TRY	41,858,500	BNP Paribas S.A.		01/07/15		USD	17,921,564		(12,874	)
TRY	30,330,000	JPMorgan Chase Bank N.A.		01/07/15		USD	12,743,697		232,653
TRY	30,330,000	JPMorgan Chase Bank N.A.		01/07/15		USD	12,743,697		232,653
TRY	1,568,758	BNP Paribas S.A.		01/12/15		USD	656,000		14,379
TRY	1,695,476	BNP Paribas S.A.		01/12/15		USD	728,000		(3,471	)
TRY	3,103,334	BNP Paribas S.A.		01/12/15		USD	1,311,000		15,150
TRY	7,033,390	BNP Paribas S.A.		01/12/15		USD	2,950,000		55,583
TRY	6,373,870	Citibank N.A.		01/12/15		USD	2,738,558		(14,807	)
TRY	2,340,523	Morgan Stanley & Co.		01/12/15		USD	983,000		17,177
TRY	41,858,500	UBS AG		01/15/15		USD	17,996,689		(122,004	)

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
TRY	12,354,681	BNP Paribas S.A.		01/22/15		USD	5,197,594	$	69,430
TRY	1,124,535	JPMorgan Chase Bank N.A.		01/22/15		USD	473,587		5,822
TRY	25,867,000	Goldman Sachs & Co.		03/03/15		USD	11,606,318		(676,388	)
TRY	2,847,832	Bank of America N.A.		05/07/15		USD	1,248,294		(61,538	)
TRY	3,335,345	Bank of America N.A.		05/07/15		USD	1,452,866		(62,952	)
TRY	4,617,728	Bank of America N.A.		05/07/15		USD	2,014,952		(90,640	)
TRY	5,227,933	Bank of America N.A.		05/07/15		USD	2,296,430		(117,831	)
TRY	7,534,248	Barclays Bank plc		05/07/15		USD	3,302,742		(163,049	)
TRY	25,968,000	Deutsche Bank AG		05/26/15		USD	11,448,726		(671,949	)
TRY	28,892,500	Deutsche Bank AG		05/26/15		USD	12,603,603		(613,152	)
TRY	46,289,500	Deutsche Bank AG		05/26/15		USD	20,236,732		(1,026,488	)
TRY	46,289,500	Goldman Sachs & Co.		05/26/15		USD	20,118,872		(908,628	)
TRY	25,760,000	Deutsche Bank AG		10/28/15		USD	10,651,230		(302,869	)
ZAR	9,095,720	BNP Paribas S.A.		01/13/15		USD	783,000		2,296
ZAR	12,560,748	BNP Paribas S.A.		01/13/15		USD	1,068,000		16,456
ZAR	12,561,442	BNP Paribas S.A.		01/13/15		USD	1,068,000		16,516
ZAR	14,792,225	BNP Paribas S.A.		01/13/15		USD	1,267,000		10,114
ZAR	16,442,363	BNP Paribas S.A.		01/13/15		USD	1,425,000		(5,418	)
ZAR	16,664,948	BNP Paribas S.A.		01/13/15		USD	1,425,000		13,799
ZAR	11,294,910	Bank of America N.A.		01/13/15		USD	990,000		(14,833	)
ZAR	16,415,989	JPMorgan Chase Bank N.A.		01/13/15		USD	1,404,000		13,305
Contracts to Deliver
AUD	1,977,000	UBS AG		01/21/15		USD	1,709,780		97,657
AUD	23,529,383	Morgan Stanley & Co.		03/18/15		USD	19,284,282		174,930
BRL	3,511,986	Bank of America N.A.		01/05/15		USD	1,322,184		995
BRL	2,661,925	Bank of America N.A.		01/05/15		USD	1,002,155		754
BRL	5,358,135	Deutsche Bank AG		01/05/15		USD	2,017,218		1,518
BRL	3,753,702	Deutsche Bank AG		01/05/15		USD	1,429,709		17,588
BRL	2,827,591	Deutsche Bank AG		01/05/15		USD	1,064,525		801
BRL	13,561,606	Goldman Sachs & Co.		01/05/15		USD	5,123,000		21,200
BRL	11,609,308	Goldman Sachs & Co.		01/05/15		USD	4,425,291		57,934
BRL	8,350,344	Goldman Sachs & Co.		01/05/15		USD	3,143,718		2,365
BRL	2,222,208	Goldman Sachs & Co.		01/05/15		USD	864,000		28,018
BRL	8,021,603	JPMorgan Chase Bank N.A.		01/05/15		USD	3,019,955		2,272
CAD	25,063,050	Royal Bank of Canada		03/18/15		USD	21,620,000		83,324
CLP	904,912,500	Credit Suisse International		01/13/15		USD	1,475,000		(14,647	)
COP	2,555,690,500	Bank of America N.A.		01/13/15		USD	1,109,000		33,786
COP	2,100,758,400	Deutsche Bank AG		01/13/15		USD	868,800		(15,018	)
COP	1,927,260,000	Goldman Sachs & Co.		01/13/15		USD	860,000		49,175
COP	1,714,920,000	Goldman Sachs & Co.		01/13/15		USD	744,000		22,510
COP	805,447,533	Goldman Sachs & Co.		01/13/15		USD	351,111		12,248
COP	10,438,602,252	Royal Bank of Scotland plc		01/13/15		USD	4,552,080		160,416
COP	3,407,144,000	Standard Chartered Bank		01/13/15		USD	1,448,000		14,568
EUR	12,584,000	BNP Paribas S.A.		01/21/15		USD	15,970,844		740,975
EUR	199,900	Goldman Sachs & Co.		01/21/15		USD	254,399		12,468
EUR	40,488,430	JPMorgan Chase Bank N.A.		01/21/15		USD	51,657,163		2,655,773
EUR	280,000	JPMorgan Chase Bank N.A.		01/21/15		USD	354,412		15,540
EUR	406,000	State Street Bank and Trust		01/21/15		USD	513,877		22,513
EUR	9,111,000	UBS AG		01/21/15		USD	11,377,826		351,178
EUR	5,698,000	UBS AG		01/21/15		USD	7,221,611		325,569
EUR	361,000	UBS AG		01/21/15		USD	449,636		12,734
EUR	7,749,000	Morgan Stanley & Co.		03/18/15		USD	9,658,297		275,419
GBP	3,076,000	Barclays Bank plc		01/21/15		USD	4,904,559		110,905
INR	60,945,100	Deutsche Bank AG		01/12/15		USD	970,000		5,926
INR	87,135,481	Standard Chartered Bank		01/12/15		USD	1,369,000		(9,372	)

See accompanying notes to financial statements.

MSF-22

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
INR	187,562,500	Deutsche Bank AG		02/18/15		USD	3,001,000	$	56,802
JPY	2,570,493,536	State Street Bank and Trust		03/18/15		USD	21,680,000		206,133
KRW	1,395,030,000	JPMorgan Chase Bank N.A.		01/09/15		USD	1,274,000		5,078
KRW	576,888,000	Morgan Stanley & Co.		01/13/15		USD	516,000		(8,628	)
MXN	26,163,121	JPMorgan Chase Bank N.A.		01/07/15		USD	1,920,711		147,606
MXN	26,101,224	JPMorgan Chase Bank N.A.		01/16/15		USD	1,759,000		(8,945	)
MXN	16,750,000	Deutsche Bank AG		01/21/15		USD	1,222,689		88,485
MXN	46,764,000	JPMorgan Chase Bank N.A.		01/21/15		USD	3,396,430		229,869
MXN	43,730,000	Morgan Stanley & Co.		01/21/15		USD	3,176,800		215,682
MXN	27,888,746	BNP Paribas S.A.		01/28/15		USD	2,037,469		149,821
MXN	55,656,560	JPMorgan Chase Bank N.A.		01/30/15		USD	4,055,172		288,518
MXN	63,995,337	JPMorgan Chase Bank N.A.		02/24/15		USD	4,664,138		340,206
MXN	19,368,114	JPMorgan Chase Bank N.A.		02/25/15		USD	1,416,165		107,619
TRY	1,376,996	JPMorgan Chase Bank N.A.		01/05/15		USD	611,221		21,809
TRY	7,042,196	BNP Paribas S.A.		01/12/15		USD	3,041,000		31,654
TRY	6,904,743	BNP Paribas S.A.		01/12/15		USD	3,041,000		90,392
TRY	3,752,900	BNP Paribas S.A.		01/12/15		USD	1,639,000		35,271
TRY	3,722,100	BNP Paribas S.A.		01/12/15		USD	1,609,000		18,433
TRY	3,155,053	BNP Paribas S.A.		01/12/15		USD	1,311,000		(37,251	)
TRY	3,129,616	BNP Paribas S.A.		01/12/15		USD	1,299,000		(38,381	)
TRY	83,533	Citibank N.A.		01/12/15		USD	35,900		204
TRY	1,000,281	Royal Bank of Scotland plc		01/12/15		USD	426,000		(1,451	)
TRY	3,461,000	BNP Paribas S.A.		01/21/15		USD	1,522,138		46,302
TRY	1,679,000	BNP Paribas S.A.		01/21/15		USD	748,429		32,471
TRY	2,067,231	Citibank N.A.		01/21/15		USD	918,590		37,083
TRY	3,431,000	Deutsche Bank AG		01/21/15		USD	1,531,232		68,188
TRY	18,210,259	Deutsche Bank AG		01/22/15		USD	7,954,336		190,972
TRY	2,055,004	Deutsche Bank AG		01/22/15		USD	897,568		21,483
TRY	1,392,694	Deutsche Bank AG		01/22/15		USD	608,263		14,532
TRY	83,716,000	Deutsche Bank AG		02/04/15		USD	36,648,426		1,067,067
TRY	25,760,000	Deutsche Bank AG		02/04/15		USD	11,276,978		328,344
TRY	2,431,831	Citibank N.A.		02/20/15		USD	1,073,488		43,490
TRY	16,732,000	Bank of America N.A.		03/03/15		USD	7,501,457		431,461
TRY	9,135,000	Deutsche Bank AG		03/03/15		USD	4,096,229		236,295
TRY	30,330,000	JPMorgan Chase Bank N.A.		03/16/15		USD	12,557,186		(224,084	)
TRY	30,283,000	JPMorgan Chase Bank N.A.		03/16/15		USD	12,535,392		(226,072	)
TRY	2,294,954	Deutsche Bank AG		03/17/15		USD	978,392		11,483
TRY	36,396,000	BNP Paribas S.A.		04/16/15		USD	14,982,710		(254,152	)
TRY	6,577,228	BNP Paribas S.A.		05/07/15		USD	2,917,119		176,238
TRY	1,958,725	Bank of America N.A.		05/07/15		USD	864,455		48,210
TRY	1,910,275	Bank of America N.A.		05/07/15		USD	833,563		37,507
TRY	1,413,154	Bank of America N.A.		05/07/15		USD	623,441		34,548
TRY	23,563,085	Deutsche Bank AG		05/07/15		USD	10,029,367		210,093
TRY	4,567,366	Deutsche Bank AG		05/07/15		USD	2,027,868		124,542
TRY	3,340,422	Deutsche Bank AG		05/07/15		USD	1,455,205		63,175
TRY	3,795,915	Goldman Sachs & Co.		05/07/15		USD	1,683,258		101,414
TRY	30,159,500	Bank of America N.A.		05/26/15		USD	13,287,294		771,035
TRY	17,631,000	Bank of America N.A.		05/26/15		USD	7,848,208		531,305
TRY	30,159,500	Deutsche Bank AG		05/26/15		USD	13,181,600		665,341
TRY	9,135,000	Deutsche Bank AG		05/26/15		USD	4,037,212		246,167
TRY	6,851,000	Deutsche Bank AG		05/26/15		USD	3,030,343		187,163
TRY	13,702,500	Goldman Sachs & Co.		05/26/15		USD	6,023,077		336,509
TRY	13,267,000	Goldman Sachs & Co.		05/26/15		USD	5,853,777		347,943
TRY	13,267,000	Goldman Sachs & Co.		05/26/15		USD	5,859,982		354,148
TRY	8,845,000	Goldman Sachs & Co.		05/26/15		USD	3,931,461		260,766
TRY	4,422,000	Goldman Sachs & Co.		05/26/15		USD	1,975,871		140,732
ZAR	23,299,101	BNP Paribas S.A.		01/13/15		USD	2,062,000		50,429

See accompanying notes to financial statements.

MSF-23

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ZAR	21,074,217	BNP Paribas S.A.		01/13/15		USD	1,781,000	$	(38,482	)
ZAR	19,032,490	BNP Paribas S.A.		01/13/15		USD	1,622,000		(21,206	)
ZAR	12,515,739	BNP Paribas S.A.		01/13/15		USD	1,070,000		(10,570	)
ZAR	12,205,235	BNP Paribas S.A.		01/13/15		USD	1,053,000		(762	)
ZAR	10,006,068	BNP Paribas S.A.		01/13/15		USD	889,000		25,107
ZAR	8,312,600	BNP Paribas S.A.		01/13/15		USD	712,000		(5,684	)
ZAR	32,493,242	Bank of America N.A.		01/13/15		USD	2,794,000		(11,365	)
ZAR	16,968,000	Bank of America N.A.		01/13/15		USD	1,500,000		35,036
ZAR	24,335,129	Citibank N.A.		01/13/15		USD	2,106,000		4,981
ZAR	8,303,841	Morgan Stanley & Co.		01/13/15		USD	710,000		(6,928	)
ZAR	32,679,968	UBS AG		01/20/15		USD	2,795,238		(23,100	)
Cross Currency Contracts to Buy
EUR	1,486,750	Morgan Stanley & Co.		02/20/15		PLN	6,408,343		(6,369	)
EUR	240,000	BNP Paribas S.A.		02/20/15		PLN	1,059,146		(7,982	)
EUR	892,000	Citibank N.A.		02/20/15		PLN	3,864,941		(9,501	)
PLN	4,603,350	JPMorgan Chase Bank N.A.		02/20/15		EUR	1,067,000		5,770
Net Unrealized Appreciation								$	9,404,477

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		4.000	%		TBA	$	(17,200,000	)	$	(18,217,219	)	$	(18,223,937	)
Fannie Mae 15 Yr. Pool		3.500	%		TBA		(31,192,000	)		(32,926,848	)		(32,951,422	)
Fannie Mae 30 Yr. Pool		3.000	%		TBA		(8,805,000	)		(8,817,382	)		(8,906,808	)
Fannie Mae 30 Yr. Pool		5.000	%		TBA		(73,200,000	)		(80,992,703	)		(80,873,131	)
Fannie Mae 30 Yr. Pool		4.000	%		TBA		(114,990,000	)		(122,352,093	)		(122,723,526	)
Fannie Mae 30 Yr. Pool		4.500	%		TBA		(70,580,000	)		(76,521,402	)		(76,612,388	)
Freddie Mac 30 Yr. Gold Pool		3.000	%		TBA		(17,780,000	)		(17,793,891	)		(17,960,577	)
Ginnie Mae I 30 Yr. Pool		3.500	%		TBA		(18,600,000	)		(19,439,906	)		(19,524,187	)
Ginnie Mae II 30 Yr. Pool		5.000	%		TBA		(1,200,000	)		(1,318,500	)		(1,313,695	)
Ginnie Mae II 30 Yr. Pool		4.000	%		TBA		(250,500,000	)		(267,787,688	)		(268,580,038	)
Ginnie Mae II 30 Yr. Pool		3.500	%		TBA		(59,400,000	)		(61,937,938	)		(62,351,438	)
Totals									$	(708,105,570	)	$	(710,021,147	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		03/16/15		654			AUD	82,774,190		$	843,053
Australian 3 Year Treasury Bond Futures		03/16/15		403			AUD	44,679,784			136,157
U.S. Treasury Long Bond Futures		03/20/15		935			USD	131,913,423			3,252,515
U.S. Treasury Note 10 Year Futures		03/20/15		23			USD	2,916,125			204
U.S. Treasury Note 2 Year Futures		03/31/15		1,339			USD	293,021,418			(324,387	)
U.S. Treasury Note 5 Year Futures		03/31/15		1,547			USD	183,907,669			76,558
U.S. Treasury Ultra Long Bond Futures		03/20/15		1,033			USD	164,254,642			6,384,045
Futures Contracts—Short
90 Day EuroDollar Futures		03/14/16		(951	)		USD	(235,000,444	)		55,894
90 Day EuroDollar Futures		06/13/16		(542	)		USD	(133,579,360	)		17,010
90 Day EuroDollar Futures		09/19/16		(542	)		USD	(133,247,122	)		3,197
90 Day EuroDollar Futures		12/19/16		(1,675	)		USD	(411,162,809	)		243,433
90 Day PoundSterling Futures		12/16/15		(1,106	)		GBP	(136,873,507	)		(378,495	)
Net Unrealized Appreciation										$	10,309,184

See accompanying notes to financial statements.

MSF-24

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Written Options

Foreign Currency Written Options	Strike Price		Counterparty	Expiration Date		Notional Amount			Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - EUR vs PLN	PLN	4.35	JPMorgan Chase Bank N.A.		02/19/15		(5,947,000	)	$	(46,321	)	$	(44,616	)	$	1,705
Call - USD vs BRL	BRL	2.80	Deutsche Bank AG		01/08/15		(4,380,600	)		(38,724	)		(806	)		37,918
Call - USD vs BRL	BRL	2.65	Goldman Sachs & Co.		01/08/15		(4,380,600	)		(38,593	)		(46,386	)		(7,793	)
Call - USD vs INR	INR	62.30	Barclays Bank plc		01/08/15		(2,339,000	)		(20,045	)		(38,493	)		(18,448	)
Call - USD vs JPY	JPY	102.00	Deutsche Bank AG		01/12/15		(48,955,000	)		(2,396,837	)		(7,284,210	)		(4,887,373	)
Call - USD vs JPY	JPY	105.00	Bank of America N.A.		01/12/15		(97,910,000	)		(524,798	)		(12,117,440	)		(11,592,642	)
Call - USD vs KRW	KRW	1,140.00	Morgan Stanley & Co.		01/09/15		(2,230,000	)		(15,164	)		(250	)		14,914
Call - USD vs KRW	KRW	1,130.00	JPMorgan Chase Bank N.A.		01/09/15		(1,887,500	)		(11,986	)		(568	)		11,418
Call - USD vs KRW	KRW	1,100.00	BNP Paribas S.A.		01/09/15		(1,887,500	)		(33,465	)		(6,863	)		26,602
Call - USD vs ZAR	ZAR	11.60	Deutsche Bank AG		01/08/15		(3,000,000	)		(27,510	)		(17,193	)		10,317
Call - USD vs ZAR	ZAR	11.65	Deutsche Bank AG		01/16/15		(4,500,000	)		(34,245	)		(40,959	)		(6,714	)
Put - EUR vs USD	USD	1.155	Citibank N.A.		03/03/15		(106,158,000	)		(355,392	)		(393,590	)		(38,198	)
Totals									$	(3,543,080	)	$	(19,991,374	)	$	(16,448,294	)

Interest Rate Swaptions	Strike Rate			Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Expiration Date		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Put - 1-Year Interest Rate Swap		14.000	%	Credit Suisse International	1-Year BRL-CDI	Pay		01/02/15		BRL	(51,995,000	)	$	(44,908	)	$	—		$	44,908
Call - 2-Year Interest Rate Swap		11.500	%	Deutsche Bank AG	1-Year BRL-CDI	Receive		01/02/15		BRL	(32,003,000	)		(62,567	)		—			62,567
Call - 1-Year Interest Rate Swap		11.000	%	Credit Suisse International	1-Year BRL-CDI	Receive		01/02/15		BRL	(29,348,000	)		(43,401	)		—			43,401
Call - 1-Year Interest Rate Swap		10.900	%	Credit Suisse International	1-Year BRL-CDI	Receive		01/02/15		BRL	(43,674,000	)		(9,344	)		—			9,344
Call - 1-Year Interest Rate Swap		11.250	%	Bank of America N.A.	1-Year BRL-CDI	Receive		01/02/15		BRL	(116,362,000	)		(38,522	)		—			38,522
Call - 1-Year Interest Rate Swap		11.700	%	Bank of America N.A.	1-Year BRL-CDI	Receive		01/02/15		BRL	(44,669,000	)		(20,722	)		—			20,722
Call - 1-Year Interest Rate Swap		10.600	%	Deutsche Bank AG	1-Year BRL-CDI	Receive		07/01/15		BRL	(23,305,000	)		(50,253	)		(1,876	)		48,377
Call - 1-Year Interest Rate Swap		10.600	%	Credit Suisse International	1-Year BRL-CDI	Receive		07/01/15		BRL	(65,256,000	)		(114,176	)		(5,254	)		108,922
Call - 1-Year Interest Rate Swap		6.500	%	JPMorgan Chase Bank N.A.	3-Month ZAR-LIBOR	Receive		05/18/15		ZAR	(186,595,000	)		(25,966	)		(15,308	)		10,658
Put - 2-Year Interest Rate Swap		12.500	%	Deutsche Bank AG	1-Year BRL-CDI	Pay		01/02/15		BRL	(12,929,000	)		(22,677	)		(35,267	)		(12,590	)
Put - 2-Year Interest Rate Swap		12.500	%	Bank of America N.A.	1-Year BRL-CDI	Pay		01/02/15		BRL	(19,640,000	)		(45,185	)		(53,574	)		(8,389	)
Put - 1-Year Interest Rate Swap		12.300	%	Credit Suisse International	1-Year BRL-CDI	Pay		01/02/15		BRL	(43,674,000	)		(14,950	)		(96,000	)		(81,050	)
Put - 1-Year Interest Rate Swap		12.250	%	Credit Suisse International	1-Year BRL-CDI	Pay		07/01/15		BRL	(32,628,000	)		(60,016	)		(146,680	)		(86,664	)
Put - 10-Year Interest Rate Swap		3.005	%	Barclays Bank plc	3-Month USD-LIBOR	Pay		09/30/15		USD	(37,775,000	)		(1,063,366	)		(326,365	)		737,001
Call - 10-Year Interest Rate Swap		3.005	%	Barclays Bank plc	3-Month USD-LIBOR	Receive		09/30/15		USD	(37,775,000	)		(1,063,366	)		(2,013,887	)		(950,521	)
Totals													$	(2,679,419	)	$	(2,694,211	)	$	(14,792	)

See accompanying notes to financial statements.

MSF-25

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Written Options—(Continued)

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts	Premiums Received			Market Value			Unrealized Appreciation
Call - Eurodollar Midcurve 1 Year Futures	$	99.000		03/13/15	(156)	$	(30,696	)	$	(26,325	)	$	4,371
Put - Eurodollar Midcurve 1 Year Futures		98.130		03/13/15	(134)		(13,192	)		(1,675	)		11,517
Put - 10 Year U.S. Treasury Note Futures		125.000		01/23/15	(44)		(12,314	)		(4,125	)		8,189
Totals						$	(56,202	)	$	(32,125	)	$	24,077

Reverse Repurchase Agreements

Counterparty	Interest Rate			Settlement Date		Maturity Date		Principal Amount			Net Closing Amount
BNP Paribas S.A.		(0.260	)%		12/31/14		01/02/15		USD	10,503,675	$	10,503,675
Bank of America N.A.		(1.830	)%		12/31/14		01/02/15		USD	87,667,261		87,667,261
Total											$	98,170,936

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments.

Swap Agreements

OTC Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay	1-Year BRL CDI		11.910	%		01/04/16	JPMorgan Chase Bank N.A.		BRL	13,920,000	$	(13,186	)	$	—	$	(13,186	)
Pay	1-Year BRL CDI		11.825	%		01/04/16	JPMorgan Chase Bank N.A.		BRL	32,000,000		(45,322	)		—		(45,322	)
Pay	28-Day MXN TIIE		4.215	%		12/15/16	Bank of America N.A.		MXN	65,630,000		1,319			—		1,319
Pay	28-Day MXN TIIE		4.130	%		12/15/16	Bank of America N.A.		MXN	88,758,000		(7,975	)		—		(7,975	)
Pay	28-Day MXN TIIE		4.190	%		12/16/16	Deutsche Bank AG		MXN	86,478,000		(1,210	)		—		(1,210	)
Receive	28-Day MXN TIIE		4.350	%		11/17/17	Bank of America N.A.		MXN	29,359,000		16,431			—		16,431
Receive	28-Day MXN TIIE		4.850	%		11/01/18	Bank of America N.A.		MXN	22,482,829		9,395			—		9,395
Receive	28-Day MXN TIIE		5.040	%		11/18/19	Bank of America N.A.		MXN	18,760,000		18,143			—		18,143
Pay	28-Day MXN TIIE		6.200	%		07/25/24	Citibank N.A.		MXN	85,160,000		60,144			—		60,144
Pay	28-Day MXN TIIE		5.990	%		08/26/24	Morgan Stanley & Co.		MXN	28,466,000		(11,628	)		—		(11,628	)
Pay	28-Day MXN TIIE		6.260	%		09/09/24	JPMorgan Chase Bank N.A.		MXN	34,371,000		32,681			—		32,681
Pay	28-Day MXN TIIE		6.423	%		09/16/24	Deutsche Bank AG		MXN	23,107,000		41,036			—		41,036
Pay	28-Day MXN TIIE		6.365	%		09/18/24	JPMorgan Chase Bank N.A.		MXN	23,107,000		34,135			—		34,135
Pay	28-Day MXN TIIE		6.330	%		09/23/24	JPMorgan Chase Bank N.A.		MXN	34,287,000		44,276			—		44,276
Pay	28-Day MXN TIIE		5.847	%		11/14/24	Bank of America N.A.		MXN	45,310,509		(58,200	)		—		(58,200	)
Pay	28-Day MXN TIIE		5.850	%		11/14/24	Deutsche Bank AG		MXN	14,974,997		(18,979	)		—		(18,979	)
Pay	28-Day MXN TIIE		5.842	%		11/14/24	Deutsche Bank AG		MXN	34,442,494		(45,062	)		—		(45,062	)
Pay	28-Day MXN TIIE		6.180	%		12/05/24	Bank of America N.A.		MXN	31,503,000		12,955			—		12,955
Receive	3-Month USD-LIBOR		1.758	%		06/25/22	JPMorgan Chase Bank N.A.		USD	18,000,000		424,672			—		424,672
Pay	3-Month ZAR-JIBAR		6.460	%		09/25/15	JPMorgan Chase Bank N.A.		ZAR	93,297,500		6,089			—		6,089
Pay	3-Month ZAR-JIBAR		7.772	%		10/22/24	Barclays Bank plc		ZAR	35,506,000		(32,234	)		—		(32,234	)
Pay	3-Month ZAR-JIBAR		7.770	%		10/22/24	JPMorgan Chase Bank N.A.		ZAR	26,295,000		(24,247	)		—		(24,247	)
Pay	3-Month ZAR-JIBAR		7.710	%		11/18/24	Barclays Bank plc		ZAR	19,721,250		(26,204	)		—		(26,204	)
Pay	3-Month ZAR-JIBAR		7.600	%		11/20/24	JPMorgan Chase Bank N.A.		ZAR	19,721,250		(39,252	)		—		(39,252	)
Pay	3-Month ZAR-JIBAR		7.590	%		11/25/24	JPMorgan Chase Bank N.A.		ZAR	11,832,750		(24,346	)		—		(24,346	)
Pay	6-Month EURIBOR		2.800	%		11/10/41	Bank of America N.A.		EUR	8,300,000		3,171,895			—		3,171,895
Receive	6-Month EURIBOR		2.783	%		11/10/41	Deutsche Bank AG		EUR	8,300,000		(3,131,219	)		—		(3,131,219	)
Pay	BRL CDI		11.988	%		07/01/15	Bank of America N.A.		BRL	43,093,000		(32,558	)		—		(32,558	)
Pay	BRL CDI		11.120	%		01/04/16	Credit Suisse International		BRL	7,208,000		(37,966	)		—		(37,966	)
Pay	BRL CDI		11.360	%		01/04/16	Credit Suisse International		BRL	27,646,823		(118,307	)		—		(118,307	)
Receive	BRL CDI		12.140	%		01/04/16	JPMorgan Chase Bank N.A.		BRL	58,430,000		111,974			—		111,974
Receive	BRL CDI		11.800	%		01/04/16	JPMorgan Chase Bank N.A.		BRL	33,569,015		69,813			—		69,813
Receive	BRL CDI		12.130	%		01/04/16	JPMorgan Chase Bank N.A.		BRL	26,578,000		51,860			—		51,860

See accompanying notes to financial statements.

MSF-26

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Swap Agreements—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay	BRL CDI		11.850	%		01/04/16	JPMorgan Chase Bank N.A.		BRL	17,400,000	$	(48,662	)	$	—	$	(48,662	)
Pay	BRL CDI		11.255	%		01/04/16	Morgan Stanley & Co.		BRL	6,692,000		(32,253	)		—		(32,253	)
Receive	BRL CDI		11.170	%		01/02/17	Credit Suisse International		BRL	16,427,323		141,503			—		141,503
Pay	BRL CDI		12.110	%		01/02/17	Credit Suisse International		BRL	6,397,000		(22,818	)		—		(22,818	)
Receive	BRL CDI		12.180	%		01/02/17	Deutsche Bank AG		BRL	7,040,000		21,047			—		21,047
Receive	BRL CDI		12.223	%		01/02/17	Deutsche Bank AG		BRL	3,845,740		10,541			—		10,541
Pay	BRL CDI		12.100	%		01/02/17	Deutsche Bank AG		BRL	6,446,500		(23,355	)		—		(23,355	)
Pay	BRL CDI		12.180	%		01/02/17	JPMorgan Chase Bank N.A.		BRL	8,036,000		(23,588	)		—		(23,588	)
Pay	BRL CDI		11.490	%		01/02/17	JPMorgan Chase Bank N.A.		BRL	20,889,000		(133,084	)		—		(133,084	)
Pay	BRL CDI		12.415	%		01/02/19	Credit Suisse International		BRL	4,597,683		(114	)		—		(114	)
Receive	BRL CDI		11.410	%		01/04/21	Bank of America N.A.		BRL	5,126,000		32,326			—		32,326
Pay	BRL CDI		11.681	%		01/04/21	Deutsche Bank AG		BRL	2,455,000		(8,445	)		—		(8,445	)
Pay	BRL CDI		11.700	%		01/04/21	Deutsche Bank AG		BRL	2,714,000		(8,757	)		—		(8,757	)
Pay	BRL CDI		12.000	%		01/04/21	JPMorgan Chase Bank N.A.		BRL	2,944,700		(750	)		—		(750	)
Pay	BRL CDI		11.720	%		01/04/21	JPMorgan Chase Bank N.A.		BRL	1,306,000		(3,936	)		—		(3,936	)
Pay	3-Month KRW-CDR		2.098	%		11/13/16	Barclays Bank plc		KRW	12,173,300,000		8,365			—		8,365
Pay	3-Month KRW-CDR		2.028	%		11/24/16	JPMorgan Chase Bank N.A.		KRW	12,173,300,000		(6,618	)		—		(6,618	)
Pay	3-Month KRW-CDR		2.543	%		11/13/24	Morgan Stanley & Co.		KRW	1,341,939,000		12,127			—		12,127
Pay	3-Month KRW-CDR		2.545	%		11/20/24	Deutsche Bank AG		KRW	1,341,938,000		12,268			—		12,268
Pay	3-Month KRW-CDR		2.485	%		11/24/24	Deutsche Bank AG		KRW	2,683,876,000		11,250			—		11,250
Pay	3-Month KRW-CDR		2.425	%		11/26/24	Barclays Bank plc		KRW	2,700,000,000		(1,861	)		—		(1,861	)
Totals											$	374,109		$	—	$	374,109

Centrally Cleared Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Receive		3-Month USD-LIBOR		0.648	%		11/26/16		USD	14,540,000	$	53,843
Receive		3-Month USD-LIBOR		2.097	%		11/26/21		USD	1,000,000		(3,967	)
Receive		3-Month USD-LIBOR		2.063	%		11/28/21		USD	889,000		(1,558	)
Receive		3-Month USD-LIBOR		2.087	%		11/28/21		USD	800,000		(2,626	)
Receive		3-Month USD-LIBOR		2.227	%		11/26/22		USD	1,000,000		(6,798	)
Receive		3-Month USD-LIBOR		2.191	%		11/28/22		USD	700,000		(2,980	)
Receive		3-Month USD-LIBOR		2.214	%		11/28/22		USD	629,000		(3,743	)
Receive		3-Month USD-LIBOR		2.375	%		10/24/24		USD	271,250		(2,366	)
Receive		3-Month USD-LIBOR		2.374	%		10/24/24		USD	813,750		(7,027	)
Receive		3-Month USD-LIBOR		2.354	%		10/24/24		USD	1,085,000		(7,485	)
Receive		3-Month USD-LIBOR		2.254	%		12/19/24		USD	1,925,000		5,614
Total											$	20,907

Centrally Cleared Credit Default Swap Agreements—Buy Protection (a)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at December 31, 2014(b)	Notional Amount(c)			Unrealized Depreciation
Markit CDX North America Investment Grade Index, Series 23		1.000%		12/20/19	0.661%		USD	9,166,667	$	(41,723	)

See accompanying notes to financial statements.

MSF-27

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Centrally Cleared Credit Default Swap Agreements—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at December 31, 2014(b)	Notional Amount(c)			Unrealized Appreciation
Markit CDX North America High Yield Index, Series 23		5.000%		12/20/19	3.557%		USD	88,203,000	$	1,224,068

OTC Credit Default Swaps on Corporate and Sovereign Issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid		Unrealized Appreciation/ (Depreciation)
Genworth Holdings, Inc. 6.515%, due 05/22/18		(1.000%)		12/20/16	Deutsche Bank AG		3.149%		USD	7,300,000	$	299,109	$	295,377	$	3,732
Genworth Holdings, Inc. 6.515%, due 05/22/18		(1.000%)		12/20/16	JPMorgan Chase Bank N.A.		3.149%		USD	7,235,000		296,446		127,133		169,313
Republic of South Africa 5.50%, due 03/09/20		(1.000%)		03/20/20	BNP Paribas S.A.		1.897%		USD	3,437,500		149,769		166,444		(16,675	)
Totals											$	745,324	$	588,954	$	156,370

OTC Credit Default Swaps on Corporate and Sovereign Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation/ (Depreciation)
Barrick Gold Corp. 5.800%, due 11/15/34		1.000%		06/20/21	Credit Suisse International		2.291%		USD	3,645,000	$	(271,283)	$	(310,266)	$	38,983
Barrick Gold Corp. 5.800%, due 11/15/34		1.000%		12/20/19	Deutsche Bank AG		1.800%		USD	1,932,500		(72,098)		(78,957)		6,859
Transocean, Inc. 7.375%, due 04/15/18		1.000%		12/20/19	Bank of America N.A.		6.675%		USD	875,000		(194,470)		(73,375)		(121,095	)
Transocean, Inc. 7.375%, due 04/15/18		1.000%		12/20/19	Bank of America N.A.		6.466%		USD	1,175,000		(253,193)		(93,454)		(159,739	)
Transocean, Inc. 7.375%, due 04/15/18		1.000%		12/20/19	Bank of America N.A.		6.466%		USD	1,180,000		(254,270)		(104,719)		(149,551	)
Transocean, Inc. 7.375%, due 04/15/18		1.000%		12/20/19	Bank of America N.A.		6.466%		USD	1,180,000		(254,270)		(96,360)		(157,910	)
Totals											$	(1,299,584)	$	(757,131)	$	(542,453	)

OTC Credit Default Swaps on Credit Indices—Sell Protection (a)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation/ (Depreciation)
Markit CMBX North America AAA-Rated Index, AM Tranche, Version 4		0.500%		02/17/51	Deutsche Bank AG		0.000%		USD	2,370,000	$	(75,618)	$	(359,977)	$	284,359
Markit CMBX North America AAA-Rated Index, AM Tranche, Version 7		0.500%		01/17/47	Credit Suisse International		0.000%		USD	14,500,000		(459,171)		(453,555)		(5,616)
Totals											$	(534,789)	$	(813,532)	$	278,743

See accompanying notes to financial statements.

MSF-28

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

(d) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(CDI)— Brazil Interbank Deposit Rate

(CDR)— Certificate of Deposit Rate

(CLP)— Chilean Peso

(COP)— Colombian Peso

(EUR)— Euro

(EURIBOR) — Euro InterBank Offered Rate

(GBP)— British Pound

(INR)— Indian Rupee

(JPY)— Japanese Yen

(KRW)— South Korea Won

(LIBOR)— London Interbank Offered Rate

(MXN)— Mexican Peso

(PLN)— Polish Zloty

(TIIE)— Interbank Equilibrium Interest Rate

(TRY)— Turkish Lira

(USD)— United States Dollar

(ZAR)— South African Rand

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-29

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	2,516,127,617		$	—	$	2,516,127,617
Total Corporate Bonds & Notes*		—			1,026,117,517			—		1,026,117,517
Asset-Backed Securities
Asset-Backed - Automobile		—			95,970,757			—		95,970,757
Asset-Backed - Credit Card		—			4,374,473			—		4,374,473
Asset-Backed - Home Equity		—			9,802,479			—		9,802,479
Asset-Backed - Other		—			277,266,985			2,415,198		279,682,183
Asset-Backed - Student Loan		—			184,323,825			—		184,323,825
Total Asset-Backed Securities		—			571,738,519			2,415,198		574,153,717
Total Mortgage-Backed Securities*		—			378,804,132			—		378,804,132
Total Foreign Government*		—			174,594,200			—		174,594,200
Total Municipals		—			32,402,793			—		32,402,793
Purchased Options
Call Options		—			21,861,236			—		21,861,236
Put Options		1,087,062			3,516,953			—		4,604,015
Total Purchased Options		1,087,062			25,378,189			—		26,465,251
Total Floating Rate Loans*		—			15,036,617			—		15,036,617
Total Preferred Stocks*		8,317,771			—			—		8,317,771
Short-Term Investments
Mutual Fund		145,436,473			—			—		145,436,473
Repurchase Agreement		—			101,992,557			—		101,992,557
Total Short-Term Investments		145,436,473			101,992,557			—		247,429,030
Total Investments	$	154,841,306		$	4,842,192,141		$	2,415,198	$	4,999,448,645
Collateral for Securities Loaned (Liability)	$	—		$	(145,436,473	)	$	—	$	(145,436,473	)
TBA Forward Sales Commitments	$	—		$	(710,021,147	)	$	—	$	(710,021,147	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	15,751,648		$	—	$	15,751,648
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(6,347,171	)		—		(6,347,171	)
Total Forward Contracts	$	—		$	9,404,477		$	—	$	9,404,477
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	11,012,066		$	—		$	—	$	11,012,066
Futures Contracts (Unrealized Depreciation)		(702,882	)		—			—		(702,882	)
Total Futures Contracts	$	10,309,184		$	—		$	—	$	10,309,184
Written Options
Foreign Currency Written Options at Value	$	—		$	(19,991,374	)	$	—	$	(19,991,374	)
Interest Rate Swaptions at Value		—			(2,694,211	)		—		(2,694,211	)
Options on Exchange-Traded Futures Contracts at Value		(32,125	)		—			—		(32,125	)
Total Written Options	$	(32,125	)	$	(22,685,585	)	$	—	$	(22,717,710	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	1,283,525		$	—	$	1,283,525
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(80,273	)		—		(80,273	)
Total Centrally Cleared Swap Contracts	$	—		$	1,203,252		$	—	$	1,203,252
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	5,101,569		$	—	$	5,101,569
OTC Swap Contracts at Value (Liabilities)		—			(5,816,509	)		—		(5,816,509	)
Total OTC Swap Contracts	$	—		$	(714,940	)	$	—	$	(714,940	)
Total Reverse Repurchase Agreements (Liability)	$	—		$	(98,170,936	)	$	—	$	(98,170,936	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-30

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Appreciation/ (Depreciation)		Purchases		Balance as of December 31, 2014		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at December 31, 2014
Asset-Backed Securities
Asset-Backed - Other	$	—	$	—	$	2,415,198	$	2,415,198	$	—
Total	$	—	$	—	$	2,415,198	$	2,415,198	$	—

See accompanying notes to financial statements.

MSF-31

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	4,999,448,645
Cash denominated in foreign currencies (c)		2,546,999
Cash collateral (d)		8,756,000
OTC swap contracts at market value (e)		5,101,569
Unrealized appreciation on forward foreign currency exchange contracts		15,751,648
Receivable for:
Investments sold		278,989
TBA securities sold (f)		738,043,939
Fund shares sold		847,774
Principal paydowns		107,811
Interest		20,671,442
Variation margin on futures contracts		896,468
Interest on OTC swap contracts		244,143
Variation margin on swap contracts		74,350
Due from broker		523,505
Prepaid expenses		10,985
Total Assets		5,793,304,267
Liabilities
Due to custodian		1,123,365
Written options at value (g)		22,717,710
Forward sales commitments, at value		710,021,147
Reverse repurchase agreements		98,170,936
OTC swap contracts at market value (h)		5,816,509
Cash collateral (i)		3,110,000
Unrealized depreciation on forward foreign currency exchange contracts		6,347,171
Collateral for securities loaned		145,436,473
Payables for:
Investments purchased		14,259,393
TBA securities purchased (f)		432,063,608
Fund shares redeemed		891,084
Payable for premium on purchased options		18,726
Interest on forward sales commitments		1,247,353
Interest on OTC swap contracts		197,645
Accrued expenses:
Management fees		1,176,230
Distribution and service fees		128,290
Deferred trustees’ fees		63,488
Other expenses		378,757
Total Liabilities		1,443,167,885
Net Assets	$	4,350,136,382
Net assets consist of:
Paid in surplus	$	4,136,962,761
Undistributed net investment income		147,342,732
Accumulated net realized gain		33,130,516
Unrealized appreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		32,700,373
Net Assets	$	4,350,136,382
Net Assets
Class A	$	3,686,869,196
Class B		519,456,841
Class E		143,810,345
Capital Shares Outstanding*
Class A		33,223,264
Class B		4,758,578
Class E		1,307,331
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	110.97
Class B		109.16
Class E		110.00

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $4,969,596,937.

(b) Includes securities loaned at value of $165,684,478.

(c) Identified cost of cash denominated in foreign currencies was $2,591,656.

(d) Includes collateral of $4,010,000 for OTC swap contracts and $4,746,000 for centrally cleared swap contracts.

(e) Net premium paid on OTC swap contracts was $588,954.

(f) Included within TBA securities sold is $724,753,760 related to TBA forward sale commitments and included within TBA securities purchased is $15,433,443 related to TBA forward sale commitments.

(g) Premiums received on written options were $6,278,701.

(h) Net premium received on OTC swap contracts was $1,570,663.

(i) Includes collateral of $2,580,000 for OTC swap contracts and $530,000 for TBA securities.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	592,228
Interest		135,418,932
Securities lending income		356,027
Total investment income		136,367,187
Expenses
Management fees		13,434,344
Administration fees		99,210
Custodian and accounting fees		666,874
Distribution and service fees—Class B		1,252,879
Distribution and service fees—Class E		222,362
Interest expense		37,755
Audit and tax services		108,055
Legal		30,014
Trustees’ fees and expenses		38,559
Shareholder reporting		306,742
Insurance		25,807
Miscellaneous		28,955
Total expenses		16,251,556
Net Investment Income		120,115,631
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		51,808,093
Futures contracts		33,385,218
Written options		9,806,848
Swap contracts		(4,479,228	)
Foreign currency transactions		10,871,605
Net realized gain		101,392,536
Net change in unrealized appreciation (depreciation) on:
Investments		56,754,091
Futures contracts		9,047,496
Written options		(16,201,906	)
Swap contracts		(855,756	)
Foreign currency transactions		10,344,276
Net change in unrealized appreciation		59,088,201
Net realized and unrealized gain		160,480,737
Net Increase in Net Assets From Operations	$	280,596,368

See accompanying notes to financial statements.

MSF-32

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	120,115,631		$	116,338,266
Net realized gain (loss)		101,392,536			(1,363,341	)
Net change in unrealized appreciation (depreciation)		59,088,201			(142,835,768	)
Increase (decrease) in net assets from operations		280,596,368			(27,860,843	)
From Distributions to Shareholders
Net investment income
Class A		(114,100,078	)		(118,542,001	)
Class B		(16,176,056	)		(18,814,715	)
Class E		(4,962,107	)		(6,389,864	)
Net realized capital gains
Class A		0			(72,254,675	)
Class B		0			(12,218,854	)
Class E		0			(4,063,983	)
Total distributions		(135,238,241	)		(232,284,092	)
Increase (decrease) in net assets from capital share transactions		353,029,632			(42,270,795	)
Total increase (decrease) in net assets		498,387,759			(302,415,730	)
Net Assets
Beginning of period		3,851,748,623			4,154,164,353
End of period	$	4,350,136,382		$	3,851,748,623
Undistributed net investment income
End of period	$	147,342,732		$	135,358,735

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		3,826,436		$	411,591,766			3,864,722		$	423,292,236
Reinvestments		1,066,855			114,100,078			1,737,516			190,796,676
Redemptions		(1,604,549	)		(175,376,537	)		(5,807,267	)		(663,471,380	)
Net increase (decrease)		3,288,742		$	350,315,307			(205,029	)	$	(49,382,468	)
Class B
Sales		523,199		$	56,307,357			566,927		$	61,547,056
Reinvestments		153,473			16,176,056			286,658			31,033,569
Redemptions		(539,073	)		(57,911,733	)		(667,478	)		(71,881,722	)
Net increase		137,599		$	14,571,680			186,107		$	20,698,903
Class E
Sales		123,987		$	13,408,995			99,801		$	10,863,633
Reinvestments		46,755			4,962,107			95,925			10,453,847
Redemptions		(279,217	)		(30,228,457	)		(321,377	)		(34,904,710	)
Net decrease		(108,475	)	$	(11,857,355	)		(125,651	)	$	(13,587,230	)
Increase (decrease) derived from capital shares transactions				$	353,029,632					$	(42,270,795	)

See accompanying notes to financial statements.

MSF-33

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	107.33		$	115.27		$	110.90		$	108.32		$	104.15
Income (Loss) from Investment Operations
Net investment income (a)		3.18			3.36			3.21			3.69			4.08
Net realized and unrealized gain (loss) on investments		4.28			(4.07	)		4.95			3.22			4.39
Total from investment operations		7.46			(0.71	)		8.16			6.91			8.47
Less Distributions
Distributions from net investment income		(3.82	)		(4.49	)		(3.05	)		(4.33	)		(4.30	)
Distributions from net realized capital gains		0.00			(2.74	)		(0.74	)		0.00			0.00
Total distributions		(3.82	)		(7.23	)		(3.79	)		(4.33	)		(4.30	)
Net Asset Value, End of Period	$	110.97		$	107.33		$	115.27		$	110.90		$	108.32
Total Return (%) (b)		7.08			(0.77	)		7.55			6.56			8.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.35			0.35			0.36			0.37			0.40
Net ratio of expenses to average net assets (%) (c)		0.35			0.35			0.36			0.36			0.38
Ratio of net investment income to average net assets (%)		2.91			3.07			2.85			3.44			3.82
Portfolio turnover rate (%)		679	(d)		801	(d)		1,002	(d)		1,483			2,064
Net assets, end of period (in millions)	$	3,686.9		$	3,213.0		$	3,474.3		$	3,123.2		$	1,522.5
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	105.64		$	113.56		$	109.31		$	106.83		$	102.78
Income (Loss) from Investment Operations
Net investment income (a)		2.87			3.05			2.89			3.48			3.77
Net realized and unrealized gain (loss) on investments		4.20			(4.01	)		4.88			3.06			4.32
Total from investment operations		7.07			(0.96	)		7.77			6.54			8.09
Less Distributions
Distributions from net investment income		(3.55	)		(4.22	)		(2.78	)		(4.06	)		(4.04	)
Distributions from net realized capital gains		0.00			(2.74	)		(0.74	)		0.00			0.00
Total distributions		(3.55	)		(6.96	)		(3.52	)		(4.06	)		(4.04	)
Net Asset Value, End of Period	$	109.16		$	105.64		$	113.56		$	109.31		$	106.83
Total Return (%) (b)		6.81			(1.01	)		7.28			6.30			8.07
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.60			0.60			0.61			0.62			0.65
Net ratio of expenses to average net assets (%) (c)		0.60			0.60			0.61			0.61			0.63
Ratio of net investment income to average net assets (%)		2.67			2.82			2.60			3.25			3.57
Portfolio turnover rate (%)		679	(d)		801	(d)		1,002	(d)		1,483			2,064
Net assets, end of period (in millions)	$	519.5		$	488.1		$	503.6		$	477.1		$	453.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-34

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	106.41		$	114.32		$	110.02		$	107.49		$	103.38
Income (Loss) from Investment Operations
Net investment income (a)		3.00			3.18			3.02			3.63			3.91
Net realized and unrealized gain (loss) on investments		4.23			(4.04	)		4.91			3.07			4.34
Total from investment operations		7.23			(0.86	)		7.93			6.70			8.25
Less Distributions
Distributions from net investment income		(3.64	)		(4.31	)		(2.89	)		(4.17	)		(4.14	)
Distributions from net realized capital gains		0.00			(2.74	)		(0.74	)		0.00			0.00
Total distributions		(3.64	)		(7.05	)		(3.63	)		(4.17	)		(4.14	)
Net Asset Value, End of Period	$	110.00		$	106.41		$	114.32		$	110.02		$	107.49
Total Return (%) (b)		6.92			(0.91	)		7.38			6.41			8.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.50			0.50			0.51			0.52			0.55
Net ratio of expenses to average net assets (%) (c)		0.50			0.50			0.51			0.51			0.53
Ratio of net investment income to average net assets (%)		2.78			2.92			2.70			3.36			3.67
Portfolio turnover rate (%)		679	(d)		801	(d)		1,002	(d)		1,483			2,064
Net assets, end of period (in millions)	$	143.8		$	150.7		$	176.2		$	193.9		$	226.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 276%, 267% and 390% for the years ended December 31, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

MSF-35

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is BlackRock Bond Income Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-36

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MSF-37

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, amortization of debt securities, convertible preferred stock, paydown gain/loss reclasses, dollar roll transactions, and swap contract transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $101,992,557, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as Reverse repurchase agreements on the Statement of Assets and Liabilities.

For the year ended December 31, 2014, the Portfolio had an outstanding reverse repurchase agreement balance for 294 days. The average amount of borrowings was $149,406,787 and the weighted average interest rate was (0.35)% during the 294 day period.

MSF-38

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The following table is a summary of open reverse repurchase agreements by counterparty which are subject to offset under a MRA on a net basis as of December 31, 2014:

Counterparty	Reverse Repurchase Agreements		Collateral Pledged			Net Amount1
BNP Paribas S.A.	$	10,503,675	$	(10,503,675	)	$	—
Bank of America N.A.		87,667,261		(87,550,254	)		117,007
	$	98,170,936	$	(98,053,929	)	$	117,007

¹  Net Amount represents the net amount payable to the counterparty in the event of default.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the year ended December 31, 2014, the Portfolio entered into secured borrowing transactions involving U.S. Treasury securities. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop”, is included in net investment income with the cost of the secured borrowing transaction being recorded as interest expense over the term of the borrowing.

For the year ended December 31, 2014, the Portfolio’s average amount of borrowings was $65,176,810 and the weighted average interest rate was (0.76)%. At December 31, 2014, the Portfolio had no outstanding borrowings. For the year ended December 31, 2014, the Portfolio had an outstanding secured borrowing transaction balance for 52 days.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Treasury and mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the

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security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High Yield Debt Securities - The Portfolio may invest in high yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations or an assignment, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

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Notes to Financial Statements—December 31, 2014—(Continued)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes 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.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

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BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked to market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio 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 instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Options on swaps (“swaptions”) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

Options on Exchange-Traded Futures Contract (“Futures Option”) is an option contract in which the underlying instrument is a single futures contract.

Written Options

The Portfolio transactions in written options during the year December 31, 2014:

Call Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		19,720,000			—		$	78,387
Options written		1,553,537,637			3,242			8,742,702
Options bought back		(490,449,000	)		(302	)		(1,475,438	)
Options exercised		(13,468,000	)		(2,667	)		(450,122	)
Options expired		(312,936,437	)		(117	)		(2,248,828	)
Options outstanding December 31, 2014		756,404,200			156		$	4,646,701
Put Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		10,391,505,000			1,901		$	865,885
Options written		1,541,325,879			12,349			12,719,739
Options bought back		(535,448,079	)		(8,762	)		(4,134,757	)
Options exercised		(6,619,900	)		(194	)		(26,123	)
Options expired		(11,085,963,900	)		(5,116	)		(7,792,744	)
Options outstanding December 31, 2014		304,799,000			178		$	1,632,000

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating

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Metropolitan Series Fund

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Notes to Financial Statements—December 31, 2014—(Continued)

the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be

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Notes to Financial Statements—December 31, 2014—(Continued)

representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2014, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust the interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a) (d)	$	3,604,225
	OTC swap contracts at market value (b)		4,356,245	OTC swap contracts at market value (b)	$	3,982,136
	Unrealized appreciation on centrally cleared swap contracts (c)*		59,457	Unrealized depreciation on centrally cleared swap contracts (c)*		38,550
	Unrealized appreciation on futures contracts** (c)		11,012,066	Unrealized depreciation on futures contracts** (c)		702,882
				Written options at value (e)		2,726,336
Credit	OTC swap contracts at market value (b)		745,324	OTC swap contracts at market value (b)		1,834,373
	Unrealized appreciation on centrally cleared swap contracts* (c)		1,224,068	Unrealized depreciation on centrally cleared swap contracts* (c)		41,723
Foreign Exchange	Investments at market value (a)		22,861,026
	Unrealized appreciation on forward foreign currency exchange contracts		15,751,648	Unrealized depreciation on forward foreign currency exchange contracts		6,347,171
				Written options at value		19,991,374
Total		$	59,614,059		$	35,664,545

* Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

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Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

** Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

(a) Represents purchased options which are part of investments as shown in the Statement of Assets and Liabilities.

(b) Excludes OTC swap interest receivable of $244,143 and OTC swap interest payable of $197,645.

(c) Financial instrument not subject to a master netting agreement.

(d) Includes exchange traded purchased options with a value of $1,087,062 that is not subject to a master netting agreement.

(e) Includes exchange traded written option with a value of $32,125 that is not subject to a master netting agreement.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Bank of America N.A.	$	12,618,281	$	(12,618,281	)	$	—	$	—
Barclays Bank plc		2,428,227		(2,428,227	)		—		—
BNP Paribas S.A.		1,999,749		(446,726	)		—		1,553,023
Citibank N.A.		2,946,511		(417,898	)		—		2,528,613
Credit Suisse International		291,441		(291,441	)		—		—
Deutsche Bank AG		16,728,467		(13,458,169	)		—		3,270,298
Goldman Sachs & Co.		1,769,293		(1,732,807	)		—		36,486
JPMorgan Chase Bank N.A.		5,460,022		(1,069,081	)		—		4,390,941
Morgan Stanley & Co.		715,323		(100,135	)		—		615,188
Royal Bank of Canada		83,324		—			—		83,324
Royal Bank of Scotland plc		160,416		(1,451	)		—		158,965
Standard Chartered Bank		14,568		(9,372	)		—		5,196
State Street Bank and Trust		228,646		—			—		228,646
UBS AG		787,138		(145,104	)		—		642,034
	$	46,231,406	$	(32,718,692	)	$	—	$	13,512,714

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	13,657,930	$	(12,618,281	)	$	—		$	1,039,649
Barclays Bank plc		2,602,093		(2,428,227	)		—			173,866
BNP Paribas S.A.		446,726		(446,726	)		—			—
Citibank N.A.		417,898		(417,898	)		—			—
Credit Suisse International		1,208,499		(291,441	)		(510,000	)		407,058
Deutsche Bank AG		13,458,169		(13,458,169	)		—			—
Goldman Sachs & Co.		1,732,807		(1,732,807	)		—			—
JPMorgan Chase Bank N.A.		1,069,081		(1,069,081	)		—			—
Morgan Stanley & Co.		100,135		(100,135	)		—			—
Royal Bank of Scotland plc		1,451		(1,451	)		—			—
Standard Chartered Bank		9,372		(9,372	)		—			—
UBS AG		145,104		(145,104	)		—			—
	$	34,849,265	$	(32,718,692	)	$	(510,000	)	$	1,620,573

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

MSF-45

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit		Foreign Exchange			Total
Investments (a)	$	(7,131,263	)	$	—	$	(4,670,249	)	$	(11,801,512	)
Forward foreign currency transactions		—			—		16,071,017			16,071,017
Futures contracts		33,385,218			—		—			33,385,218
Swap contracts		(7,846,230	)		3,367,002		—			(4,479,228	)
Written options		1,926,917			—		7,879,931			9,806,848
	$	20,334,642		$	3,367,002	$	19,280,699		$	42,982,343
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit		Foreign Exchange			Total
Investments (a)	$	(2,117,491	)	$	—	$	15,164,203		$	13,046,712
Forward foreign currency transactions		—			—		10,339,865			10,339,865
Futures contracts		9,047,496			—		—			9,047,496
Swap contracts		(1,454,369	)		598,613		—			(855,756	)
Written options		159,133			—		(16,361,039	)		(16,201,906	)
	$	5,634,769		$	598,613	$	9,143,029		$	15,376,411

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	659,557,672
Forward foreign currency transactions		696,283,980
Futures contracts long		645,200,787
Futures contracts short		(779,786,836	)
Swap contracts		569,255,044
Written options		(481,049,344	)

‡ Averages are based on activity levels during 2014.

(a) Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

MSF-46

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these 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.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	30,349,160,311	$	2,935,384,559	$	29,785,344,674	$	3,181,070,368

The Portfolio engaged in security transactions with other accounts managed by BlackRock Advisors, LLC that amounted to $629,236 in sales of investments, which are included above.

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2014 were as follows:

Purchases		Sales
$	21,270,987,507	$	21,362,659,575

MSF-47

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$13,434,344		0.400	%	Of the first $1 billion
		0.350	%	Of the next $1 billion
		0.300	%	Of the next $1 billion
		0.250	%	On amounts in excess of $3 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Advisors, LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum			Average Daily Net Assets
	0.030	%	Of the first $1 billion
	0.025	%	Of the next $1 billion

Any reductions in total advisory fees paid by the Portfolio due to these waivers may be reduced or eliminated by changes in the advisory fee structure at higher asset levels. MetLife Advisers will receive advisory fees equal to 0.325% of the Portfolio’s average daily net assets for amounts over $2 billion but less than $3 billion (0.025% over the contractual advisory fee rate) and 0.325% for amounts over $3 billion but less than $3.4 billion (0.075% over the contractual advisory fee rate). As a result, the dollar amount of the waiver will be reduced as assets grow beyond $2 billion up to $3.4 billion, but the advisory fee net of waivers will never exceed the contractual dollar amount that would otherwise be payable under the advisory fee.

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

MSF-48

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income				Long-Term Capital Gain				Total
2014		2013		2014		2013		2014		2013
$	135,238,241	$	201,565,998	$	—	$	30,718,094	$	135,238,241	$	232,284,092

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$	190,261,258	$	13,991,825	$	8,984,026	$	—	$	213,237,109

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as shortterm losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized $31,066,700 of capital loss carryforwards.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-49

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Bond Income Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of BlackRock Bond Income Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 BlackRock Bond Income Portfolio of Metropolitan Series Fund as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-50

Metropolitan Series Fund

Trustees and Officers

Management of The Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**

MSF-51

Metropolitan Series Fund

Trustees and Officers—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-52

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-53

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MSF-54

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

BlackRock Bond Income Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and BlackRock Advisors LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Barclays Aggregate Bond Index, for the one-, three- and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

MSF-55

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the BlackRock Capital Appreciation Portfolio returned 8.90%, 8.64%, and 8.74%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 13.05%.

MARKET ENVIRONMENT / CONDITIONS

Despite a lackluster December, U.S. equities closed out 2014 with solid gains as the economy gathered steam, thanks in part to better-than-expected job growth, improved consumer confidence and healthier business spending. Continued monetary policy accommodation and strength in corporate America further underpinned stock outperformance. All told, the broad-market S&P 500 Index added nearly 5% in the fourth quarter to end the year up 13.7%. It was the third consecutive year of double-digit returns for the index, with stocks repeatedly logging record highs. The absolute return understates the level of recent market volatility, however, as weakening global economic growth, shifting expectations about Federal Reserve policy, geopolitical flare-ups and the collapse in oil prices all tested investor resolve. While these factors failed to derail the market uptrend, the flight-to-quality environment they fomented benefited defensive stock sectors such as Utilities and Health Care, as well as U.S. Treasuries.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the Russell 1000 Growth Index during the one year period as strong results in the second half of 2014 were not enough to offset the weakness experienced in March and April when investors stampeded out of high growth/momentum stocks.

At the sector level, Consumer Discretionary was the primary detractor from relative performance, with the internet & catalog retail industry accounting for the majority of the disappointment. Selection weakness in Telecommunication Services (“Telecom”) and Information Technology (“IT”) also weighed on results. Positive performance during the annual period was attributable primarily to positioning in the Health Care sector, especially within the pharmaceuticals industry.

Japanese internet and telecom conglomerate SoftBank was the top individual detractor, with the stock selling off as investors worried that after continued weak results in its Sprint subsidiary, the company would have to support Sprint with material cash infusions. During the period, the Portfolio exited the position because the magnitude of Sprint’s ongoing cash needs was difficult to quantify.

Portfolio holdings Precision Castparts, SINA (China) and TripAdvisor also hindered relative returns, as did an underweight in Apple. Precision Castparts missed earnings expectations in three of four quarters over the year, a function of poor guidance and communication from the company as well as perennially optimistic sell-side analyst estimates. Further, following several years of expanding aerospace industry backlogs, the question of “cycle duration” came into play, limiting multiple expansion for Precision Castparts and the entire aerospace complex. SINA shares lost ground amid a confluence of factors in the first half of the reporting period, including China growth concerns; the overall slump in U.S. technology shares; worries about both user growth for the company’s social media platform Weibo and 2014 margins; and turmoil in emerging markets. We ultimately exited the position. TripAdvisor underperformed in the second half of the reporting period due to an earnings miss and lack of progress on its direct booking initiative. Concerns about the company’s continued uneven quarterly performance also weighed on sentiment. Despite near-term underperformance, the Portfolio maintained its position as we continued to believe in the long-term attractiveness of TripAdvisor’s business model, the inherent value of its reviews product, and the monetization potential of its massive travel traffic base.

With respect to Apple, an underweight early in the annual period hurt as the stock recorded strong gains following solid earnings reports. Notably, we added Apple back to the Portfolio during the second quarter given increasing confidence around upcoming product cycles, emerging markets penetration and gross margin stabilization. The stock has performed well since. We are closely watching market uptake of the upcoming Apple Watch to determine the future earnings potential for Apple.

The largest individual contributor was Regeneron Pharmaceuticals, whose shares climbed after the Food & Drug Administration (FDA) approved its drug Eylea for the treatment of diabetic macular edema. Shares also got a boost following Sanofi’s (France) increased stake in the company, as well as positive clinical results for several drugs, including treatments for high cholesterol and atopic dermatitis. We remain confident the company can maintain its high-growth trajectory given both continued success with Eylea and a rich pipeline of promising late- and early-stage products/therapies.

Positions in AbbVie, Union Pacific and Alibaba Group (China) also added value. AbbVie outperformed as the market began to appreciate several factors underlying our investment thesis, including: (1) much better than expected growth and sales in the company’s top-selling drug Humira; (2) a strong pipeline of drugs that should propel near-term earnings per share, including therapies for hepatitis C (a growth opportunity we believe is being underappreciated), liquid tumors and multiple sclerosis; and (3) a compelling valuation, as the stock still trades at a discount multiple relative to pharmaceutical peers in the U.S. and Europe. The stock also rallied after the company abandoned its planned merger with Shire (Ireland) during the fourth quarter. Union Pacific benefited from an improving domestic economy and tight capacity in freight markets, which is a boon for rail pricing. Given very low oil/gas exposure and no direct foreign exposure, the company sustained its valuation multiple and was seen as a relatively safe haven. Alibaba outperformed as the company’s initial public offering in September was a success, valuing it well above $200 billion. Shares also got a boost after its third-quarter earnings

MSF-1

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

report showed further progress in shifting its model to mobile, from both a gross merchandise value and revenue perspective. At period end, we continued to like Alibaba’s prospects as the dominant e-commerce platform in the world’s biggest e-commerce market.

An additional contribution came from the Portfolio’s avoidance of IBM, which significantly underperformed as the secular pressures of cloud, mobile and infrastructure commoditization resulted in the company’s worst earnings miss in 10 years. We continue to avoid IBM, as we believe the aforementioned secular pressures, as well as underinvestment in the business over the last several years, will make it difficult for the company to show material growth.

As of December 31, 2014, the Portfolio’s largest sector overweights relative to the Russell 1000 Growth Index were in Health Care and IT, while Consumer Staples remained the largest underweight. The Health Care weighting primarily comprised innovative pharmaceutical and biotechnology companies with robust research & development capabilities and strong pipelines of drugs that are misunderstood by the market. Notably, these high-quality holdings were not purchased at premium valuations, but rather at prices comparable to the average company in the benchmark. We also had select exposure to health care service companies that we believe will be prime beneficiaries in the post-reform era. The overweight in IT is driven by our favorable view on internet payment processing and software-as-a-service (SaaS) companies that are harnessing key structural trends such as e-commerce, big data, cloud computing and mobility, which we believe will drive earnings growth in the coming years. At period end, the Portfolio’s underweight in Consumer Staples was due to the sector’s extended valuations and inferior growth prospects.

Lawrence Kemp

Portfolio Manager

BlackRock Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
BlackRock Capital Appreciation Portfolio
Class A		8.90		12.77		7.68
Class B		8.64		12.49		7.41
Class E		8.74		12.60		7.52
Russell 1000 Growth Index		13.05		15.81		8.49

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Visa, Inc. - Class A		4.7
Apple, Inc.		4.4
Facebook, Inc. - Class A		4.4
AbbVie, Inc.		4.1
Twenty-First Century Fox, Inc. - Class A		3.8
Yahoo!, Inc.		3.5
Liberty Global plc - Class A		3.2
Union Pacific Corp.		3.2
Valeant Pharmaceuticals International, Inc.		3.1
United Therapeutics Corp.		2.9

Top Sectors

	% of Net Assets
Information Technology		34.0
Consumer Discretionary		24.9
Health Care		22.7
Industrials		7.1
Financials		4.9
Consumer Staples		2.9
Energy		2.8
Materials		0.6

MSF-3

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

BlackRock Capital Appreciation Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.71	%	$	1,000.00	$	1,082.20	$	3.73
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.63	$	3.62
Class B(a)	Actual		0.96	%	$	1,000.00	$	1,080.80	$	5.03
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.37	$	4.89
Class E(a)	Actual		0.86	%	$	1,000.00	$	1,081.40	$	4.51
	Hypothetical*		0.86	%	$	1,000.00	$	1,020.87	$	4.38

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—98.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.1%
Precision Castparts Corp.		176,094	$	42,417,523
Airlines—1.8%
Spirit Airlines, Inc. (a) (b)		485,548		36,697,718
Auto Components—0.7%
Delphi Automotive plc		198,138		14,408,595
Beverages—0.6%
Constellation Brands, Inc. - Class A (a)		123,013		12,076,186
Biotechnology—8.3%
Gilead Sciences, Inc. (a)		210,757		19,865,955
Regeneron Pharmaceuticals, Inc. (a)		92,545		37,966,586
United Therapeutics Corp. (a) (b)		451,812		58,505,136
Vertex Pharmaceuticals, Inc. (a)		429,717		51,050,380
				167,388,057
Chemicals—0.6%
Ecolab, Inc.		115,113		12,031,611
Consumer Finance—1.4%
Discover Financial Services		438,594		28,723,521
Diversified Financial Services—2.5%
Berkshire Hathaway, Inc. - Class B (a)		134,317		20,167,697
Moody’s Corp.		307,927		29,502,486
				49,670,183
Food & Staples Retailing—1.5%
CVS Health Corp.		146,211		14,081,581
Whole Foods Market, Inc.		316,514		15,958,636
				30,040,217
Food Products—0.8%
Hershey Co. (The)		157,992		16,420,109
Health Care Equipment & Supplies—0.4%
Intuitive Surgical, Inc. (a)		14,096		7,455,938
Health Care Providers & Services—2.9%
Express Scripts Holding Co. (a)		480,668		40,698,160
Humana, Inc.		125,032		17,958,346
				58,656,506
Health Care Technology—0.8%
athenahealth, Inc. (a) (b)		112,575		16,402,178
Hotels, Restaurants & Leisure—2.2%
Starbucks Corp.		331,232		27,177,585
Wynn Resorts, Ltd.		112,388		16,718,839
				43,896,424
Internet & Catalog Retail—4.5%
Netflix, Inc. (a)		117,800		40,241,658
TripAdvisor, Inc. (a) (b)		656,572		49,019,666
				89,261,324
Internet Software & Services—17.4%
Alibaba Group Holding, Ltd. (a)		329,063		34,202,808
Alibaba Group Holding, Ltd. (ADR) (a)		10,800		1,122,552
Baidu, Inc. (ADR) (a)		215,547		49,138,249
Facebook, Inc. - Class A (a)		1,137,586		88,754,460
Google, Inc. - Class A (a)		98,983		52,526,319
LinkedIn Corp. - Class A (a)		234,791		53,933,841
Yahoo!, Inc. (a) (b)		1,381,056		69,757,138
				349,435,367
IT Services—7.1%
Alliance Data Systems Corp. (a)		167,003		47,771,208
Visa, Inc. - Class A		359,063		94,146,319
				141,917,527
Media—10.0%
Liberty Global plc - Class A (a) (b)		1,265,177		63,518,211
Time Warner, Inc.		319,860		27,322,441
Twenty-First Century Fox, Inc. - Class A		1,964,964		75,464,443
Walt Disney Co. (The)		369,409		34,794,634
				201,099,729
Multiline Retail—2.0%
Dollar General Corp. (a)		563,107		39,811,665
Oil, Gas & Consumable Fuels—2.8%
Concho Resources, Inc. (a)		335,551		33,471,212
Pioneer Natural Resources Co.		95,010		14,142,238
Range Resources Corp.		150,608		8,049,998
				55,663,448
Pharmaceuticals—10.2%
AbbVie, Inc.		1,270,248		83,125,029
Mallinckrodt plc (a) (b)		165,626		16,401,943
Perrigo Co. plc		257,014		42,962,460
Valeant Pharmaceuticals International, Inc. (a)		438,142		62,702,502
				205,191,934
Real Estate Investment Trusts—1.0%
Crown Castle International Corp.		262,305		20,643,403
Road & Rail—3.2%
Union Pacific Corp.		532,130		63,392,647
Software—5.8%
Oracle Corp.		414,296		18,630,891
Salesforce.com, Inc. (a)		937,427		55,598,795
VMware, Inc. - Class A (a) (b)		285,340		23,546,257
Workday, Inc. - Class A (a) (b)		230,556		18,815,675
				116,591,618

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—1.1%
Home Depot, Inc. (The)		215,573	$	22,628,698
Technology Hardware, Storage & Peripherals—4.5%
Apple, Inc.		808,564		89,249,294
Textiles, Apparel & Luxury Goods—2.7%
lululemon athletica, Inc. (a) (b)		486,351		27,133,522
Michael Kors Holdings, Ltd. (a)		365,084		27,417,809
				54,551,331
Total Common Stocks (Cost $1,696,909,326)				1,985,722,751
Preferred Stock—1.0%
Software—1.0%
Palantir Technologies, Inc. - Series I (a) (c) (d) (Cost $15,555,194)		2,537,552		20,351,167
Short-Term Investments—4.9%
Mutual Fund—4.6%
State Street Navigator Securities Lending MET Portfolio (e)		91,991,512		91,991,512
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $6,603,422 on 01/02/15, collateralized by $6,835,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $6,739,556.		6,603,422		6,603,422
Total Short-Term Investments (Cost $98,594,934)				98,594,934
Total Investments—104.8% (Cost $1,811,059,454) (f)				2,104,668,852
Other assets and liabilities (net)—(4.8)%				(97,227,254	)
Net Assets—100.0%			$	2,007,441,598

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $89,398,627 and the collateral received consisted of cash in the amount of $91,991,512. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

(c) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2014, the market value of restricted securities was $20,351,167, which is 1.0% of net assets. See details shown in the Restricted Securities table that follows.

(d) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent 1.0% of net assets.

(e) Represents investment of cash collateral received from securities lending transactions.

(f) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,814,615,244. The aggregate unrealized appreciation and depreciation of investments were $324,999,185 and $(34,945,577), respectively, resulting in net unrealized appreciation of $290,053,608 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Palantir Technologies, Inc. - Series I		02/07/14		2,537,552	$	15,555,194	$	20,351,167

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,985,722,751	$	—		$	—	$	1,985,722,751
Total Preferred Stock*		—		—			20,351,167		20,351,167
Short-Term Investments
Mutual Fund		91,991,512		—			—		91,991,512
Repurchase Agreement		—		6,603,422			—		6,603,422
Total Short-Term Investments		91,991,512		6,603,422			—		98,594,934
Total Investments	$	2,077,714,263	$	6,603,422		$	20,351,167	$	2,104,668,852
Collateral for securities loaned (Liability)	$	—	$	(91,991,512	)	$	—	$	(91,991,512	)

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Appreciation		Purchases		Balance as of December 31, 2014		Change in Unrealized Appreciation from Investments Still Held at December 31, 2014
Preferred Stock
Software	$	—	$	4,795,973	$	15,555,194	$	20,351,167	$	4,795,973

Following is quantitative information about Level 3 fair value measurements:

	Fair Value at December 31, 2014		Valuation Technique(s)	Unobservable Input	Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Preferred Stocks
Software	$	20,351,167	Market Transaction Method	Pending Transaction	$	8.89		$	8.89		$	8.89		Increase
				Precedent Transaction	$	6.13		$	6.13		$	6.13		Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		16.00	%		18.00	%		17.00	%	Decrease
				Perpetual Growth Rate		2.50	%		3.50	%		3.00	%	Increase
			Market Comparable Companies	Enterprise Value / Revenue		10.2x			13.1x			11.2x		Increase
				Discount for Lack of Marketability		15.00	%		15.00	%		15.00	%	Decrease

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	2,104,668,852
Receivable for:
Fund shares sold		36,967
Dividends		811,657
Prepaid expenses		5,267
Total Assets		2,105,522,743
Liabilities
Collateral for securities loaned		91,991,512
Payables for:
Investments purchased		3,523,026
Fund shares redeemed		1,155,307
Accrued expenses:
Management fees		1,163,967
Distribution and service fees		44,580
Deferred trustees’ fees		66,258
Other expenses		136,495
Total Liabilities		98,081,145
Net Assets	$	2,007,441,598
Net assets consist of:
Paid in surplus	$	1,385,031,580
Accumulated net investment loss		(66,258	)
Accumulated net realized gain		328,867,886
Unrealized appreciation on investments and foreign currency transactions		293,608,390
Net Assets	$	2,007,441,598
Net Assets
Class A	$	1,781,348,457
Class B		184,623,044
Class E		41,470,097
Capital Shares Outstanding*
Class A		43,241,992
Class B		4,572,073
Class E		1,016,699
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	41.19
Class B		40.38
Class E		40.79

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,811,059,454.

(b) Includes securities loaned at value of $89,398,627.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	14,486,269
Securities lending income		303,754
Total investment income		14,790,023
Expenses
Management fees		14,040,833
Administration fees		47,320
Custodian and accounting fees		175,421
Distribution and service fees—Class B		456,284
Distribution and service fees—Class E		63,280
Audit and tax services		39,404
Legal		30,013
Trustees’ fees and expenses		40,040
Shareholder reporting		141,837
Insurance		12,152
Miscellaneous		18,295
Total expenses		15,064,879
Less management fee waiver		(175,000	)
Less broker commission recapture		(45,084	)
Net expenses		14,844,795
Net Investment Loss		(54,772	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		336,787,108
Foreign currency transactions		(1,141,442	)
Net realized gain		335,645,666
Net change in unrealized depreciation on:
Investments		(161,504,088	)
Foreign currency transactions		(651,643	)
Net change in unrealized depreciation		(162,155,731	)
Net realized and unrealized gain		173,489,935
Net Increase in Net Assets From Operations	$	173,435,163

(a) Net of foreign withholding taxes of $17,033.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(54,772	)	$	1,219,454
Net realized gain		335,645,666			282,639,167
Net change in unrealized appreciation (depreciation)		(162,155,731	)		261,549,081
Increase in net assets from operations		173,435,163			545,407,702
From Distributions to Shareholders
Net investment income
Class A		(1,160,142	)		(13,139,735	)
Class B		0			(1,085,499	)
Class E		0			(308,668	)
Total distributions		(1,160,142	)		(14,533,902	)
Increase (decrease) in net assets from capital share transactions		(319,009,259	)		6,097,339
Total increase (decrease) in net assets		(146,734,238	)		536,971,139
Net Assets
Beginning of period		2,154,175,836			1,617,204,697
End of period	$	2,007,441,598		$	2,154,175,836
Accumulated undistributed net investment income (loss)
End of period	$	(66,258	)	$	910,319

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		3,108,544		$	112,700,814			8,135,961		$	270,708,814
Reinvestments		32,689			1,160,142			445,868			13,139,735
Redemptions		(10,572,883	)		(404,232,821	)		(7,488,997	)		(243,962,049	)
Net increase (decrease)		(7,431,650	)	$	(290,371,865	)		1,092,832		$	39,886,500
Class B
Sales		335,091		$	12,534,919			277,663		$	8,605,449
Reinvestments		0			0			37,444			1,085,499
Redemptions		(889,406	)		(33,579,792	)		(1,093,181	)		(34,711,377	)
Net decrease		(554,315	)	$	(21,044,873	)		(778,074	)	$	(25,020,429	)
Class E
Sales		138,131		$	5,238,597			99,567		$	3,098,565
Reinvestments		0			0			10,560			308,668
Redemptions		(340,067	)		(12,831,118	)		(377,071	)		(12,175,965	)
Net decrease		(201,936	)	$	(7,592,521	)		(266,944	)	$	(8,768,732	)
Increase (decrease) derived from capital shares transactions				$	(319,009,259	)				$	6,097,339

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	37.85		$	28.45		$	24.96		$	27.45		$	22.96
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.03			0.26			0.11			0.05
Net realized and unrealized gain (loss) on investments		3.35			9.63			3.32			(2.55	)		4.49
Total from investment operations		3.36			9.66			3.58			(2.44	)		4.54
Less Distributions
Distributions from net investment income		(0.02	)		(0.26	)		(0.09	)		(0.05	)		(0.05	)
Total distributions		(0.02	)		(0.26	)		(0.09	)		(0.05	)		(0.05	)
Net Asset Value, End of Period	$	41.19		$	37.85		$	28.45		$	24.96		$	27.45
Total Return (%) (b)		8.90			34.22	(c)		14.37			(8.95	)		19.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.71			0.71			0.73			0.73			0.77
Net ratio of expenses to average net assets (%) (d)		0.71			0.70			0.72			0.72			0.75
Ratio of net investment income to average net assets (%)		0.02			0.10			0.93			0.41			0.23
Portfolio turnover rate (%)		99			160			59			83			72
Net assets, end of period (in millions)	$	1,781.3		$	1,917.9		$	1,410.4		$	1,314.6		$	649.7
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	37.17		$	27.94		$	24.52		$	26.99		$	22.59
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.09	)		(0.05	)		0.18			0.03			(0.01	)
Net realized and unrealized gain (loss) on investments		3.30			9.47			3.26			(2.50	)		4.42
Total from investment operations		3.21			9.42			3.44			(2.47	)		4.41
Less Distributions
Distributions from net investment income		0.00			(0.19	)		(0.02	)		0.00			(0.01	)
Total distributions		0.00			(0.19	)		(0.02	)		0.00			(0.01	)
Net Asset Value, End of Period	$	40.38		$	37.17		$	27.94		$	24.52		$	26.99
Total Return (%) (b)		8.64			33.90	(c)		14.07			(9.15	)		19.47
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96			0.96			0.98			0.98			1.02
Net ratio of expenses to average net assets (%) (d)		0.96			0.95			0.97			0.97			1.00
Ratio of net investment income (loss) to average net assets (%)		(0.23	)		(0.16	)		0.68			0.12			(0.03	)
Portfolio turnover rate (%)		99			160			59			83			72
Net assets, end of period (in millions)	$	184.6		$	190.5		$	165.0		$	153.7		$	145.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	37.51		$	28.19		$	24.73		$	27.21		$	22.77
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.05	)		(0.02	)		0.21			0.06			0.02
Net realized and unrealized gain (loss) on investments		3.33			9.56			3.30			(2.52	)		4.45
Total from investment operations		3.28			9.54			3.51			(2.46	)		4.47
Less Distributions
Distributions from net investment income		0.00			(0.22	)		(0.05	)		(0.02	)		(0.03	)
Total distributions		0.00			(0.22	)		(0.05	)		(0.02	)		(0.03	)
Net Asset Value, End of Period	$	40.79		$	37.51		$	28.19		$	24.73		$	27.21
Total Return (%) (b)		8.74			34.04	(c)		14.17			(9.06	)		19.62
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86			0.86			0.88			0.88			0.92
Net ratio of expenses to average net assets (%) (d)		0.86			0.85			0.87			0.87			0.90
Ratio of net investment income (loss) to average net assets (%)		(0.13	)		(0.06	)		0.78			0.21			0.07
Portfolio turnover rate (%)		99			160			59			83			72
Net assets, end of period (in millions)	$	41.5		$	45.7		$	41.9		$	41.6		$	51.9

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) In 2013 0.03%, 0.03% and 0.03% of the Portfolio’s total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadvisor. Excluding this item, total return would have been 34.19%, 33.87% and 34.01% for Class A, Class B and Class E, respectively.

(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is BlackRock Capital Appreciation Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-12

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-13

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, foreign currency transactions, return of capital adjustments, ordinary loss netting, and distribution re-designation. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $6,603,422, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

MSF-14

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes 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.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Foreign Exchange
Forward foreign currency transactions	$	(1,191,045	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Forward foreign currency transactions	$	(650,605	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	45,699,773

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

MSF-15

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	2,008,936,306	$	0	$	2,337,174,367

The Portfolio engaged in security transactions with other accounts managed by BlackRock Advisors, LLC that amounted to $1,600,339 in purchases of investments, which are included above.

MSF-16

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$14,040,833		0.730	%	Of the first $1 billion
		0.650	%	On amounts in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Advisors, LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.025%	Over $	300 million and less than $1 billion

An identical expense agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

MSF-17

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$1,160,142	$	14,533,902	$	—	$	—	$	1,160,142	$	14,533,902

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$83,521,306	$	248,902,370	$	290,052,600	$	—	$	622,476,276

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized $3,282,055 of capital loss carryforwards.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-18

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Capital Appreciation Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of BlackRock Capital Appreciation Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 BlackRock Capital Appreciation Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-19

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-20

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-21

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-22

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-23

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

BlackRock Capital Appreciation Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and BlackRock Advisors, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Russell 1000 Growth Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board considered management’s discussion of the Portfolio’s performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group but below the average of the Sub-advised Expense Universe at the Portfolio’s current size. The Board noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year. In addition, the Board considered that the Adviser had negotiated reductions to the Portfolio’s sub-advisory fee schedule and that the Adviser agreed to waive a corresponding portion of its advisory fee in order for contractholders to benefit from the lower sub-advisory fee effective January 1, 2015.

MSF-24

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the BlackRock Large Cap Value Portfolio returned 9.92%, 9.70%, and 9.79%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 13.45%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. equity market shrugged off a number of major geopolitical and macroeconomic developments in 2014 to register its sixth consecutive annual gain, peaking in late December. While the “polar vortex” in the U.S. depressed first-quarter economic activity, conflicts in Ukraine, Israel and Syria and the outbreak of Ebola created anxiety among investors. A precipitous fall in the price of oil implied a weakening global economy and pushed Russia to the brink of a currency crisis. Ultimately, continued earnings growth among U.S. companies and easy global monetary policy drove prices higher. In addition, a strengthening dollar and self-sustaining U.S. economic recovery led global investors to seek opportunities in the U.S. Within the Russell 1000 Value Index, the Information Technology (“IT”) and Utilities sectors delivered the best results, while the Energy sector was the notable underperformer, declining on the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the Russell 1000 Value Index during the one year period, largely as a result of performance in the fourth quarter. Key macroeconomic developments (a sharp decline in the price of oil and a surprising decline in interest rates) led to underperformance in the Energy and Financials sectors.

With the price of oil plummeting 40% in the fourth quarter, the Portfolio’s overweight position and stock selection in the Energy sector contributed negatively. Large investments in Apache and Marathon Oil accounted for much of the relative weakness. At period end, we continued to be confident in our current positioning in the sector and believe both companies have high-quality assets that will produce substantial value over the longer term.

In Financials, the Portfolio’s investment in insurance company Genworth Financial was a significant detractor as the company fell sharply during the second half of the year after reporting larger-than-expected reserve charges for the company’s long-term care business. In addition, the Portfolio’s avoidance of real estate investment trusts (REITs), which surged 30% as interest rates trended lower, detracted notably.

Stock selection in Industrials, combined with a large underweight position in the sector, boosted relative performance. At the stock level, the Portfolio’s preference for aerospace & defense companies over poorly performing General Electric and machinery stocks added value. The Health Care sector also delivered strong outperformance, thanks to the Portfolio’s investments in the pharmaceuticals industry. AstraZeneca (United Kingdom) surged on the attempted acquisition by Pfizer, while both Hospira and Teva Pharmaceuticals (Israel) also delivered impressive gains.

At period-end, the Portfolio held notable overweights relative to the Russell 1000 Value Index in the Health Care, IT and Consumer Discretionary sectors, while holding significant underweights in Industrials, Utilities and Consumer Staples.

Bart Geer

Carrie King

Portfolio Managers

BlackRock Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
BlackRock Large Cap Value Portfolio
Class A		9.92		13.15		5.79
Class B		9.70		12.86		5.52
Class E		9.79		12.97		5.63
Russell 1000 Value Index		13.45		15.42		7.30

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Pfizer, Inc.		4.5
JPMorgan Chase & Co.		4.4
Cisco Systems, Inc.		4.1
Citigroup, Inc.		4.0
Marathon Oil Corp.		2.9
Kroger Co. (The)		2.8
Medtronic, Inc.		2.7
Wells Fargo & Co.		2.6
Discover Financial Services		2.5
Capital One Financial Corp.		2.5

Top Sectors

	% of Net Assets
Financials		29.5
Health Care		18.1
Information Technology		13.7
Energy		11.9
Consumer Discretionary		10.4
Consumer Staples		4.9
Industrials		3.9
Telecommunication Services		3.0
Materials		2.4
Utilities		2.0

MSF-2

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

BlackRock Large Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.63	%	$	1,000.00	$	1,022.80	$	3.21
	Hypothetical*		0.63	%	$	1,000.00	$	1,022.03	$	3.21
Class B(a)	Actual		0.87	%	$	1,000.00	$	1,021.90	$	4.43
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.82	$	4.43
Class E(a)	Actual		0.77	%	$	1,000.00	$	1,021.80	$	3.92
	Hypothetical*		0.77	%	$	1,000.00	$	1,021.32	$	3.92

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—99.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.1%
Honeywell International, Inc.		57,000	$	5,695,440
Northrop Grumman Corp.		90,700		13,368,273
Raytheon Co.		233,075		25,211,723
Spirit AeroSystems Holdings, Inc. - Class A (a)		193,600		8,332,544
				52,607,980
Airlines—0.1%
American Airlines Group, Inc.		37,690		2,021,315
Auto Components—1.1%
Lear Corp.		196,300		19,253,104
Automobiles—1.4%
General Motors Co.		663,900		23,176,749
Banks—12.4%
Citigroup, Inc.		1,242,381		67,225,236
JPMorgan Chase & Co.		1,186,517		74,252,234
KeyCorp		618,170		8,592,563
Regions Financial Corp.		1,310,921		13,843,325
Wells Fargo & Co.		813,200		44,579,624
				208,492,982
Capital Markets—1.2%
KKR & Co. L.P.		14,700		341,187
Morgan Stanley		401,200		15,566,560
State Street Corp.		52,400		4,113,400
				20,021,147
Chemicals—2.1%
Akzo Nobel NV (ADR)		805,750		18,371,100
Cabot Corp.		7,750		339,915
Celanese Corp. - Series A		89,020		5,337,639
LyondellBasell Industries NV - Class A		148,680		11,803,705
				35,852,359
Communications Equipment—6.4%
Cisco Systems, Inc.		2,468,440		68,659,659
QUALCOMM, Inc.		232,170		17,257,196
Telefonaktiebolaget LM Ericsson (ADR)		1,807,050		21,865,305
				107,782,160
Construction & Engineering—0.1%
Jacobs Engineering Group, Inc. (a)		26,710		1,193,670
Consumer Finance—5.5%
Capital One Financial Corp.		502,670		41,495,409
Discover Financial Services		652,490		42,731,570
SLM Corp.		904,100		9,212,779
				93,439,758
Containers & Packaging—0.3%
Crown Holdings, Inc. (a)		86,710		4,413,539
Diversified Financial Services—2.0%
Intercontinental Exchange, Inc.		11,300		2,477,977
NASDAQ OMX Group, Inc. (The)		661,055		31,704,198
				34,182,175
Diversified Telecommunication Services—1.6%
Verizon Communications, Inc.		595,520		27,858,426
Electronic Equipment, Instruments & Components—0.8%
Avnet, Inc.		210,770		9,067,325
Corning, Inc.		184,900		4,239,757
				13,307,082
Energy Equipment & Services—0.1%
Halliburton Co.		17,260		678,836
Noble Corp. plc (b)		25,790		427,340
				1,106,176
Food & Staples Retailing—3.5%
CVS Health Corp.		108,740		10,472,749
Kroger Co. (The)		744,200		47,785,082
				58,257,831
Food Products—0.5%
Kellogg Co.		13,300		870,352
Tyson Foods, Inc. - Class A		177,840		7,129,606
				7,999,958
Gas Utilities—0.5%
UGI Corp.		202,250		7,681,455
Health Care Equipment & Supplies—5.9%
Baxter International, Inc.		407,820		29,889,128
Hologic, Inc. (a)		462,430		12,365,378
Medtronic, Inc. (b)		634,400		45,803,680
Zimmer Holdings, Inc.		99,500		11,285,290
				99,343,476
Health Care Providers & Services—3.9%
Cigna Corp.		32,570		3,351,779
Community Health Systems, Inc. (a)		485,280		26,166,297
Laboratory Corp. of America Holdings (a)		56,150		6,058,585
Quest Diagnostics, Inc. (b)		447,500		30,009,350
				65,586,011
Household Durables—1.9%
Newell Rubbermaid, Inc.		702,920		26,774,223
Tupperware Brands Corp. (b)		77,810		4,902,030
				31,676,253
Household Products—0.5%
Energizer Holdings, Inc.		60,100		7,726,456
Independent Power and Renewable Electricity Producers—1.6%
AES Corp.		1,908,580		26,281,147

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—7.3%
ACE, Ltd.		74,690	$	8,580,387
Aflac, Inc.		16,590		1,013,483
CNO Financial Group, Inc.		230,200		3,964,044
Genworth Financial, Inc. - Class A (a)		1,536,000		13,056,000
Hartford Financial Services Group, Inc. (The)		520,050		21,680,884
Lincoln National Corp.		482,200		27,808,474
Prudential Financial, Inc.		287,200		25,980,112
Travelers Cos., Inc. (The)		52,530		5,560,301
XL Group plc		456,030		15,673,751
				123,317,436
IT Services—1.4%
Total System Services, Inc.		105,200		3,572,592
Western Union Co. (The) (b)		390,800		6,999,228
Xerox Corp.		958,360		13,282,870
				23,854,690
Machinery—0.5%
Stanley Black & Decker, Inc.		88,300		8,483,864
Media—3.3%
Cablevision Systems Corp. - Class A (b)		229,030		4,727,179
Comcast Corp. - Special Class A		148,430		8,544,373
Interpublic Group of Cos., Inc. (The)		272,410		5,657,956
Time Warner Cable, Inc.		33,570		5,104,654
Viacom, Inc. - Class B		423,100		31,838,275
				55,872,437
Multiline Retail—0.4%
Macy’s, Inc.		102,000		6,706,500
Oil, Gas & Consumable Fuels—11.8%
Apache Corp.		581,050		36,414,404
Gulfport Energy Corp. (a)		367,110		15,323,171
Marathon Oil Corp.		1,705,620		48,251,990
Marathon Petroleum Corp.		293,926		26,529,761
Suncor Energy, Inc.		809,830		25,736,397
Total S.A. (ADR)		222,606		11,397,427
Valero Energy Corp.		722,160		35,746,920
				199,400,070
Personal Products—0.2%
Nu Skin Enterprises, Inc. - Class A (b)		79,380		3,468,906
Pharmaceuticals—8.3%
Hospira, Inc. (a)		572,470		35,063,788
Pfizer, Inc.		2,422,155		75,450,128
Teva Pharmaceutical Industries, Ltd. (ADR)		506,840		29,148,368
				139,662,284
Real Estate Investment Trusts—1.0%
OUTFRONT Media, Inc.		601,534		16,145,172
Real Estate Management & Development—0.1%
Jones Lang LaSalle, Inc.		16,710		2,505,330
Semiconductors & Semiconductor Equipment—0.8%
Teradyne, Inc.		683,108		13,518,707
Software—4.3%
Microsoft Corp.		594,970		27,636,356
Oracle Corp.		694,830		31,246,505
Symantec Corp.		548,490		14,071,511
				72,954,372
Specialty Retail—2.3%
Gap, Inc. (The)		233,680		9,840,265
GNC Holdings, Inc. - Class A		629,700		29,570,712
				39,410,977
Wireless Telecommunication Services—1.3%
Telephone & Data Systems, Inc.		670,576		16,932,044
United States Cellular Corp. (a) (b)		142,043		5,657,573
				22,589,617
Total Common Stocks (Cost $1,480,237,039)				1,677,151,571
Convertible Preferred Stocks—0.3%
Food Products—0.2%
Tyson Foods, Inc. 4.750%, 07/15/17		90,527		4,557,129
Machinery—0.1%
Stanley Black & Decker, Inc. 6.250%, 11/17/16 (b)		10,940		1,288,076
Total Convertible Preferred Stocks (Cost $5,635,901)				5,845,205
Short-Term Investments—2.1%
Mutual Fund—1.8%
State Street Navigator Securities Lending MET Portfolio (c)		30,970,323		30,970,323
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $4,530,692 on 01/02/15, collateralized by $4,440,000 Federal Home Loan Mortgage Corp. at 4.375% due 07/17/15 with a value of $4,623,150.		4,530,692		4,530,692
Total Short-Term Investments (Cost $35,501,015)				35,501,015
Total Investments—101.9% (Cost $1,521,373,955) (d)				1,718,497,791
Other assets and liabilities (net)—(1.9)%				(32,796,606	)
Net Assets—100.0%			$	1,685,701,185

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Schedule of Investments as of December 31, 2014

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $93,077,634 and the collateral received consisted of cash in the amount of $30,970,323 and non-cash collateral with a value of $65,508,105. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,528,662,633. The aggregate unrealized appreciation and depreciation of investments were $251,422,044 and $(61,586,886), respectively, resulting in net unrealized appreciation of $189,835,158 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,677,151,571	$	—			$—	$	1,677,151,571
Total Convertible Preferred Stocks*		5,845,205		—			—		5,845,205
Short-Term Investments
Mutual Fund		30,970,323		—			—		30,970,323
Repurchase Agreement		—		4,530,692			—		4,530,692
Total Short-Term Investments		30,970,323		4,530,692			—		35,501,015
Total Investments	$	1,713,967,099	$	4,530,692			$—	$	1,718,497,791
Collateral for securities loaned (Liability)	$	—	$	(30,970,323	)		$—	$	(30,970,323	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,718,497,791
Cash		782,835
Receivable for:
Investments sold		9,020,023
Fund shares sold		108,197
Dividends		1,386,365
Prepaid expenses		4,545
Total Assets		1,729,799,756
Liabilities
Collateral for securities loaned		30,970,323
Payables for:
Investments purchased		11,050,942
Fund shares redeemed		980,352
Accrued expenses:
Management fees		856,171
Distribution and service fees		67,551
Deferred trustees’ fees		62,776
Other expenses		110,456
Total Liabilities		44,098,571
Net Assets	$	1,685,701,185
Net assets consist of:
Paid in surplus	$	1,340,996,389
Undistributed net investment income		27,475,309
Accumulated net realized gain		120,105,651
Unrealized appreciation on investments		197,123,836
Net Assets	$	1,685,701,185
Net Assets
Class A	$	1,342,885,522
Class B		283,551,091
Class E		59,264,572
Capital Shares Outstanding*
Class A		135,750,309
Class B		28,934,360
Class E		6,021,799
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.89
Class B		9.80
Class E		9.84

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,521,373,955.

(b) Includes securities loaned at value of $93,077,634.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	37,976,935
Securities lending income		328,256
Total investment income		38,305,191
Expenses
Management fees		11,303,007
Administration fees		41,903
Custodian and accounting fees		157,626
Distribution and service fees—Class B		698,902
Distribution and service fees—Class E		88,340
Audit and tax services		43,875
Legal		38,693
Trustees’ fees and expenses		29,156
Shareholder reporting		129,862
Insurance		11,637
Miscellaneous		18,635
Total expenses		12,561,636
Less management fee waiver		(2,437,027	)
Net expenses		10,124,609
Net Investment Income		28,180,582
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		129,683,619
Futures contracts		648,841
Foreign currency transactions		(6,956	)
Net realized gain		130,325,504
Net change in unrealized appreciation on investments		14,177,128
Net realized and unrealized gain		144,502,632
Net Increase in Net Assets From Operations	$	172,683,214

(a) Net of foreign withholding taxes of $611,429.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	28,180,582		$	24,611,173
Net realized gain		130,325,504			468,573,996
Net change in unrealized appreciation		14,177,128			24,861,022
Increase in net assets from operations		172,683,214			518,046,191
From Distributions to Shareholders
Net investment income
Class A		(21,066,507	)		(22,342,316	)
Class B		(2,965,683	)		(3,019,181	)
Class E		(671,818	)		(698,604	)
Net realized capital gains
Class A		(383,863,755	)		(86,380,800	)
Class B		(65,678,461	)		(13,883,657	)
Class E		(13,717,473	)		(2,986,287	)
Total distributions		(487,963,697	)		(129,310,845	)
Decrease in net assets from capital share transactions		(3,582,016	)		(75,741,307	)
Total increase (decrease) in net assets		(318,862,499	)		312,994,039
Net Assets
Beginning of period		2,004,563,684			1,691,569,645
End of period	$	1,685,701,185		$	2,004,563,684
Undistributed net investment income
End of period	$	27,475,309		$	24,435,426

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		3,461,216		$	32,373,495			5,678,161		$	62,157,473
Reinvestments		44,793,170			404,930,262			10,905,026			108,723,116
Redemptions		(51,156,983	)		(496,683,480	)		(22,293,363	)		(243,089,360	)
Net decrease		(2,902,597	)	$	(59,379,723	)		(5,710,176	)	$	(72,208,771	)
Class B
Sales		2,381,156		$	23,751,030			1,990,621		$	21,535,137
Reinvestments		7,652,637			68,644,144			1,703,915			16,902,838
Redemptions		(4,456,988	)		(44,885,644	)		(3,924,903	)		(42,703,963	)
Net increase (decrease)		5,576,805		$	47,509,530			(230,367	)	$	(4,265,988	)
Class E
Sales		736,207		$	7,297,580			899,485		$	9,788,145
Reinvestments		1,598,810			14,389,291			370,713			3,684,891
Redemptions		(1,315,544	)		(13,398,694	)		(1,171,740	)		(12,739,584	)
Net increase		1,019,473		$	8,288,177			98,458		$	733,452
Decrease derived from capital shares transactions				$	(3,582,016	)				$	(75,741,307	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.02		$	9.80		$	10.36		$	10.23		$	9.46
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.15			0.17			0.15			0.13
Net realized and unrealized gain on investments		0.75			2.84			1.21			0.10			0.74
Total from investment operations		0.91			2.99			1.38			0.25			0.87
Less Distributions
Distributions from net investment income		(0.16	)		(0.16	)		(0.18	)		(0.12	)		(0.10	)
Distributions from net realized capital gains		(2.88	)		(0.61	)		(1.76	)		0.00			0.00
Total distributions		(3.04	)		(0.77	)		(1.94	)		(0.12	)		(0.10	)
Net Asset Value, End of Period	$	9.89		$	12.02		$	9.80		$	10.36		$	10.23
Total Return (%) (b)		9.92			32.05	(c)		14.28			2.35			9.22
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65			0.65			0.66			0.66			0.65
Net ratio of expenses to average net assets (%) (d)		0.52	(e)		0.59			0.63			0.63			0.65
Ratio of net investment income to average net assets (%)		1.61			1.35			1.80			1.41			1.34
Portfolio turnover rate (%)		40			113			107			107			135
Net assets, end of period (in millions)	$	1,342.9		$	1,666.1		$	1,414.2		$	941.4		$	1,643.5
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.93		$	9.73		$	10.30		$	10.18		$	9.42
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.12			0.15			0.14			0.10
Net realized and unrealized gain on investments		0.74			2.82			1.20			0.08			0.74
Total from investment operations		0.88			2.94			1.35			0.22			0.84
Less Distributions
Distributions from net investment income		(0.13	)		(0.13	)		(0.16	)		(0.10	)		(0.08	)
Distributions from net realized capital gains		(2.88	)		(0.61	)		(1.76	)		0.00			0.00
Total distributions		(3.01	)		(0.74	)		(1.92	)		(0.10	)		(0.08	)
Net Asset Value, End of Period	$	9.80		$	11.93		$	9.73		$	10.30		$	10.18
Total Return (%) (b)		9.70			31.74	(c)		13.97			2.05			8.92
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90			0.90			0.91			0.91			0.90
Net ratio of expenses to average net assets (%) (d)		0.77	(e)		0.84			0.88			0.88			0.90
Ratio of net investment income to average net assets (%)		1.36			1.10			1.52			1.30			1.08
Portfolio turnover rate (%)		40			113			107			107			135
Net assets, end of period (in millions)	$	283.6		$	278.6		$	229.5		$	212.6		$	200.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.97		$	9.76		$	10.32		$	10.20		$	9.44
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.13			0.16			0.14			0.11
Net realized and unrealized gain on investments		0.74			2.83			1.21			0.09			0.74
Total from investment operations		0.89			2.96			1.37			0.23			0.85
Less Distributions
Distributions from net investment income		(0.14	)		(0.14	)		(0.17	)		(0.11	)		(0.09	)
Distributions from net realized capital gains		(2.88	)		(0.61	)		(1.76	)		0.00			0.00
Total distributions		(3.02	)		(0.75	)		(1.93	)		(0.11	)		(0.09	)
Net Asset Value, End of Period	$	9.84		$	11.97		$	9.76		$	10.32		$	10.20
Total Return (%) (b)		9.79			31.88	(c)		14.14			2.13			9.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.80			0.80			0.81			0.81			0.80
Net ratio of expenses to average net assets (%) (d)		0.67	(e)		0.74			0.78			0.78			0.80
Ratio of net investment income to average net assets (%)		1.46			1.20			1.62			1.37			1.18
Portfolio turnover rate (%)		40			113			107			107			135
Net assets, end of period (in millions)	$	59.3		$	59.9		$	47.9		$	47.7		$	53.5

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) In 2013 0.11%, 0.11% and 0.11% of the Portfolio’s total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadvisor. Excluding this item, total return would have been 31.94%, 31.63% and 31.77% for Class A, Class B and Class E, respectively.

(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(e) The effect of the voluntary portion of the management fee waiver was 0.10% for the year ended December 31, 2014 (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is BlackRock Large Cap Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-11

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-12

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and return of capital adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $4,530,692, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

MSF-13

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 25, 2014 through April 29, 2014, the Portfolio had bought and sold $175,955,122 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized gains in the amount of $648,841 which are shown under Net realized gain on futures contracts in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing

MSF-14

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	714,857,941	$	0	$	1,168,386,754

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $70,275,625 in sales of investments, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$11,303,007		0.700	%	On the first $250 million
		0.650	%	Of the next $500 million
		0.600	%	On amounts in excess of $750 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Advisors, LLC (“BlackRock”) is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 to April 30, 2015,to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.020%	Of the first $250 million
0.025%	On the next $500 million
0.050%	On amounts in excess of $1 billion

An identical expense agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 amounted to $575,250 and are included in the total amount shown as a management fee waiver in the Statement of Operations.

Additionally, BlackRock had agreed to waive subadvisory fees for the period December 2, 2013 through April 30, 2014. MetLife Advisers had agreed to reduce its advisory fee for the Portfolio by the amount waived by BlackRock. Amounts waived for the year ended December 31, 2014 amounted to $1,861,777 and are included in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

MSF-15

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$169,201,125	$	59,229,615	$	318,762,572	$	70,081,230	$	487,963,697	$	129,310,845

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$90,841,944	$	64,090,468	$	189,835,158	$	—	$	344,767,570

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before re-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-16

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Large Cap Value Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of BlackRock Large Cap Value Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 BlackRock Large Cap Value Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-17

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-18

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-19

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-20

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-21

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

BlackRock Large Cap Value Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and BlackRock Advisors, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-year period ended June 30, 2014 and underperformed the median of its Performance Universe and its Lipper Index for the three- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Russell 1000 Value Index, for the one-, three- and five-year periods ended October 31, 2014. The Board also took into account management’s discussion of the Portfolio’s performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-22

Metropolitan Series Fund

BlackRock Money Market Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the BlackRock Money Market Portfolio returned 0.00%, 0.00%, and 0.00%, respectively. The Portfolio’s benchmark, the Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index¹, returned 0.03%.

MARKET ENVIRONMENT / CONDITIONS

The Federal Open Market Committee (“FOMC”) maintained the federal funds rate in the target range of 0.00% to 0.25% during the 12-month period ended December 31, 2014. While the economy contracted by 2.1% in the first quarter of 2014, the factors that detracted from growth proved to be temporary as U.S. economic performance gained momentum as the year progressed. U.S. gross domestic product rebounded strongly, growing at seasonally adjusted rates of 4.6% and 5.0% in the second and third quarters, respectively. The job market also improved markedly. The unemployment rate fell to 5.8% in November, a level not seen since before the financial crisis. Although it left interest rates unchanged, non-conventional policy measures provided by the FOMC evolved. Late in the year, policymakers became increasingly concerned that a strengthening dollar and economic weakness overseas would present headwinds to growth in the U.S. Despite these reservations, the FOMC decided that enough progress had been made toward attaining its dual objectives of maximum employment within the context of price stability to announce the end to its asset purchase program in October. Furthermore, the FOMC’s last meeting of the year concluded on December 17 with a significant but widely anticipated shift in tone. The “considerable time” language that had been a part of the FOMC’s statement since March was altered to “the committee judges that it can be patient in beginning to normalize the stance of monetary policy.” The phrase “considerable time” became widely associated with a rate hike occurring six months after the end of quantitative easing, a program that concluded in October. Perhaps due to this perception and concern that removing those words could disrupt markets and signal a more imminent rate increase, officials added language in their statement indicating that the new description of their stance was “consistent” with past assurances that rates would stay low for a “considerable time.” The shift in the placement of the phrase in the statement did cause some confusion among market participants. In a follow-up press conference, FOMC Chairperson Janet Yellen sought to reassure the market that a change in language did not signify a change in policy. She said that the FOMC may not move to raise rates until after a “couple of meetings” next year, which she later clarified to mean two. But she further stressed that any change in policy would be dependent on economic conditions, highlighting such factors as further improvement in the labor market, a continued decline in the unemployment rate and inflation near current levels.

In the Eurozone, slow economic growth combined with falling inflation measures continued to disappoint policymakers. In an effort to spur growth and combat deflationary pressures, the European Central Bank (“ECB”) cut its key rates by 0.10% in July, and by an additional 0.10% in September, boldly taking the deposit rate to negative 0.20%. The central bank also announced an asset purchase program focused on asset-backed securities and covered bonds. While ECB President Mario Draghi stressed recently that the ECB had no plans to further lower interest rates, pressure on the ECB is mounting to pull out all stops in combatting falling prices, thereby increasing the possibility of large-scale government bond purchases early in 2015.

London Interbank Offered Rates (“LIBOR”) remained virtually unchanged over the period amid highly accommodative monetary policy. The benchmark three-month LIBOR ended the period at 0.255%, just 1 basis point higher than it was at the end of 2013.

PORTFOLIO REVIEW / PERIOD END POSITIONING

As investors have been extending their credit purchases in the 3- to 6-month space, yields in this sector have compressed. Therefore, the Portfolio continues to employ a barbell investment structure—investing in select first-tier, highly-rated credits in the 12-month space while offsetting them with purchases of 30-day and shorter maturities. The longer-term trades were concentrated in the top one to three systemically important banks located in select countries. Additionally, adding exposure to variable rate bank obligations maturing in 12-months continued to be an effective way to manage weighted average maturity (“WAM”) limits in addition to offering some level of yield protection should the FOMC act to raise rates. Said investments reset off the daily Fed Funds Effective Rate or either the 1-month or 3-month LIBOR indexes. Also, U.S. Treasury securities continued to be purchased to augment liquidity and diversification of the Portfolio. We will continue to monitor FOMC

MSF-1

Metropolitan Series Fund

BlackRock Money Market Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

statements and market indicators to gauge any potential change in the FOMC’s outlook for the federal funds rate. At period end, we expected to maintain the existing barbell investment strategy at least until the timing of FOMC action became clearer.

The WAM of the Portfolio stood at 57 days on December 31, 2014.

BlackRock Liquidity Team

Portfolio Managers

BlackRock Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index is composed of a single 90-day Treasury Bill issue, or potentially a seasoned 6-month or 1-year Treasury Bill issue, that is replaced on a monthly basis.

MSF-2

Metropolitan Series Fund

BlackRock Money Market Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

BlackRock Money Market Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.19	%	$	1,000.00	$	1,000.00	$	0.96
	Hypothetical*		0.19	%	$	1,000.00	$	1,024.25	$	0.97
Class B(a)	Actual		0.19	%	$	1,000.00	$	1,000.00	$	0.96
	Hypothetical*		0.19	%	$	1,000.00	$	1,024.25	$	0.97
Class E(a)	Actual		0.19	%	$	1,000.00	$	1,000.00	$	0.96
	Hypothetical*		0.19	%	$	1,000.00	$	1,024.25	$	0.97

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee and distribution and service fee waivers as described in Note 4 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

BlackRock Money Market Portfolio

Schedule of Investments as of December 31, 2014

Financial Company Commercial Paper (a)—31.7%

Security Description	Principal Amount*		Value
ANZ New Zealand International, Ltd. (London)
0.252%, 06/04/15		5,000,000	$	5,000,000
Bank of Nova Scotia
0.248%, 02/10/15 (144A)		5,000,000		4,998,639
0.274%, 05/15/15		8,000,000		7,991,960
Caisse Centrale Desjardins
0.132%, 01/05/15		20,000,000		19,999,711
Commonwealth Bank of Australia
0.242%, 03/30/15 (144A)		8,000,000		8,017,951
0.245%, 05/20/15		7,000,000		7,000,000
0.253%, 03/23/15 (144A)		10,000,000		10,000,000
0.253%, 04/23/15		10,000,000		9,999,844
0.259%, 10/21/15 (144A)		8,000,000		8,000,000
DnB Bank ASA
0.238%, 03/02/15		40,000,000		39,984,333
Erste Abwicklungsanstalt
0.213%, 06/22/15		5,000,000		4,994,983
General Electric Capital Corp.
0.213%, 02/17/15		5,000,000		4,998,629
0.223%, 06/04/15		5,000,000		4,995,294
0.243%, 06/11/15		10,000,000		9,989,267
0.243%, 06/16/15		5,000,000		4,994,467
HSBC Bank plc
0.230%, 05/08/15		7,000,000		7,000,000
0.254%, 10/16/15		8,000,000		8,000,000
0.263%, 10/23/15 (144A)		8,000,000		8,000,000
0.268%, 11/19/15		8,000,000		8,000,000
Macquarie Bank, Ltd.
0.324%, 02/19/15		5,000,000		4,997,822
0.394%, 03/03/15		2,200,000		2,200,059
Mizuho Funding LLC
0.193%, 01/05/15		10,000,000		9,999,789
0.223%, 03/16/15		7,877,000		7,873,438
National Australia Bank, Ltd.
0.250%, 11/05/15		9,000,000		9,000,000
National Australia Funding Delaware, Inc.
0.234%, 03/13/15		5,000,000		5,000,000
0.235%, 03/10/15 (144A)		5,000,000		5,000,000
0.236%, 08/11/15 (144A)		8,000,000		8,000,000
0.249%, 08/27/15		7,000,000		7,000,000
Natixis (NY)
0.101%, 01/02/15		10,000,000		9,999,972
Nederlandse Waterschapsbank NV
0.232%, 07/09/15		4,500,000		4,500,000
0.237%, 10/01/15		12,000,000		12,000,000
Nordea Bank AB
0.213%, 01/27/15		12,000,000		11,998,180
0.218%, 01/21/15		12,255,000		12,253,536
0.228%, 04/16/15 (144A)		4,000,000		3,997,375
NRW Bank
0.071%, 01/02/15		12,000,000		11,999,977
Skandinaviska Enskilda Banken AB
0.259%, 03/11/15		12,000,000		11,994,135
0.259%, 04/10/15		5,000,000		4,996,494
0.259%, 04/20/15		7,250,000		7,244,402
State Street Corp.
0.233%, 06/08/15		10,000,000		9,989,906
Sumitomo Mitsui Banking Corp.
0.071%, 01/07/15		10,000,000		9,999,883
0.253%, 04/20/15		9,764,000		9,756,609
Sumitomo Mitsui Trust Bank, Ltd. (NY)
0.253%, 04/22/15		10,000,000		9,992,292
Westpac Banking Corp.
0.232%, 07/02/15 (144A)		5,000,000		4,999,873
Westpac Securities NZ, Ltd.
0.275%, 08/13/15 (144A)		7,500,000		7,500,000
Total Financial Company Commercial Paper (Cost $384,258,820)				384,258,820
Certificate of Deposit—23.6%
Foreign Banks Yankee Dollar—17.9%
Bank of Montreal (Chicago)
0.215%, 03/10/15 (b)		10,000,000		10,000,000
0.241%, 04/09/15 (b)		7,000,000		7,000,000
0.243%, 04/06/15		7,500,000		7,500,000
Bank of Nova Scotia (Houston)
0.245%, 07/09/15 (b)		18,000,000		18,000,000
0.245%, 08/04/15 (b)		11,258,000		11,258,000
Bank of Tokyo Mitsubishi UFJ, Ltd. (NY)
0.253%, 02/25/15		6,750,000		6,750,000
BNP Paribas S.A. (NY)
0.213%, 02/09/15		5,000,000		5,000,000
Canadian Imperial Bank of Commerce (NY)
0.235%, 06/17/15 (b)		5,500,000		5,500,000
Credit Industriel et Commercial (NY)
0.304%, 01/08/15		5,000,000		5,000,000
National Bank of Canada (NY)
0.259%, 06/19/15 (b)		7,000,000		7,000,000
0.301%, 09/24/15 (b)		5,000,000		5,000,000
Nordea Bank Finland plc (NY)
0.243%, 02/17/15		5,000,000		5,000,000
Rabobank Nederland (NY)
0.276%, 02/03/15 (b)		15,000,000		15,000,000
0.287%, 09/16/15 (b)		16,000,000		16,000,000
0.355%, 01/12/15		14,000,000		14,000,000
Royal Bank of Canada (NY)
0.254%, 10/14/15 (b)		5,000,000		5,000,000
0.255%, 11/10/15 (b)		4,750,000		4,750,000
0.304%, 02/04/15 (b)		5,000,000		5,000,000
Sumitomo Mitsui Banking Corp. (NY)
0.203%, 01/07/15		19,000,000		19,000,000
Toronto Dominion Bank (NY)
0.252%, 09/04/15 (b)		12,000,000		12,000,000
0.253%, 06/10/15		8,000,000		8,000,000
Westpac Banking Corp. (NY)
0.240%, 05/05/15 (b)		10,000,000		10,000,000
0.262%, 10/30/15 (b)		15,000,000		15,000,000
				216,758,000
Domestic Banks—4.9%
Bank of America N.A.
0.264%, 05/26/15		6,000,000		6,000,000

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

BlackRock Money Market Portfolio

Schedule of Investments as of December 31, 2014

Certificate of Deposit—(Continued)

Security Description	Principal Amount*		Value
Domestic Banks—(Continued)
Citibank N.A. (NY)
0.253%, 05/11/15		14,000,000	$	14,000,000
State Street Bank & Trust Co.
0.287%, 10/23/15		10,000,000		10,000,000
Wells Fargo Bank N.A.
0.269%, 09/08/15 (b)		5,000,000		5,000,000
0.294%, 03/13/15 (b)		7,000,000		7,000,000
0.304%, 02/12/15 (b)		5,000,000		5,000,000
0.304%, 02/17/15 (b)		5,000,000		5,000,000
0.304%, 11/19/15 (b)		7,000,000		7,000,000
				59,000,000
Foreign Banks Eurodollar—0.8%
Australia & New Zealand Banking Group, Ltd.
0.243%, 02/25/15		10,000,000		10,000,000
Total Certificate of Deposit (Cost $285,758,000)				285,758,000
Asset Backed Commercial Paper (a)—23.0%
Albion Capital LLC
0.132%, 01/21/15		21,629,000		21,627,438
Antalis U.S. Funding Corp.
0.233%, 02/06/15		5,000,000		4,998,850
Bedford Row Funding Corp.
0.264%, 03/12/15		10,000,000		10,000,000
0.289%, 11/20/15		8,000,000		8,000,000
Charta LLC
0.253%, 02/04/15		13,000,000		12,996,931
0.253%, 05/12/15		10,470,000		10,460,475
Collateralized Commercial Paper Co. LLC
0.152%, 01/06/15		10,000,000		9,999,792
0.203%, 02/04/15		8,500,000		8,498,394
Collateralized Commercial Paper II Co. LLC
0.304%, 02/09/15		7,550,000		7,547,546
0.304%, 03/16/15		12,000,000		11,992,600
0.406%, 07/07/15		12,500,000		12,474,028
Fairway Finance Co. LLC
0.101%, 01/06/15		10,000,000		9,999,861
0.223%, 02/06/15 (144A)		15,000,000		14,996,700
Gotham Funding Corp.
0.030%, 01/02/15 (144A)		5,268,000		5,267,996
Jupiter Securitization Co. LLC
0.253%, 06/09/15		8,000,000		7,991,167
0.264%, 06/05/15		2,398,000		2,395,316
Nieuw Amsterdam Receivables Corp.
0.101%, 01/02/15		49,536,000		49,535,862
Old Line Funding LLC
0.223%, 01/26/15		15,000,000		14,997,708
Thunder Bay Funding LLC
0.223%, 02/06/15		10,000,000		9,997,800
Victory Receivables Corp.
0.162%, 01/05/15		20,000,000		19,999,644
Working Capital Management Co.
0.132%, 01/05/15		25,000,000	$	24,999,639
Total Asset Backed Commercial Paper (Cost $278,777,747)				278,777,747
Treasury Debt—18.1%
U.S. Treasury Bills
0.030%, 03/26/15 (a)		15,000,000		14,998,950
0.048%, 04/23/15 (a)		25,000,000		24,996,306
0.080%, 05/28/15 (a)		30,000,000		29,990,163
0.118%, 06/25/15 (a)		31,700,000		31,681,886
0.810%, 03/05/15 (a)		28,750,000		28,745,918
0.129%, 09/17/15 (a)		4,000,000		3,996,331
U.S. Treasury Floating Rate Note
0.094%, 10/31/16 (b)		11,760,000		11,760,016
U.S. Treasury Notes
2.500%, 03/31/15		30,000,000		30,181,940
0.375%, 04/15/15		18,000,000		18,015,858
1.875%, 06/30/15		25,000,000		25,219,484
Total Treasury Debt (Cost $219,586,852)				219,586,852
Other Commercial Paper (a)—1.8%
CPPIB Capital, Inc.
0.304%, 02/09/15		7,000,000		6,997,725
Netjets, Inc.
0.081%, 01/06/15		15,000,000		14,999,834
Total Other Commercial Paper (Cost $21,997,559)				21,997,559
Government Agency Debt—1.2%
Fannie Mae
0.167%, 02/27/15 (b)		15,000,000		14,999,411
Total Government Agency Debt (Cost $14,999,411)				14,999,411
Other Note—0.9%
Svenska Handelsbanken AB
0.315%, 06/15/15 (144A) (b)		11,100,000		11,100,000
Total Other Note (Cost $11,100,000)				11,100,000
Total Investments—100.3% (Cost $1,216,478,389) (c)				1,216,478,389
Other assets and liabilities (net)—(0.3)%				(3,071,291	)
Net Assets—100.0%			$	1,213,407,098

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

BlackRock Money Market Portfolio

Schedule of Investments as of December 31, 2014

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) The rate shown represents current yield to maturity.

(b) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(c) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,216,478,389.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $99,878,534, which is 8.2% of net assets.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Financial Company Commercial Paper	$	—	$	384,258,820	$	—	$	384,258,820
Certificate of Deposit*		—		285,758,000		—		285,758,000
Asset Backed Commercial Paper		—		278,777,747		—		278,777,747
Treasury Debt		—		219,586,852		—		219,586,852
Other Commercial Paper		—		21,997,559		—		21,997,559
Government Agency Debt		—		14,999,411		—		14,999,411
Other Note		—		11,100,000		—		11,100,000
Total Investments	$	—	$	1,216,478,389	$	—	$	1,216,478,389

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

BlackRock Money Market Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at amortized cost	$	1,216,478,389
Cash		9
Receivable for:
Fund shares sold		2,706,988
Interest		363,119
Prepaid expenses		3,395
Total Assets		1,219,551,900
Liabilities
Payables for:
Fund shares redeemed		5,787,003
Accrued expenses:
Management fees		195,539
Deferred trustees’ fees		63,479
Other expenses		98,781
Total Liabilities		6,144,802
Net Assets	$	1,213,407,098
Net assets consist of:
Paid in surplus	$	1,213,460,046
Accumulated net investment loss		(63,480	)
Accumulated net realized gain		10,532
Net Assets	$	1,213,407,098
Net Assets
Class A	$	483,704,771
Class B		554,240,027
Class E		175,462,300
Capital Shares Outstanding*
Class A		4,837,037
Class B		5,542,436
Class E		1,754,632
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	100.00
Class B		100.00
Class E		100.00

* The Portfolio is authorized to issue an unlimited number of shares.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Interest	$	2,628,333
Total investment income		2,628,333
Expenses
Management fees		4,483,036
Administration fees		40,121
Custodian and accounting fees		114,567
Distribution and service fees—Class B		1,492,584
Distribution and service fees—Class E		313,023
Audit and tax services		29,254
Legal		30,013
Trustees’ fees and expenses		38,594
Shareholder reporting		108,143
Insurance		8,830
Miscellaneous		13,743
Total expenses		6,671,908
Less distribution and service fee waivers		(1,805,607	)
Less management fee waiver		(2,237,968	)
Net expenses		2,628,333
Net Investment Income		—

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

BlackRock Money Market Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	—		$	—
Increase in net assets from operations		—			—
Decrease in net assets from capital share transactions		(211,352,855	)		(208,038,907	)
Total decrease in net assets		(211,352,855	)		(208,038,907	)
Net Assets
Beginning of period		1,424,759,953			1,632,798,860
End of period	$	1,213,407,098		$	1,424,759,953
Accumulated net investment loss
End of period	$	(63,480	)	$	(52,948	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		3,088,249		$	308,824,664			3,898,725		$	389,872,252
Redemptions		(3,614,920	)		(361,492,033	)		(4,053,585	)		(405,358,526	)
Net decrease		(526,671	)	$	(52,667,369	)		(154,860	)	$	(15,486,274	)
Class B
Sales		3,590,400		$	359,039,786			4,421,002		$	442,100,037
Redemptions		(4,560,792	)		(456,079,212	)		(5,622,674	)		(562,267,377	)
Net decrease		(970,392	)	$	(97,039,426	)		(1,201,672	)	$	(120,167,340	)
Class E
Sales		951,801		$	95,179,965			1,476,172		$	147,617,026
Redemptions		(1,568,260	)		(156,826,025	)		(2,200,023	)		(220,002,319	)
Net decrease		(616,459	)	$	(61,646,060	)		(723,851	)	$	(72,385,293	)
Decrease derived from capital shares transactions				$	(211,352,855	)				$	(208,038,907	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

BlackRock Money Market Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014		2013		2012		2011		2010
Net Asset Value, Beginning of Period	$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income		0.00		0.00		0.00		0.00		0.01
Total from investment operations		0.00		0.00		0.00		0.00		0.01
Less Distributions
Distributions from net investment income		0.00		0.00		0.00		0.00		(0.01	)
Total distributions		0.00		0.00		0.00		0.00		(0.01	)
Net Asset Value, End of Period	$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Total Return (%) (a)		0.00		0.00		0.00		0.00		0.01
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.37		0.35		0.35		0.35		0.34
Net ratio of expenses to average net assets (%) (b)		0.20		0.23		0.28		0.26		0.30
Ratio of net investment income to average net assets (%)		0.00		0.00		0.00		0.00		0.01
Net assets, end of period (in millions)	$	483.7	$	536.4	$	551.9	$	707.8	$	712.9
	Class B
	Year Ended December 31,
	2014		2013		2012		2011		2010
Net Asset Value, Beginning of Period	$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income		0.00		0.00		0.00		0.00		0.00
Total from investment operations		0.00		0.00		0.00		0.00		0.00
Less Distributions
Distributions from net investment income		0.00		0.00		0.00		0.00		0.00
Total distributions		0.00		0.00		0.00		0.00		0.00
Net Asset Value, End of Period	$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Total Return (%) (a)		0.00		0.00		0.00		0.00		0.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62		0.60		0.60		0.60		0.59
Net ratio of expenses to average net assets (%) (b)		0.20		0.23		0.28		0.26		0.31
Ratio of net investment income to average net assets (%)		0.00		0.00		0.00		0.00		0.00
Net assets, end of period (in millions)	$	554.2	$	651.3	$	771.5	$	864.7	$	793.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

BlackRock Money Market Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014		2013		2012		2011		2010
Net Asset Value, Beginning of Period	$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income		0.00		0.00		0.00		0.00		0.00
Total from investment operations		0.00		0.00		0.00		0.00		0.00
Less Distributions
Distributions from net investment income		0.00		0.00		0.00		0.00		0.00
Total distributions		0.00		0.00		0.00		0.00		0.00
Net Asset Value, End of Period	$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Total Return (%) (a)		0.00		0.00		0.00		0.00		0.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.52		0.50		0.50		0.50		0.51
Net ratio of expenses to average net assets (%) (b)		0.20		0.23		0.28		0.26		0.34
Ratio of net investment income to average net assets (%)		0.00		0.00		0.00		0.00		0.00
Net assets, end of period (in millions)	$	175.5	$	237.1	$	309.5	$	373.7	$	409.0

(a) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(b) Includes the effects of the management fee waivers and voluntary distribution & services fee waiver (see Note 4 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

BlackRock Money Market Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is BlackRock Money Market Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - As permitted by Rule 2a-7 under the 1940 Act, and subject to certain conditions therein, the Portfolio employs the amortized cost method of security valuation that the Board of Trustees of the Trust (the “Board” or “Trustees”) has determined approximates the fair market net asset value per share of the Portfolio. The Board monitors the deviations between the Portfolio’s net asset value per share, as determined by using available market quotations, and its amortized cost price per share. If the deviation exceeds 1/2 of 1%, the Board will consider what action, if any, should be initiated. This method of valuation is considered a Level 2 in the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers, Inc. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

MSF-11

Metropolitan Series Fund

BlackRock Money Market Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to ordinary loss netting and short-term capital gains reclasses from ordinary income. These adjustments have no impact on net assets or the results of operation.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

MSF-12

Metropolitan Series Fund

BlackRock Money Market Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$4,483,036		0.350	%	Of the first $1 billion
		0.300	%	Of amount in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Advisors, LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 through April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” as follows:

% per annum	Average Daily Net Assets
0.025%	Of the first $1 billion

For the period April 29, 2013 through April 27, 2014, an identical expense agreement was in place. Pursuant to the expense agreement, $250,000 was waived for the year ended December 31, 2014 and is included in the management fee waivers shown in the Statement of Operations.

In addition to the contractual fee waiver, MetLife Advisers and/or its affiliates have voluntarily agreed, if the yield on any share Class of the Portfolio turns negative on a given day, to waive their fees or reimburse certain Portfolio expenses to raise the yield of that share Class to 0.00% for that day. The waiver will first be applied to 12b-1 expenses. If the amount of the waiver exceeds the Class B or Class E 12b-1 expenses on a given day, MetLife Advisers and/or its affiliates would then waive fees or reimburse expenses pro rata across all share Classes. This voluntary waiver/expense reimbursement may be discontinued by MetLife Advisers and/or its affiliates at any time without notice. During the year ended December 31, 2014, $1,805,607 of 12b-1 expenses were waived as shown on the Statement of Operations. Class B shares waived $1,492,584 and Class E shares waived $313,023. In addition, during the year ended December 31, 2014, $1,987,968 of management fees were voluntarily waived and are included in the management fee waivers shown in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee.

MSF-13

Metropolitan Series Fund

BlackRock Money Market Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

5. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

6. Income Tax Information

There were no distributions paid for the years ended December 31, 2014 and 2013.

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Other Accumulated Capital Losses		Total
$10,532	$	—	$	—	$	—	$	—	$	10,532

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as shortterm losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and pre-enactment accumulated capital loss carryforwards.

7. Recent Accounting Pronouncements and Regulatory Matters

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

In July 2014, the Securities and Exchange Commission adopted amendments to the rules under the 1940 Act which currently govern the operations of the Portfolio. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based NAV. Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Portfolio’s operations, financial statements and accompanying notes.

MSF-14

Metropolitan Series Fund

BlackRock Money Market Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Money Market Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of BlackRock Money Market Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 BlackRock Money Market Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-15

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-16

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-17

Metropolitan Series Fund

BlackRock Money Market Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-18

Metropolitan Series Fund

BlackRock Money Market Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-19

Metropolitan Series Fund

BlackRock Money Market Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

BlackRock Money Market Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and BlackRock Advisors, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio performed equally to the median of its Performance Universe for the one- and five-year periods ended June 30, 2014 and underperformed the median of its Performance Universe for the three-year period ended June 30, 2014. The Board also considered that the Portfolio slightly outperformed its Lipper Index for the one-year period ended June 30, 2014 and performed equally to its Lipper Index for the three- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Merrill Lynch 3-Month Treasury Bill Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-20

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Managed By Frontier Capital Management Company, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, D, and E shares of the Frontier Mid Cap Growth Portfolio returned 11.14%, 10.88%, 11.06%, and 10.96%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 11.90%.

MARKET ENVIRONMENT / CONDITIONS

Equities enjoyed strong gains as improved domestic economic fundamentals, low inflation, modest earnings growth and accommodative monetary policy drove the Russell Midcap Growth Index up 11.9%. More specifically, Gross Domestic Product accelerated during 2014 exceeding 4.5% for two consecutive quarters for the first time in 11 years. At the same time, inflation measures remained quite low due to falling commodity prices and a strong dollar thus allowing the Federal Reserve to maintain very low interest rates. Unemployment also made a meaningful improvement, which bolstered consumer sentiment. These positive economic fundamentals coupled with healthy corporate earnings growth of 8% drove the market advance.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Stock selection in Industrials and Materials detracted the most from performance. Both sectors were negatively impacted by the concurrent drop in energy prices and surge in the U.S. dollar. Reduced energy infrastructure spending amid a 42% decline in oil prices during 2014 impacted engineering companies such as MasTec and Jacobs Engineering. The collapse in emerging market currencies and surge in the U.S. dollar hurt chemical provider FMC Corp. and aerospace supplier B/E Aerospace. Sector selection aided performance by 25 basis points with an overweight position in Health Care proving to be beneficial. We believe Health Care offers compelling secular growth and innovation. Stock selection was positive with strong gains in Information Technology (“IT”) offsetting set-backs in Industrials and Materials. Throughout 2014, stock selection in IT contributed the most to relative results with sizeable gains in semiconductors and software. Our focus on wireless technology aided semiconductors as NXP Semiconductors rose 66% and Avago Technologies rose 93%. Software was propelled by the performance of Electronic Arts which advanced 105% as their transition to digital platforms produced strong earnings growth.

On the whole, we believe valuations are fair but no longer cheap with pockets of excess existing. Domestic fundamentals remain strong but questions arise as to the sustainability of recent momentum in the face of fading growth in most other major economies and faltering fundamentals in emerging markets. Additionally, the surge in the U.S. dollar could provide a headwind to earnings growth for companies with substantial foreign exposure. Still, consumer fundamentals are gaining strength, government headwinds are abating, and low energy prices coupled with the strong U.S. dollar are keeping inflation low. In our view, this should allow the Federal Reserve to take a measured approach to normalizing rates. While valuations for the broad market have expanded substantially over the past five years, we continue to identify attractive investment opportunities. The improving consumer backdrop has provided opportunities in select retailers, leisure time products, and consumer staples. At the same time, we see strong innovation and secular growth in certain areas of Health Care and IT, which continue to be the areas of greatest relative weighting in the Portfolio. Within the Health Care sector, our focus is upon companies helping to lower the cost of health care such as over-the-counter (OTC) and generic drug suppliers as well as health care maintenance organizations in the Medicaid and Medicare segments. Finally, within IT, areas of emphasis include wireless semiconductors, security software, gaming software, and broadband delivery.

Stephen M. Knightly

Christopher J. Scarpa

Portfolio Managers

Frontier Capital Management Company, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
Frontier Mid Cap Growth Portfolio
Class A		11.14		12.86		7.78		—
Class B		10.88		12.58		7.52		—
Class D		11.06		12.75		—		6.69
Class E		10.96		12.70		7.63		—
Russell Midcap Growth Index		11.90		16.94		9.43		—

¹ The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and forecasted growth values.

² Inception dates of the Class A, Class B, Class D and Class E shares are 4/29/88, 4/26/04, 5/2/06 and 5/1/01, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Electronic Arts, Inc.		2.7
Perrigo Co. plc		2.4
American Airlines Group, Inc.		2.3
Raymond James Financial, Inc.		2.2
Alkermes plc		2.1
SanDisk Corp.		2.0
NXP Semiconductor NV		1.9
Centene Corp.		1.9
Avago Technologies, Ltd.		1.9
Alliance Data Systems Corp.		1.9

Top Sectors

	% of Net Assets
Information Technology		23.7
Consumer Discretionary		21.2
Health Care		18.8
Industrials		14.4
Financials		8.6
Consumer Staples		5.2
Materials		3.8
Energy		3.2
Telecommunication Services		0.9

MSF-2

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Frontier Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.76	%	$	1,000.00	$	1,025.30	$	3.88
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.37	$	3.87
Class B(a)	Actual		1.01	%	$	1,000.00	$	1,024.10	$	5.15
	Hypothetical*		1.01	%	$	1,000.00	$	1,020.11	$	5.14
Class D(a)	Actual		0.86	%	$	1,000.00	$	1,024.80	$	4.39
	Hypothetical*		0.86	%	$	1,000.00	$	1,020.87	$	4.38
Class E(a)	Actual		0.91	%	$	1,000.00	$	1,024.50	$	4.64
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.62	$	4.63

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—99.8% of Net Assets

Security Description	Shares		Value
Airlines—3.9%
American Airlines Group, Inc.		492,580	$	26,417,066
Spirit Airlines, Inc. (a)		242,590		18,334,952
				44,752,018
Automobiles—0.7%
Harley-Davidson, Inc.		118,810		7,830,767
Banks—1.9%
Signature Bank (a)		105,960		13,346,722
SVB Financial Group (a)		72,178		8,377,700
				21,724,422
Beverages—1.9%
Brown-Forman Corp. - Class B		160,280		14,078,995
Monster Beverage Corp. (a)		67,200		7,281,120
				21,360,115
Biotechnology—5.6%
Alkermes plc (a)		402,223		23,554,179
BioMarin Pharmaceutical, Inc. (a)		99,123		8,960,719
Incyte Corp. (a)		267,313		19,543,253
Medivation, Inc. (a)		121,095		12,062,273
				64,120,424
Capital Markets—3.9%
E*Trade Financial Corp. (a)		546,236		13,248,954
Raymond James Financial, Inc.		432,942		24,803,248
WisdomTree Investments, Inc. (b)		426,621		6,687,284
				44,739,486
Chemicals—2.7%
Cytec Industries, Inc.		231,400		10,683,738
Sherwin-Williams Co. (The)		76,563		20,139,132
				30,822,870
Commercial Services & Supplies—2.7%
Copart, Inc. (a)		347,052		12,663,928
KAR Auction Services, Inc.		270,200		9,362,430
Stericycle, Inc. (a)		70,990		9,305,369
				31,331,727
Construction & Engineering—0.6%
MasTec, Inc. (a) (b)		298,420		6,747,276
Construction Materials—1.1%
Eagle Materials, Inc.		172,711		13,131,217
Distributors—1.4%
LKQ Corp. (a)		585,960		16,477,195
Diversified Consumer Services—0.9%
Bright Horizons Family Solutions, Inc. (a)		215,057		10,109,830
Diversified Telecommunication Services—0.9%
Cogent Communications Holdings, Inc. (b)		300,313		10,628,077
Electronic Equipment, Instruments & Components—1.7%
Amphenol Corp. - Class A		369,696		19,893,342
Energy Equipment & Services—0.3%
U.S. Silica Holdings, Inc. (b)		141,237		3,628,379
Food & Staples Retailing—1.4%
United Natural Foods, Inc. (a) (b)		201,300		15,565,522
Food Products—1.9%
Hain Celestial Group, Inc. (The) (a)		246,498		14,368,368
Mead Johnson Nutrition Co.		77,400		7,781,796
				22,150,164
Health Care Equipment & Supplies—1.7%
Cooper Cos., Inc. (The)		116,737		18,921,900
Health Care Providers & Services—4.9%
Centene Corp. (a)		209,600		21,766,960
Humana, Inc.		128,486		18,454,444
MEDNAX, Inc. (a)		232,108		15,344,660
				55,566,064
Health Care Technology—1.4%
Allscripts Healthcare Solutions, Inc. (a)		401,180		5,123,069
Cerner Corp. (a)		164,790		10,655,321
				15,778,390
Hotels, Restaurants & Leisure—3.4%
Chipotle Mexican Grill, Inc. (a) (b)		10,580		7,242,116
Dunkin’ Brands Group, Inc. (b)		204,990		8,742,824
MGM Resorts International (a)		292,388		6,251,255
Starwood Hotels & Resorts Worldwide, Inc.		203,170		16,470,992
				38,707,187
Household Durables—1.0%
Harman International Industries, Inc.		102,889		10,979,285
Industrial Conglomerates—0.9%
Roper Industries, Inc.		68,568		10,720,607
Insurance—2.8%
Allied World Assurance Co. Holdings AG		185,208		7,023,087
Aon plc		139,811		13,258,277
Arthur J. Gallagher & Co.		238,910		11,247,883
				31,529,247
Internet & Catalog Retail—0.8%
Netflix, Inc. (a) (b)		26,940		9,202,973
Internet Software & Services—1.8%
Akamai Technologies, Inc. (a)		268,807		16,924,089

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Internet Software & Services—(Continued)
Yelp, Inc. (a) (b)		65,540	$	3,587,004
				20,511,093
IT Services—6.0%
Alliance Data Systems Corp. (a)		74,029		21,175,995
Gartner, Inc. (a)		155,137		13,064,087
Global Payments, Inc.		223,518		18,044,608
Jack Henry & Associates, Inc.		167,670		10,419,014
WEX, Inc. (a)		55,617		5,501,634
				68,205,338
Leisure Products—1.3%
Brunswick Corp.		291,083		14,920,915
Life Sciences Tools & Services—1.7%
Illumina, Inc. (a)		103,810		19,161,250
Machinery—2.6%
Pall Corp.		94,354		9,549,568
Wabtec Corp.		233,132		20,256,840
				29,806,408
Marine—0.6%
Kirby Corp. (a)		78,995		6,378,056
Media—1.0%
Imax Corp. (a) (b)		376,263		11,626,527
Oil, Gas & Consumable Fuels—2.9%
Cabot Oil & Gas Corp.		193,542		5,730,779
Carrizo Oil & Gas, Inc. (a)		342,851		14,262,601
Continental Resources, Inc. (a) (b)		236,260		9,062,934
EP Energy Corp. - Class A (a) (b)		387,300		4,043,412
				33,099,726
Pharmaceuticals—3.6%
Mylan, Inc. (a) (b)		231,140		13,029,362
Perrigo Co. plc		167,293		27,964,698
				40,994,060
Professional Services—1.4%
IHS, Inc. - Class A (a)		141,722		16,139,301
Road & Rail—1.1%
J.B. Hunt Transport Services, Inc. (b)		147,730		12,446,252
Semiconductors & Semiconductor Equipment—5.0%
Avago Technologies, Ltd.		211,725		21,297,418
Lam Research Corp.		176,684		14,018,108
NXP Semiconductor NV (a)		286,083		21,856,741
				57,172,267
Software—7.2%
Cadence Design Systems, Inc. (a) (b)		939,820		17,828,385
Electronic Arts, Inc. (a)		650,350		30,576,205
Fortinet, Inc. (a) (b)		540,634		16,575,839
SS&C Technologies Holdings, Inc.		253,836		14,846,868
Zynga, Inc. - Class A (a) (b)		1,041,350		2,769,991
				82,597,288
Specialty Retail—8.6%
Advance Auto Parts, Inc.		104,215		16,599,365
DSW, Inc. - Class A		430,866		16,071,302
GNC Holdings, Inc. - Class A		202,938		9,529,968
L Brands, Inc.		144,300		12,489,165
O’Reilly Automotive, Inc. (a)		79,130		15,242,021
Ross Stores, Inc.		219,000		20,642,940
Tiffany & Co. (b)		72,313		7,727,367
				98,302,128
Technology Hardware, Storage & Peripherals—2.0%
SanDisk Corp.		231,252		22,658,071
Textiles, Apparel & Luxury Goods—2.1%
lululemon athletica, Inc. (a) (b)		105,802		5,902,694
VF Corp.		242,590		18,169,991
				24,072,685
Trading Companies & Distributors—0.5%
WESCO International, Inc. (a) (b)		73,947		5,635,501
Total Common Stocks (Cost $911,488,195)				1,140,145,350
Short-Term Investments—8.0%
Mutual Fund—7.3%
State Street Navigator Securities Lending MET Portfolio (c)		83,014,839		83,014,839
Repurchase Agreement—0.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $8,331,796 on 01/02/15, collateralized by $8,165,000 Federal Home Loan Mortgage Corp. at 4.375% due 07/17/15, with a value of $8,501,806.		8,331,796		8,331,796
Total Short-Term Investments (Cost $91,346,635)				91,346,635
Total Investments—107.8% (Cost $1,002,834,830) (d)				1,231,491,985
Other assets and liabilities (net)—(7.8)%				(89,233,601	)
Net Assets—100.0%			$	1,142,258,384

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $81,108,292 and the collateral received consisted of cash in the amount of $83,014,839 and non-cash collateral with a value of $361,023. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,003,141,452. The aggregate unrealized appreciation and depreciation of investments were $254,126,371 and $(25,775,838), respectively, resulting in net unrealized appreciation of $228,350,533 for federal income tax purposes.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,140,145,350	$	—		$	—	$	1,140,145,350
Short-Term Investments
Mutual Fund		83,014,839		—			—		83,014,839
Repurchase Agreement		—		8,331,796			—		8,331,796
Total Short-Term Investments		83,014,839		8,331,796			—		91,346,635
Total Investments	$	1,223,160,189	$	8,331,796		$	—	$	1,231,491,985
Collateral for securities loaned (Liability)	$	—	$	(83,014,839	)	$	—	$	(83,014,839	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,231,491,985
Receivable for:
Fund shares sold		11,591
Dividends		401,022
Prepaid expenses		2,907
Total Assets		1,231,907,505
Liabilities
Collateral for securities loaned		83,014,839
Payables for:
Investments purchased		5,151,254
Fund shares redeemed		512,405
Accrued expenses:
Management fees		681,133
Distribution and service fees		52,126
Deferred trustees’ fees		97,529
Other expenses		139,835
Total Liabilities		89,649,121
Net Assets	$	1,142,258,384
Net assets consist of:
Paid in surplus	$	752,040,322
Accumulated net investment loss		(73,588	)
Accumulated net realized gain		161,634,495
Unrealized appreciation on investments		228,657,155
Net Assets	$	1,142,258,384
Net Assets
Class A	$	831,154,319
Class B		198,631,475
Class D		101,292,897
Class E		11,179,693
Capital Shares Outstanding*
Class A		22,294,231
Class B		5,699,995
Class D		2,750,549
Class E		304,367
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	37.28
Class B		34.85
Class D		36.83
Class E		36.73

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,002,834,830.

(b) Includes securities loaned at value of $81,108,292.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	6,691,229
Securities lending income		637,952
Total investment income		7,329,181
Expenses
Management fees		8,468,684
Administration fees		27,890
Custodian and accounting fees		90,120
Distribution and service fees—Class B		498,404
Distribution and service fees—Class D		103,461
Distribution and service fees—Class E		17,015
Audit and tax services		43,231
Legal		30,013
Trustees’ fees and expenses		40,768
Shareholder reporting		341,120
Insurance		6,926
Miscellaneous		14,681
Total expenses		9,682,313
Less management fee waiver		(120,531	)
Less broker commission recapture		(105,133	)
Net expenses		9,456,649
Net Investment Loss		(2,127,468	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		164,483,563
Futures contracts		(366,053	)
Net realized gain		164,117,510
Net change in unrealized depreciation on investments		(40,271,945	)
Net realized and unrealized gain		123,845,565
Net Increase in Net Assets From Operations	$	121,718,097

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(2,127,468	)	$	(668,407	)
Net realized gain		164,117,510			121,972,380
Net change in unrealized appreciation (depreciation)		(40,271,945	)		187,726,392
Increase in net assets from operations		121,718,097			309,030,365
From Distributions to Shareholders
Net investment income
Class A		0			(10,148,727	)
Class B		0			(1,011,597	)
Class D		0			(1,225,160	)
Class E		0			(126,525	)
Net realized capital gains
Class A		(86,686,736	)		(19,126,447	)
Class B		(18,668,169	)		(2,305,500	)
Class D		(9,371,524	)		(2,521,064	)
Class E		(1,005,877	)		(269,552	)
Total distributions		(115,732,306	)		(36,734,572	)
Increase (decrease) in net assets from capital share transactions		(166,998,385	)		265,115,462
Total increase (decrease) in net assets		(161,012,594	)		537,411,255
Net Assets
Beginning of period		1,303,270,978			765,859,723
End of period	$	1,142,258,384		$	1,303,270,978
Accumulated (distributions in excess of) net investment loss
End of period	$	(73,588	)	$	(65,851	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		520,541		$	18,295,255			6,356,029		$	200,658,424
Shares issued through acquisition		0			0			2,821,283			85,795,220
Reinvestments		2,586,892			86,686,736			989,361			29,275,174
Redemptions		(7,443,757	)		(258,882,901	)		(3,301,717	)		(107,258,219	)
Net increase (decrease)		(4,336,324	)	$	(153,900,910	)		6,864,956		$	208,470,599
Class B
Sales		383,567		$	12,984,373			259,826		$	8,047,547
Shares issued through acquisition		0			0			3,508,655			100,768,563
Reinvestments		594,906			18,668,169			118,680			3,317,097
Redemptions		(1,082,261	)		(36,895,257	)		(1,158,635	)		(36,083,506	)
Net increase (decrease)		(103,788	)	$	(5,242,715	)		2,728,526		$	76,049,701
Class D
Sales		130,302		$	4,646,830			126,997		$	4,059,104
Reinvestments		282,872			9,371,524			127,814			3,746,224
Redemptions		(593,715	)		(21,199,899	)		(813,613	)		(25,910,235	)
Net decrease		(180,541	)	$	(7,181,545	)		(558,802	)	$	(18,104,907	)
Class E
Sales		15,989		$	566,549			17,095		$	550,306
Reinvestments		30,435			1,005,877			13,537			396,077
Redemptions		(62,309	)		(2,245,641	)		(70,032	)		(2,246,314	)
Net decrease		(15,885	)	$	(673,215	)		(39,400	)	$	(1,299,931	)
Increase (decrease) derived from capital shares transactions				$	(166,998,385	)				$	265,115,462

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	36.90		$	28.92		$	26.06	$	26.94		$	23.38
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.05	)		(0.00	)(b)		0.34		0.02			0.10
Net realized and unrealized gain (loss) on investments		3.78			9.18			2.52		(0.82	)		3.48
Total from investment operations		3.73			9.18			2.86		(0.80	)		3.58
Less Distributions
Distributions from net investment income		0.00			(0.42	)		0.00		(0.08	)		(0.02	)
Distributions from net realized capital gains		(3.35	)		(0.78	)		0.00		0.00			0.00
Total distributions		(3.35	)		(1.20	)		0.00		(0.08	)		(0.02	)
Net Asset Value, End of Period	$	37.28		$	36.90		$	28.92	$	26.06		$	26.94
Total Return (%) (c)		11.14			32.77			10.97		(3.00	)		15.30
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.76			0.75			0.78		0.77			0.77
Net ratio of expenses to average net assets (%) (d)		0.75			0.74			0.78		0.77			0.77
Ratio of net investment income (loss) to average net assets (%)		(0.13	)		(0.01	)		1.21		0.09			0.40
Portfolio turnover rate (%)		48			120			78		111			91
Net assets, end of period (in millions)	$	831.2		$	982.6		$	571.6	$	568.2		$	644.6
	Class B
	Year Ended December 31,
	2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	34.79		$	27.33		$	24.69	$	25.54		$	22.21
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.13	)		(0.08	)		0.26		(0.04	)		0.04
Net realized and unrealized gain (loss) on investments		3.54			8.66			2.38		(0.79	)		3.29
Total from investment operations		3.41			8.58			2.64		(0.83	)		3.33
Less Distributions
Distributions from net investment income		0.00			(0.34	)		0.00		(0.02	)		0.00
Distributions from net realized capital gains		(3.35	)		(0.78	)		0.00		0.00			0.00
Total distributions		(3.35	)		(1.12	)		0.00		(0.02	)		0.00
Net Asset Value, End of Period	$	34.85		$	34.79		$	27.33	$	24.69		$	25.54
Total Return (%) (c)		10.88			32.43			10.69		(3.24	)		14.99
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01			1.00			1.03		1.02			1.02
Net ratio of expenses to average net assets (%) (d)		1.00			0.99			1.03		1.02			1.02
Ratio of net investment income (loss) to average net assets (%)		(0.37	)		(0.25	)		0.98		(0.15	)		0.18
Portfolio turnover rate (%)		48			120			78		111			91
Net assets, end of period (in millions)	$	198.6		$	201.9		$	84.1	$	81.1		$	83.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class D
	Year Ended December 31,
	2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	36.52		$	28.63		$	25.82	$	26.71		$	23.19
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.08	)		(0.04	)		0.30		(0.01	)		0.07
Net realized and unrealized gain (loss) on investments		3.74			9.09			2.51		(0.82	)		3.45
Total from investment operations		3.66			9.05			2.81		(0.83	)		3.52
Less Distributions
Distributions from net investment income		0.00			(0.38	)		0.00		(0.06	)		0.00
Distributions from net realized capital gains		(3.35	)		(0.78	)		0.00		0.00			0.00
Total distributions		(3.35	)		(1.16	)		0.00		(0.06	)		0.00
Net Asset Value, End of Period	$	36.83		$	36.52		$	28.63	$	25.82		$	26.71
Total Return (%) (c)		11.06			32.63			10.88		(3.14	)		15.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86			0.85			0.88		0.87			0.87
Net ratio of expenses to average net assets (%) (d)		0.85			0.84			0.88		0.87			0.87
Ratio of net investment income (loss) to average net assets (%)		(0.22	)		(0.13	)		1.06		(0.03	)		0.29
Portfolio turnover rate (%)		48			120			78		111			91
Net assets, end of period (in millions)	$	101.3		$	107.1		$	99.9	$	113.9		$	148.1
	Class E
	Year Ended December 31,
	2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	36.46		$	28.58		$	25.79	$	26.68		$	23.16
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.10	)		(0.06	)		0.29		(0.02	)		0.05
Net realized and unrealized gain (loss) on investments		3.72			9.09			2.50		(0.82	)		3.47
Total from investment operations		3.62			9.03			2.79		(0.84	)		3.52
Less Distributions
Distributions from net investment income		0.00			(0.37	)		0.00		(0.05	)		0.00
Distributions from net realized capital gains		(3.35	)		(0.78	)		0.00		0.00			0.00
Total distributions		(3.35	)		(1.15	)		0.00		(0.05	)		0.00
Net Asset Value, End of Period	$	36.73		$	36.46		$	28.58	$	25.79		$	26.68
Total Return (%) (c)		10.96			32.59			10.82		(3.19	)		15.20
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.91			0.90			0.93		0.92			0.92
Net ratio of expenses to average net assets (%) (d)		0.90			0.89			0.93		0.92			0.92
Ratio of net investment income (loss) to average net assets (%)		(0.28	)		(0.17	)		1.04		(0.07	)		0.23
Portfolio turnover rate (%)		48			120			78		111			91
Net assets, end of period (in millions)	$	11.2		$	11.7		$	10.3	$	10.9		$	13.9

(a) Per share amounts based on average shares outstanding during the period.

(b) Net investment income (loss) was less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Frontier Mid Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, D, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-11

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-12

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture and ordinary loss netting. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $8,331,796, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MSF-13

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 25, 2014 through April 29, 2014, the Portfolio had bought and sold $111,486,869 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized losses in the amount of $366,053 which are shown under Net realized loss on futures contracts in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

MSF-14

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	567,161,624	$	0	$	849,467,159

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $32,655,151 in sales of investments, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$8,468,684		0.750	%	Of the first $500 million
		0.700	%	Of the next $500 million
		0.650	%	On amounts in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Frontier Capital Management Company, LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	On the first $500 million
0.025%	Over $850 million and less than $1 billion
(0.025)%	On the next $250 million

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, D, and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, and E Shares. Under the Distribution and Service Plan, the Class B, D,

MSF-15

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$65,476,941	$	12,512,009	$	50,255,365	$	24,222,563	$	115,732,306	$	36,734,572

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$25,266,291	$	136,674,827	$	228,350,533	$	—	$	390,291,651

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Acquisition

At the close of business on April 26, 2013, the Portfolio, with aggregate Class A, Class B, Class D and Class E net assets of $770,948,460, $87,526,126, $100,247,347 and $10,678,097, respectively, acquired all of the assets and liabilities of Turner Mid Cap Growth Portfolio of the Met Investors Series Trust (“Turner Mid Cap Growth”).

The acquisition was accomplished by a tax-free exchange of 2,821,283 Class A shares of the Portfolio (valued at $85,795,220) for 10,021,231 Class A shares of Turner Mid Cap Growth and 3,508,655 Class B shares of the Portfolio (valued at $100,768,563) for 12,227,115 of Class B shares of Turner Mid Cap Growth. Each shareholder of Turner Mid Cap Growth received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 26, 2013. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by Turner Mid Cap Growth may have been purchased or sold prior to the

MSF-16

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by Turner Mid Cap Growth. All other costs associated with the merger were not borne by the shareholders of either portfolio.

Turner Mid Cap Growth’s net assets on April 26, 2013, were $85,795,220 and $100,768,563 for Class A and Class B shares, respectively, including investments valued at $186,797,884 with a cost basis of $180,617,211. For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from Turner Mid Cap Growth were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of the Portfolio immediately after the acquisition were $1,155,963,813, which included $6,180,673 of acquired unrealized appreciation.

Assuming the acquisition had been completed on January 1, 2013, the Portfolio’s pro-forma results of operations for the year ended December 31, 2013 are as follows:

Net Investment loss	$	(837,902)	(a)
Net realized and unrealized gain on investments		325,035,491	(b)
Net increase in net assets from operations	$	324,197,589

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Turner Mid Cap Growth that have been included in the Portfolio’s Statement of Operations since April 26, 2013.

(a) $668,407 net investment loss as reported December 31, 2013 minus $278,402 from Turner Mid Cap Growth pre-merger net investment loss, plus $74,459 in lower advisory fees, plus $34,448 of pro-forma eliminated other expenses.

(b) $268,929,100 unrealized appreciation as reported December 31, 2013 minus $91,035,845 pro-forma December 31, 2012 unrealized appreciation, plus $121,972,380 net realized gain as reported December 31, 2013, plus $25,169,856 in net realized gain from Turner Mid Cap Growth pre-merger.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-17

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Frontier Mid Cap Growth Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Frontier Mid Cap Growth Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Frontier Mid Cap Growth Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-18

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-19

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-20

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-21

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-22

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Frontier Mid Cap Growth Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Frontier Capital Management Company, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year period ended June 30, 2014 and underperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2014. The Board also considered that the Portfolio outperformed its Lipper Index for the one- and three-year periods ended June 30, 2014 and underperformed its Lipper Index for the five-year period ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Russell Midcap Growth Index, for the one-, three- and five-year periods ended October 31, 2014. The Board further noted that the Sub-Adviser assumed portfolio management responsibilities for the Portfolio effective January 7, 2013 and that performance prior to that date represents that of the previous sub-adviser.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-23

Metropolitan Series Fund

Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Jennison Growth Portfolio returned 9.06%, 8.74%, and 8.86%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 13.05%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. equity market’s advance in 2014 reflected sustained improvement in the U.S. economic outlook. Corporate profits remained strong, housing and employment indicators improved, and consumer confidence rose to post-recession highs. The Federal Reserve tapered its quantitative-easing program, signaling confidence in the health of U.S. economic activity and labor market conditions. U.S. gross domestic product contracted in early 2014, largely because of severe winter weather, before quickly rebounding. Economic activity in Europe, already anemic, faced new challenges stemming from Ukraine-Russia tensions. China’s expansion moderated as the country sought a better balance between internal and external growth. Energy prices fell, and the U.S. dollar strengthened against most other currencies.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Faced with a challenging consumer environment, the Portfolio’s Consumer holdings underperformed the benchmark’s consumer names. Amazon.com’s earnings were constrained by increased business investment that is designed to drive unit growth in its core retail business and through digital commerce via the mobile market. Whole Foods Market was hurt by intensifying competition in the organic and natural foods market. Weakness in Inditex, best known for its brand, Zara, reflected currency translation issues due to the euro’s strength relative to many other currencies (Inditex is based in Spain). Underlying growth at the company remains strong.

More than offsetting these declines were strong gains in other Consumer holdings, including global athletic apparel companies Under Armour and Nike, and hotel operator Marriott International.

Health Care positions were the most significant contributors to Portfolio return. Meaningful scientific advances over the past decade coupled with increased research and development and clinical trial activity have led to numerous drug introductions and material improvement in the treatment of serious diseases. Biotech companies held in the Portfolio benefited from their innovative drugs for blood disorders and autoimmune diseases (Alexion Pharmaceuticals’ Soliris), cystic fibrosis (Vertex Pharmaceuticals’ Kalydeco), multiple sclerosis (Biogen Idec’s Tecfidera), cancer (Celgene’s Revlimid and Abraxane), and hepatitis C (Gilead Sciences’ Sovaldi and Harvoni).

The Portfolio’s strength in the Health Care sector extended beyond biotechnology. In pharmaceuticals, Allergan advanced on a takeover bid and the strength of its business, which has been enhanced by efforts to manage spending more efficiently and redeploy cash in ways that benefit shareholders. (Allergan was acquired by Actavis in November.) Illumina’s gain reflected increasing demand for its next-generation gene-sequencing technology.

Information Technology (“IT”) positions were likewise strong contributors to return although Portfolio positions lagged those of the aggregate benchmark sector. Apple’s strong revenue and earnings reflected expanding global acceptance of its platform. We expect that product updates, especially iPhone 6, will sustain attractive revenue growth in the medium term.

Internet-based social platform Facebook reported strong revenue and earnings as well as healthy measures of growth in users and user engagement. The company has successfully implemented its mobile interface, and revenue generation of both mobile and desktop applications has improved.

Twitter’s revenue and earnings exceeded expectations, but user growth decelerated, in part because of slower-than-expected improvements in new user onboarding and access. Jennison believes that the company’s communication platform complements traditional media outlets and that income-generation opportunities are substantial.

Next-generation security software vendor FireEye declined with a broad sell-off of high-multiple software growth stocks despite its strong billings, new customer, and revenue growth. The company’s behavioral analysis technology and real-time threat detection and prevention platform are able to identify highly sophisticated malware.

The Portfolio is built from the bottom up, with stocks selected one at a time, based on the fundamentals of individual companies. Sector weights were largely stable over the past year; exposure to IT increased, while exposure to Consumer Staples, Industrials, and

MSF-1

Metropolitan Series Fund

Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*—(Continued)

Consumer Discretionary decreased. As of December 31, 2014, relative to the Russell 1000 Growth Index, the Portfolio remained overweight Consumer Discretionary, IT, and Health Care, and underweight Consumer Staples and Industrials.

Kathleen A. McCarragher

Spiros “Sig” Segalas

Michael A. Del Balso

Portfolio Managers

Jennison Associates LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Jennison Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
Jennison Growth Portfolio
Class A		9.06		14.18		8.48		—
Class B		8.74		13.90		8.21		—
Class E		8.86		14.00		—		9.36
Russell 1000 Growth Index		13.05		15.81		8.49		—

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

² Inception dates of the Class A, Class B and Class E shares are 5/1/02, 5/1/02 and 4/27/05, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Apple, Inc.		6.1
MasterCard, Inc. - Class A		3.6
Facebook, Inc. - Class A		3.5
Visa, Inc. - Class A		2.7
Biogen Idec, Inc.		2.6
Amazon.com, Inc.		2.5
NIKE, Inc. - Class B		2.4
Bristol-Myers Squibb Co.		2.3
Costco Wholesale Corp.		2.0
Priceline Group, Inc. (The)		2.0

Top Sectors

	% of Net Assets
Information Technology		33.7
Consumer Discretionary		26.0
Health Care		19.5
Industrials		6.6
Financials		4.7
Energy		4.0
Consumer Staples		3.4
Materials		1.8

MSF-3

Metropolitan Series Fund

Jennison Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Jennison Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.54	%	$	1,000.00	$	1,049.80	$	2.79
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.48	$	2.75
Class B(a)	Actual		0.79	%	$	1,000.00	$	1,048.30	$	4.08
	Hypothetical*		0.79	%	$	1,000.00	$	1,021.22	$	4.02
Class E(a)	Actual		0.69	%	$	1,000.00	$	1,048.70	$	3.56
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.73	$	3.52

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Jennison Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—99.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.3%
Boeing Co. (The)		388,255	$	50,465,385
Precision Castparts Corp.		199,059		47,949,332
				98,414,717
Automobiles—1.1%
Tesla Motors, Inc. (a) (b)		143,729		31,966,767
Biotechnology—8.6%
Alexion Pharmaceuticals, Inc. (a)		256,292		47,421,709
Biogen Idec, Inc. (a)		229,947		78,055,509
Celgene Corp. (a)		485,019		54,254,225
Gilead Sciences, Inc. (a)		459,197		43,283,909
Vertex Pharmaceuticals, Inc. (a)		265,955		31,595,454
				254,610,806
Capital Markets—2.6%
Goldman Sachs Group, Inc. (The)		167,093		32,387,636
Morgan Stanley		1,186,163		46,023,125
				78,410,761
Chemicals—1.8%
Monsanto Co.		450,103		53,773,805
Diversified Financial Services—1.0%
McGraw Hill Financial, Inc.		318,722		28,359,884
Energy Equipment & Services—1.6%
Schlumberger, Ltd.		551,651		47,116,512
Food & Staples Retailing—2.0%
Costco Wholesale Corp.		419,737		59,497,720
Food Products—1.4%
Mondelez International, Inc. - Class A		1,174,740		42,672,430
Health Care Equipment & Supplies—1.6%
Abbott Laboratories		1,025,690		46,176,564
Hotels, Restaurants & Leisure—4.9%
Chipotle Mexican Grill, Inc. (a)		54,460		37,278,415
Dunkin’ Brands Group, Inc.		218,071		9,300,728
Las Vegas Sands Corp.		209,456		12,181,961
Marriott International, Inc. - Class A		623,702		48,667,467
Starbucks Corp.		475,156		38,986,550
				146,415,121
Internet & Catalog Retail—6.6%
Amazon.com, Inc. (a)		238,156		73,911,715
Netflix, Inc. (a)		117,574		40,164,454
Priceline Group, Inc. (The) (a)		50,850		57,979,678
TripAdvisor, Inc. (a)		302,606		22,592,564
				194,648,411
Internet Software & Services—11.6%
Alibaba Group Holding, Ltd. (ADR) (a)		546,419		56,794,791
Facebook, Inc. - Class A (a)		1,312,724		102,418,726
Internet Software & Services—(Continued)
Google, Inc. - Class A (a)		91,486		48,547,961
Google, Inc. - Class C (a)		91,977		48,416,693
LendingClub Corp. (a)		64,560		1,633,368
LinkedIn Corp. - Class A (a)		238,611		54,811,333
Tencent Holdings, Ltd.		153,002		2,195,324
Twitter, Inc. (a)		856,514		30,723,157
				345,541,353
IT Services—6.2%
MasterCard, Inc. - Class A		1,225,814		105,616,134
Visa, Inc. - Class A		303,432		79,559,871
				185,176,005
Life Sciences Tools & Services—1.6%
Illumina, Inc. (a)		258,810		47,771,150
Media—3.8%
Discovery Communications, Inc. - Class A (a)		177,773		6,124,280
Discovery Communications, Inc. - Class C (a)		181,269		6,112,390
Twenty-First Century Fox, Inc. - Class A		1,205,540		46,298,764
Walt Disney Co. (The)		577,791		54,422,134
				112,957,568
Oil, Gas & Consumable Fuels—2.4%
Concho Resources, Inc. (a)		379,649		37,869,988
EOG Resources, Inc.		369,058		33,979,170
				71,849,158
Pharmaceuticals—7.8%
Actavis plc (a)		171,938		44,258,561
Bristol-Myers Squibb Co.		1,131,736		66,806,376
Merck & Co., Inc.		749,246		42,549,680
Novo Nordisk A/S (ADR)		934,869		39,563,656
Perrigo Co. plc		60,629		10,134,744
Shire plc (ADR)		132,250		28,108,415
				231,421,432
Real Estate Investment Trusts—1.1%
American Tower Corp.		322,991		31,927,660
Road & Rail—3.3%
Canadian Pacific Railway, Ltd. (b)		236,414		45,554,614
Union Pacific Corp.		426,641		50,825,742
				96,380,356
Semiconductors & Semiconductor Equipment—1.5%
Applied Materials, Inc.		420,924		10,489,426
ARM Holdings plc (ADR) (b)		708,561		32,806,374
				43,295,800
Software—8.3%
Adobe Systems, Inc. (a)		645,744		46,945,589
FireEye, Inc. (a) (b)		449,877		14,207,116
Red Hat, Inc. (a)		670,623		46,366,874

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Jennison Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Software—(Continued)
Salesforce.com, Inc. (a)		953,403	$	56,546,332
Splunk, Inc. (a)		492,490		29,032,285
VMware, Inc. - Class A (a)		286,278		23,623,661
Workday, Inc. - Class A (a) (b)		344,513		28,115,706
				244,837,563
Specialty Retail—5.4%
Inditex S.A.		1,653,118		47,366,698
O’Reilly Automotive, Inc. (a)		197,648		38,070,958
Tiffany & Co.		420,370		44,920,738
TJX Cos., Inc. (The)		455,594		31,244,636
				161,603,030
Technology Hardware, Storage & Peripherals—6.1%
Apple, Inc.		1,633,408		180,295,575
Textiles, Apparel & Luxury Goods—4.1%
Michael Kors Holdings, Ltd. (a)		220,365		16,549,412
NIKE, Inc. - Class B		731,982		70,380,069
Under Armour, Inc. - Class A (a) (b)		529,476		35,951,420
				122,880,901
Total Common Stocks (Cost $2,044,333,201)				2,958,001,049
Short-Term Investment—3.6%
Security Description	Shares		Value
Mutual Fund—3.6%
State Street Navigator Securities Lending MET Portfolio (c)		107,611,316		107,611,316
Total Short-Term Investment (Cost $107,611,316)				107,611,316
Total Investments—103.3% (Cost $2,151,944,517) (d)				3,065,612,365
Other assets and liabilities (net)—(3.3)%				(99,069,564	)
Net Assets—100.0%			$	2,966,542,801

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $119,200,006 and the collateral received consisted of cash in the amount of $107,611,316 and non-cash collateral with a value of $14,730,401. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $2,153,077,094. The aggregate unrealized appreciation and depreciation of investments were $939,859,384 and $(27,324,113), respectively, resulting in net unrealized appreciation of $912,535,271 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Jennison Growth Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	98,414,717	$	—		$	—	$	98,414,717
Automobiles		31,966,767		—			—		31,966,767
Biotechnology		254,610,806		—			—		254,610,806
Capital Markets		78,410,761		—			—		78,410,761
Chemicals		53,773,805		—			—		53,773,805
Diversified Financial Services		28,359,884		—			—		28,359,884
Energy Equipment & Services		47,116,512		—			—		47,116,512
Food & Staples Retailing		59,497,720		—			—		59,497,720
Food Products		42,672,430		—			—		42,672,430
Health Care Equipment & Supplies		46,176,564		—			—		46,176,564
Hotels, Restaurants & Leisure		146,415,121		—			—		146,415,121
Internet & Catalog Retail		194,648,411		—			—		194,648,411
Internet Software & Services		343,346,029		2,195,324			—		345,541,353
IT Services		185,176,005		—			—		185,176,005
Life Sciences Tools & Services		47,771,150		—			—		47,771,150
Media		112,957,568		—			—		112,957,568
Oil, Gas & Consumable Fuels		71,849,158		—			—		71,849,158
Pharmaceuticals		231,421,432		—			—		231,421,432
Real Estate Investment Trusts		31,927,660		—			—		31,927,660
Road & Rail		96,380,356		—			—		96,380,356
Semiconductors & Semiconductor Equipment		43,295,800		—			—		43,295,800
Software		244,837,563		—			—		244,837,563
Specialty Retail		114,236,332		47,366,698			—		161,603,030
Technology Hardware, Storage & Peripherals		180,295,575		—			—		180,295,575
Textiles, Apparel & Luxury Goods		122,880,901		—			—		122,880,901
Total Common Stocks		2,908,439,027		49,562,022			—		2,958,001,049
Total Short-Term Investment*		107,611,316		—			—		107,611,316
Total Investments	$	3,016,050,343	$	49,562,022		$	—	$	3,065,612,365
Collateral for securities loaned (Liability)	$	—	$	(107,611,316	)	$	—	$	(107,611,316	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Jennison Growth Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	3,065,612,365
Receivable for:
Investments sold		12,344,834
Fund shares sold		228,933
Dividends		2,741,831
Prepaid expenses		7,941
Total Assets		3,080,935,904
Liabilities
Due to custodian		4,197,688
Collateral for securities loaned		107,611,316
Payables for:
Fund shares redeemed		757,006
Accrued expenses:
Management fees		1,320,993
Distribution and service fees		196,010
Deferred trustees’ fees		125,906
Other expenses		184,184
Total Liabilities		114,393,103
Net Assets	$	2,966,542,801
Net assets consist of:
Paid in surplus	$	1,610,587,834
Undistributed net investment income		5,332,063
Accumulated net realized gain		436,963,628
Unrealized appreciation on investments and foreign currency transactions		913,659,276
Net Assets	$	2,966,542,801
Net Assets
Class A	$	2,047,489,834
Class B		907,066,035
Class E		11,986,932
Capital Shares Outstanding*
Class A		126,161,619
Class B		56,515,815
Class E		742,049
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	16.23
Class B		16.05
Class E		16.15

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,151,944,517.

(b) Includes securities loaned at value of $119,200,006.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	24,142,029
Securities lending income		670,156
Total investment income		24,812,185
Expenses
Management fees		18,439,307
Administration fees		71,778
Custodian and accounting fees		288,810
Distribution and service fees—Class B		2,338,919
Distribution and service fees—Class E		18,453
Audit and tax services		47,952
Legal		30,013
Trustees’ fees and expenses		38,295
Shareholder reporting		164,636
Insurance		19,120
Miscellaneous		25,115
Total expenses		21,482,398
Less management fee waiver		(2,335,717	)
Less broker commission recapture		(93,014	)
Net expenses		19,053,667
Net Investment Income		5,758,518
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		438,292,487
Foreign currency transactions		(29,519	)
Net realized gain		438,262,968
Net change in unrealized depreciation on:
Investments		(181,679,269	)
Foreign currency transactions		(12,696	)
Net change in unrealized depreciation		(181,691,965	)
Net realized and unrealized gain		256,571,003
Net Increase in Net Assets From Operations	$	262,329,521

(a) Net of foreign withholding taxes of $463,320.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Jennison Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,758,518		$	6,531,088
Net realized gain		438,262,968			242,226,735
Net change in unrealized appreciation (depreciation)		(181,691,965	)		661,110,220
Increase in net assets from operations		262,329,521			909,868,043
From Distributions to Shareholders
Net investment income
Class A		(5,936,824	)		(8,081,431	)
Class B		(296,189	)		(1,843,777	)
Class E		(14,912	)		(34,556	)
Net realized capital gains
Class A		(120,715,426	)		(19,836,239	)
Class B		(50,589,027	)		(8,889,638	)
Class E		(670,256	)		(126,083	)
Total distributions		(178,222,634	)		(38,811,724	)
Decrease in net assets from capital share transactions		(438,747,525	)		(110,487,570	)
Total increase (decrease) in net assets		(354,640,638	)		760,568,749
Net Assets
Beginning of period		3,321,183,439			2,560,614,690
End of period	$	2,966,542,801		$	3,321,183,439
Undistributed net investment income
End of period	$	5,332,063		$	5,944,003

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		3,320,463		$	50,121,269			24,269,288		$	331,339,004
Reinvestments		8,906,628			126,652,250			2,324,536			27,917,670
Redemptions		(33,440,544	)		(516,618,578	)		(28,011,394	)		(369,171,740	)
Net decrease		(21,213,453	)	$	(339,845,059	)		(1,417,570	)	$	(9,915,066	)
Class B
Sales		3,944,009		$	59,629,111			3,132,463		$	40,981,221
Shares issued through acquisition		0			0			5,250,311			64,841,343
Reinvestments		3,614,007			50,885,216			901,968			10,733,415
Redemptions		(13,416,857	)		(208,561,548	)		(16,188,001	)		(214,267,119	)
Net decrease		(5,858,841	)	$	(98,047,221	)		(6,903,259	)	$	(97,711,140	)
Class E
Sales		88,476		$	1,389,901			44,641		$	609,299
Reinvestments		48,353			685,168			13,431			160,639
Redemptions		(187,879	)		(2,930,314	)		(274,458	)		(3,631,302	)
Net decrease		(51,050	)	$	(855,245	)		(216,386	)	$	(2,861,364	)
Decrease derived from capital shares transactions				$	(438,747,525	)				$	(110,487,570	)

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Jennison Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	15.82		$	11.73		$	12.14		$	12.11		$	10.91
Income (Loss) from Investment Operations
Net investment income (a)		0.04			0.04			0.07			0.03			0.04
Net realized and unrealized gain on investments		1.26			4.25			1.88			0.03			1.23
Total from investment operations		1.30			4.29			1.95			0.06			1.27
Less Distributions
Distributions from net investment income		(0.04	)		(0.06	)		(0.03	)		(0.03	)		(0.07	)
Distributions from net realized capital gains		(0.85	)		(0.14	)		(2.33	)		0.00			0.00
Total distributions		(0.89	)		(0.20	)		(2.36	)		(0.03	)		(0.07	)
Net Asset Value, End of Period	$	16.23		$	15.82		$	11.73		$	12.14		$	12.11
Total Return (%) (b)		9.06			37.00			15.78			0.51			11.63
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62			0.62			0.64			0.64			0.64
Net ratio of expenses to average net assets (%) (c)		0.54			0.55			0.57			0.57			0.59
Ratio of net investment income to average net assets (%)		0.26			0.31			0.58			0.22			0.35
Portfolio turnover rate (%)		25			36			41			47			66
Net assets, end of period (in millions)	$	2,047.5		$	2,332.0		$	1,744.7		$	997.2		$	1,852.8
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	15.66		$	11.61		$	12.03		$	12.01		$	10.83
Income (Loss) from Investment Operations
Net investment income (a)		0.00	(d)		0.01			0.03			0.00	(d)		0.01
Net realized and unrealized gain on investments		1.25			4.21			1.88			0.03			1.21
Total from investment operations		1.25			4.22			1.91			0.03			1.22
Less Distributions
Distributions from net investment income		(0.01	)		(0.03	)		(0.00	)(e)		(0.01	)		(0.04	)
Distributions from net realized capital gains		(0.85	)		(0.14	)		(2.33	)		0.00			0.00
Total distributions		(0.86	)		(0.17	)		(2.33	)		(0.01	)		(0.04	)
Net Asset Value, End of Period	$	16.05		$	15.66		$	11.61		$	12.03		$	12.01
Total Return (%) (b)		8.74			36.73			15.56			0.22			11.31
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87			0.87			0.89			0.89			0.89
Net ratio of expenses to average net assets (%) (c)		0.79			0.80			0.82			0.82			0.84
Ratio of net investment income to average net assets (%)		0.01			0.06			0.30			0.02			0.10
Portfolio turnover rate (%)		25			36			41			47			66
Net assets, end of period (in millions)	$	907.1		$	976.7		$	804.2		$	429.9		$	425.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Jennison Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	15.75		$	11.67		$	12.09		$	12.07		$	10.88
Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.02			0.04			0.01			0.02
Net realized and unrealized gain on investments		1.25			4.24			1.88			0.03			1.22
Total from investment operations		1.27			4.26			1.92			0.04			1.24
Less Distributions
Distributions from net investment income		(0.02	)		(0.04	)		(0.01	)		(0.02	)		(0.05	)
Distributions from net realized capital gains		(0.85	)		(0.14	)		(2.33	)		0.00			0.00
Total distributions		(0.87	)		(0.18	)		(2.34	)		(0.02	)		(0.05	)
Net Asset Value, End of Period	$	16.15		$	15.75		$	11.67		$	12.09		$	12.07
Total Return (%) (b)		8.86			36.90			15.58			0.31			11.44
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77			0.77			0.79			0.79			0.79
Net ratio of expenses to average net assets (%) (c)		0.69			0.70			0.72			0.72			0.74
Ratio of net investment income to average net assets (%)		0.11			0.16			0.38			0.12			0.21
Portfolio turnover rate (%)		25			36			41			47			66
Net assets, end of period (in millions)	$	12.0		$	12.5		$	11.8		$	8.9		$	10.2

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(d) Net investment income (loss) was less than $0.01.

(e) Distributions from net investment income were less than $0.01.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Jennison Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-12

Metropolitan Series Fund

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-13

Metropolitan Series Fund

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash

MSF-14

Metropolitan Series Fund

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	768,892,635	$	0	$	1,387,281,391

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $31,733,419 in sales of investments, which are included above.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$18,439,307		0.700	%	Of the first $200 million
		0.650	%	Of the next $300 million
		0.600	%	Of the next $1.5 billion
		0.550	%	On amounts in excess of $2 billion

MSF-15

Metropolitan Series Fund

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Jennison Associates LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 through April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	Of the first $200 million
0.050%	Over $300 million and less than $1 billion
0.100%	On the next $1 billion
0.080%	On amounts in excess of $2 billion

An identical expense agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$6,247,925	$	9,959,764	$	171,974,709	$	28,851,960	$	178,222,634	$	38,811,724

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$8,090,976	$	435,464,157	$	912,525,741	$	—	$	1,356,080,874

MSF-16

Metropolitan Series Fund

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Acquisition

At the close of business on April 26, 2013, the Portfolio, with aggregate Class A, Class B and Class E net assets of $1,857,306,830, $819,988,734 and $11,676,860, respectively, acquired all of the assets and liabilities of Jennison Large Cap Equity Portfolio of the Met Investors Series Trust (“Jennison Large Cap Equity”).

The acquisition was accomplished by a tax-free exchange of 5,250,311 Class B shares of the Portfolio (valued at $64,841,343) for 467,420,337 Class B shares of Jennison Large Cap Equity. Each shareholder of Jennison Large Cap Equity received Class B shares of the Portfolio at the Portfolio’s Class B NAV, as determined at the close of business on April 26, 2013. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by Jennison Large Cap Equity may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by Jennison Large Cap Equity. All other costs associated with the merger were not borne by the shareholders of either portfolio.

Jennison Large Cap Equity’s net assets on April 26, 2013, were $64,841,343 for Class B shares, including investments valued at $64,401,707 with a cost basis of $57,348,966. For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from Jennison Large Cap Equity were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of the Portfolio immediately after the acquisition were $2,753,813,767, which included $7,052,741 of acquired unrealized appreciation.

Assuming the acquisition had been completed on January 1, 2013, the Portfolio’s pro-forma results of operations for the year ended December 31, 2013 are as follows:

Net investment income	$	6,562,470	(a)
Net realized and unrealized gain on investments		908,460,659	(b)
Net increase in net assets from operations	$	915,023,129

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Jennison Large Cap Equity that have been included in the Portfolio’s Statement of Operations since April 26, 2013.

(a) $6,531,088 net investment income as reported December 31, 2013, minus $30,183 from Jennison Large Cap Equity pre-merger net investment loss plus $24,296 in lower advisory fees, plus $37,269 of pro-forma eliminated other expenses.

(b) $1,095,351,241 unrealized appreciation as reported December 31, 2013, minus $430,673,341 pro-forma December 31, 2012 unrealized appreciation, plus $242,226,735 net realized gain as reported December 31, 2013, plus $1,556,024 in net realized gain from Jennison Large Cap Equity pre-merger.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-17

Metropolitan Series Fund

Jennison Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Jennison Growth Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Jennison Growth Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Jennison Growth Portfolio of Metropolitan Series Fund as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-18

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-19

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-20

Metropolitan Series Fund

Jennison Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-21

Metropolitan Series Fund

Jennison Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-22

Metropolitan Series Fund

Jennison Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Jennison Growth Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Jennison Associates LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Russell 1000 Growth Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board took into account that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board also noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-23

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Loomis Sayles Small Cap Core Portfolio returned 3.76%, 3.50%, and 3.60%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 4.89%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks finished 2014 near all-time highs, with total returns of 13.7% for the large cap S&P 500 Index and 4.9% for the small cap Russell 2000 Index. Large cap equities maintained a performance advantage throughout the year, despite a strong rally in small caps during the fourth quarter. While the U.S. economy continued to improve following a dismal first part of 2014, the same cannot be said for most other global economies—or their equity markets. The challenges are evident in the MSCI All Country World Index (which is nearly 52% weighted in U.S. stocks). Given strong U.S. performance, the overall annual return of 4.7% is a disappointment, reflecting lower-than-expected economic growth outside the U.S., pressure on certain commodity-sensitive equity markets and, perhaps most importantly, the double-digit appreciation of the U.S. dollar versus most major currencies. Within the U.S. market, Health Care, Technology, Consumer Staples and Financials all performed well in 2014, consistent with the broadening economic recovery and rising employment. As interest rates moved lower in 2014, Utilities stocks took top-performance honors with a powerful gain of nearly 30%. While large cap growth and value stocks delivered similar returns for the year, small cap growth stocks outperformed small value stocks in 2014. Although small cap value benchmarks were helped by larger weightings in real estate investment trusts (REITs) and Utilities, this was more than offset by a significantly higher Health Care weighting in the growth stock indices.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio modestly underperformed its benchmark, the Russell 2000 Index, over the last year. During the period, stock selection was neutral with sector allocation (most notably in the Industrials sector) detracting from the results. Relative to our benchmark, the Health Care sector had the greatest negative impact to the Portfolio, followed by the Information Technology (“IT”) sector. Negative stock selection was evident in both sectors. Offsetting those two sectors was positive stock selection in the Energy and Consumer Discretionary sectors.

DXP Enterprises, Parker Drilling, and Oasis Petroleum all detracted from the Portfolio’s performance. DXP Enterprises is an industrial distributor that missed consensus estimates by a large margin during the second quarter. We had reduced the Portfolio’s position in DXP Enterprises, which was up 46% during the fourth quarter of 2013, into price strength on January 2, 2014. The Portfolio added to its position during the second quarter of 2014, and during the fourth quarter reduced the position size ahead of what may be mixed news and to manage overall energy infrastructure exposure. Parker Drilling, an onshore and offshore provider of rental tools and drilling services, underperformed the energy sector due to the dramatic decline in oil prices and reduced expectations for future drilling activity. Oasis Petroleum is an independent exploration and production company focused on developing oil and natural gas resources. As commodity prices declined during the year, companies with revenues tied to those prices also declined significantly. Oasis Petroleum was sold during the fourth quarter.

Exact Sciences, Receptos, and XPO Logistics were the largest contributors to the Portfolio’s performance. Exact Sciences develops a non-invasive molecular screening test for colorectal cancer. Shares were up amidst speculation that favorable Medicare pricing would be imminent, and the Portfolio eliminated the position into the price strength. Biotechnology company Receptos was up after positive data from its ulcerative colitis drug was announced. XPO Logistics is a provider of transportation logistics services in North America. In our view, XPO has an attractive business model that should support above-peer growth for the foreseeable future. During the year, the company reported better-than-expected earnings and announced some sizable acquisitions.

Some additions to the Portfolio during the period included Anacor Pharmaceuticals, Diodes, KLX, and TreeHouse Foods. Anacor Pharmaceuticals is a specialty pharmaceutical company that develops first-in-class drugs to target various inflammatory skin diseases. The stock was bought in anticipation of the third quarter launch of the company’s atopic dermatitis drug. Diodes is a manufacturer of semiconductors. They supply discrete, logic and analog semiconductor devices to consumers in the electronics, computing, industrial, communications and automotive industries. While many competitors have de-emphasized the discrete and standard analog segments due to the lower gross margin potential, Diodes has gained share and has established a business model utilizing innovative and cost-effective packaging technology suited for high volume applications. The company has a strong track record of making acquisitions, with synergies realized via incorporating its packaging expertise and increasing manufacturing utilization. KLX is a recent spin-off from B/E Aerospace. KLX is a leading distributor of fasteners and consumables to the aerospace industry. In recent years, the company has acquired several companies providing services and logistics for the remote oil and gas drilling industries. Both segments report high margins and strong cash flows. Sentiment is currently quite negative toward suppliers to the energy infrastructure industry, compounding upon the natural weakness in KLX shares that may be related to the spinoff from B/E Aerospace. It is notable that highly regarded top management from B/E is moving to the smaller spinoff company. While news flow may be mixed over the near term as the impact of lower oil prices works its way through the energy end-market, valuation seems attractive. TreeHouse Foods is a leading producer of private label packaged food products in the U.S. and Canada. We are attracted to the secular theme of private label penetration increasing steadily, augmented by the company’s demonstrated ability to acquire and integrate companies. Its two most recent acquisitions are

MSF-1

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

hyper-growers and should boost the total growth profile of the business while diversifying them into faster-growing categories like healthy snacking.

We also eliminated securities on diminished fundamental prospects while positions in some holdings were reduced on price appreciation following acquisition announcements or on price strength. While we do not make major adjustments to the Portfolio based on near-term macroeconomic expectations, they are a consideration in our investment process, and we can adjust position sizes to reflect our fundamental level of conviction and the risk/reward outlook.

Sector weight changes during the one year period ending December 31, 2014 were modest, resulting in minor changes to Portfolio positioning. As a result of individual stock selection, our weight to the Industrials and Energy sectors were reduced by 2.7% and 1.5%, respectively, and our weights to the Financials and IT sectors were increased by 1.4% and 1.2%, respectively. Cash reserves held for transactional purposes declined by 1.0%.

Mark Burns

John Slavik

Joe Gatz

Jeff Schwartz

Portfolio Managers

Loomis, Sayles & Company, L.P.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
Loomis Sayles Small Cap Core Portfolio
Class A		3.76		16.55		9.63
Class B		3.50		16.26		9.35
Class E		3.60		16.37		9.46
Russell 2000 Index		4.89		15.55		7.77

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Euronet Worldwide, Inc.		1.1
Pinnacle Financial Partners, Inc.		0.9
Helix Energy Solutions Group, Inc.		0.9
MarketAxess Holdings, Inc.		0.8
Littelfuse, Inc.		0.8
Semtech Corp.		0.8
Signature Bank		0.8
HCC Insurance Holdings, Inc.		0.8
RBC Bearings, Inc.		0.8
CubeSmart		0.8

Top Sectors

	% of Net Assets
Financials		21.9
Information Technology		19.1
Industrials		18.7
Consumer Discretionary		16.3
Health Care		10.7
Materials		3.6
Energy		3.4
Utilities		2.3
Consumer Staples		2.0

MSF-3

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Loomis Sayles Small Cap Core Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.88	%	$	1,000.00	$	1,013.80	$	4.47
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.77	$	4.48
Class B(a)	Actual		1.13	%	$	1,000.00	$	1,012.50	$	5.73
	Hypothetical*		1.13	%	$	1,000.00	$	1,019.51	$	5.75
Class E(a)	Actual		1.03	%	$	1,000.00	$	1,013.00	$	5.23
	Hypothetical*		1.03	%	$	1,000.00	$	1,020.01	$	5.24

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—98.0% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.9%
Exelis, Inc.		79,539	$	1,394,318
Hexcel Corp. (a)		34,624		1,436,550
KLX, Inc. (a)		17,608		726,330
Vectrus, Inc. (a)		23,470		643,078
				4,200,276
Air Freight & Logistics—0.5%
XPO Logistics, Inc. (a) (b)		62,390		2,550,503
Airlines—0.3%
Spirit Airlines, Inc. (a)		20,961		1,584,232
Auto Components—1.2%
Dana Holding Corp.		92,833		2,018,189
Fox Factory Holding Corp. (a)		112,076		1,818,994
Remy International, Inc. (b)		65,459		1,369,402
Tenneco, Inc. (a)		13,866		784,954
				5,991,539
Banks—9.6%
BancorpSouth, Inc.		117,513		2,645,218
Bank of the Ozarks, Inc. (b)		59,810		2,267,995
Boston Private Financial Holdings, Inc.		104,420		1,406,537
Cathay General Bancorp		132,581		3,392,748
City National Corp.		36,180		2,923,706
CVB Financial Corp. (b)		129,106		2,068,278
First Financial Bancorp		126,493		2,351,505
First Financial Bankshares, Inc. (b)		50,042		1,495,255
Iberiabank Corp.		33,100		2,146,535
PacWest Bancorp		72,443		3,293,259
Pinnacle Financial Partners, Inc.		104,734		4,141,182
Popular, Inc. (a)		54,000		1,838,700
PrivateBancorp, Inc.		63,260		2,112,884
Prosperity Bancshares, Inc. (b)		49,002		2,712,751
Signature Bank (a)		29,196		3,677,528
Talmer Bancorp, Inc. - Class A		141,792		1,990,760
Texas Capital Bancshares, Inc. (a)		38,371		2,084,696
TriState Capital Holdings, Inc. (a)		80,906		828,478
Wintrust Financial Corp.		61,820		2,890,703
				46,268,718
Biotechnology—2.5%
Acceleron Pharma, Inc. (a) (b)		32,119		1,251,356
Acorda Therapeutics, Inc. (a)		40,826		1,668,559
Anacor Pharmaceuticals, Inc. (a)		40,075		1,292,419
Chimerix, Inc. (a) (b)		30,823		1,240,934
Emergent Biosolutions, Inc. (a) (b)		70,989		1,933,030
Neurocrine Biosciences, Inc. (a) (b)		39,990		893,377
PTC Therapeutics, Inc. (a) (b)		22,180		1,148,258
Receptos, Inc. (a)		10,100		1,237,351
TESARO, Inc. (a) (b)		37,956		1,411,584
				12,076,868
Building Products—1.7%
Apogee Enterprises, Inc.		39,117		1,657,388
Armstrong World Industries, Inc. (a)		35,535		1,816,549
Building Products—(Continued)
Masonite International Corp. (a)		33,126		2,035,924
NCI Building Systems, Inc. (a)		72,946		1,350,960
Trex Co., Inc. (a) (b)		36,290		1,545,228
				8,406,049
Capital Markets—1.9%
Artisan Partners Asset Management, Inc. - Class A		31,775		1,605,591
Hercules Technology Growth Capital, Inc. (b)		122,023		1,815,702
HFF, Inc. - Class A		49,684		1,784,649
Safeguard Scientifics, Inc. (a) (b)		43,441		861,001
Stifel Financial Corp. (a)		56,327		2,873,803
				8,940,746
Chemicals—1.5%
Cabot Corp.		44,594		1,955,893
Flotek Industries, Inc. (a) (b)		54,736		1,025,205
Minerals Technologies, Inc.		36,581		2,540,551
Tronox, Ltd. - Class A		67,155		1,603,661
				7,125,310
Commercial Services & Supplies—2.8%
Healthcare Services Group, Inc. (b)		59,907		1,852,923
KAR Auction Services, Inc.		86,743		3,005,645
Knoll, Inc.		76,951		1,629,053
McGrath RentCorp		34,930		1,252,590
Rollins, Inc.		37,548		1,242,839
Viad Corp.		57,099		1,522,259
Waste Connections, Inc.		32,277		1,419,865
West Corp.		50,764		1,675,212
				13,600,386
Communications Equipment—0.6%
Calix, Inc. (a)		165,893		1,662,248
Ciena Corp. (a) (b)		66,152		1,284,010
				2,946,258
Construction & Engineering—0.8%
MYR Group, Inc. (a)		68,157		1,867,502
Primoris Services Corp.		94,005		2,184,676
				4,052,178
Consumer Finance—0.6%
Credit Acceptance Corp. (a)		6,625		903,716
Encore Capital Group, Inc. (a) (b)		41,202		1,829,369
				2,733,085
Distributors—0.8%
Core-Mark Holding Co., Inc.		35,474		2,196,905
Pool Corp.		27,131		1,721,191
				3,918,096
Diversified Consumer Services—1.4%
Bright Horizons Family Solutions, Inc. (a)		53,855		2,531,723
DeVry Education Group, Inc.		33,890		1,608,758

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Consumer Services—(Continued)
Grand Canyon Education, Inc. (a)		24,089	$	1,123,993
Nord Anglia Education, Inc. (a) (b)		89,973		1,716,685
				6,981,159
Diversified Financial Services—1.3%
FNFV Group (a)		170,746		2,687,542
MarketAxess Holdings, Inc.		52,354		3,754,305
				6,441,847
Electric Utilities—1.5%
ALLETE, Inc.		60,842		3,354,828
ITC Holdings Corp.		21,890		885,013
UIL Holdings Corp. (b)		69,173		3,011,792
				7,251,633
Electrical Equipment—1.4%
AZZ, Inc.		15,975		749,547
Babcock & Wilcox Co. (The)		72,934		2,209,900
EnerSys (b)		37,817		2,334,065
Thermon Group Holdings, Inc. (a)		52,898		1,279,603
				6,573,115
Electronic Equipment, Instruments & Components—4.2%
Belden, Inc. (b)		37,769		2,976,575
Checkpoint Systems, Inc. (a)		90,089		1,236,922
FARO Technologies, Inc. (a)		16,368		1,025,946
FEI Co.		20,864		1,885,062
IPG Photonics Corp. (a) (b)		25,444		1,906,265
Littelfuse, Inc.		38,569		3,728,465
Methode Electronics, Inc.		45,537		1,662,556
Rogers Corp. (a)		40,620		3,308,093
Vishay Intertechnology, Inc. (b)		169,189		2,394,024
				20,123,908
Energy Equipment & Services—2.2%
Bristow Group, Inc. (b)		34,488		2,268,966
Dril-Quip, Inc. (a)		15,866		1,217,398
Forum Energy Technologies, Inc. (a)		47,494		984,551
Helix Energy Solutions Group, Inc. (a)		190,695		4,138,081
Parker Drilling Co. (a)		337,922		1,037,421
RigNet, Inc. (a)		22,950		941,638
				10,588,055
Food & Staples Retailing—0.5%
SpartanNash Co.		97,655		2,552,702
Food Products—1.5%
Freshpet, Inc. (a) (b)		78,562		1,340,268
J&J Snack Foods Corp.		6,991		760,411
Post Holdings, Inc. (a) (b)		71,683		3,002,801
TreeHouse Foods, Inc. (a) (b)		23,960		2,049,299
				7,152,779
Health Care Equipment & Supplies—3.6%
Cardiovascular Systems, Inc. (a)		48,415		1,456,323
Cynosure, Inc. - Class A (a)		98,873		2,711,098
Insulet Corp. (a)		36,537		1,682,894
LDR Holding Corp. (a)		44,171		1,447,925
Novadaq Technologies, Inc. (a) (b)		99,927		1,660,787
Quidel Corp. (a)		52,651		1,522,667
Spectranetics Corp. (The) (a) (b)		83,470		2,886,393
SurModics, Inc. (a)		42,270		934,167
Teleflex, Inc. (b)		17,290		1,985,238
Wright Medical Group, Inc. (a)		48,630		1,306,688
				17,594,180
Health Care Providers & Services—3.0%
Acadia Healthcare Co., Inc. (a) (b)		42,922		2,627,256
Amsurg Corp. (a)		37,010		2,025,557
Bio-Reference Labs, Inc. (a) (b)		41,966		1,348,368
BioScrip, Inc. (a) (b)		209,985		1,467,795
ExamWorks Group, Inc. (a) (b)		46,867		1,949,198
Magellan Health, Inc. (a)		31,732		1,904,872
Team Health Holdings, Inc. (a)		34,452		1,982,024
WellCare Health Plans, Inc. (a)		16,551		1,358,175
				14,663,245
Health Care Technology—0.6%
HMS Holdings Corp. (a) (b)		87,898		1,858,164
MedAssets, Inc. (a)		56,955		1,125,431
				2,983,595
Hotels, Restaurants & Leisure—3.8%
Churchill Downs, Inc.		33,781		3,219,329
Cracker Barrel Old Country Store, Inc. (b)		10,573		1,488,255
Diamond Resorts International, Inc. (a) (b)		97,115		2,709,508
Marriott Vacations Worldwide Corp.		45,714		3,407,522
Popeyes Louisiana Kitchen, Inc. (a)		40,622		2,285,800
Six Flags Entertainment Corp. (b)		62,966		2,716,983
Vail Resorts, Inc.		25,820		2,352,977
				18,180,374
Household Durables—1.1%
Jarden Corp. (a)		54,533		2,611,040
La-Z-Boy, Inc.		36,054		967,690
Libbey, Inc. (a)		55,496		1,744,794
				5,323,524
Industrial Conglomerates—0.4%
Raven Industries, Inc. (b)		73,559		1,838,975
Insurance—2.3%
Employers Holdings, Inc.		114,738		2,697,490
HCC Insurance Holdings, Inc.		68,370		3,659,162
ProAssurance Corp.		45,299		2,045,250
Reinsurance Group of America, Inc.		27,885		2,443,284
				10,845,186

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Internet & Catalog Retail—1.1%
HSN, Inc.		31,016	$	2,357,216
Lands’ End, Inc. (a) (b)		28,341		1,529,280
Liberty Ventures - Series A (a)		32,340		1,219,865
				5,106,361
Internet Software & Services—3.3%
comScore, Inc. (a)		40,901		1,899,034
CoStar Group, Inc. (a)		10,244		1,881,106
Criteo S.A. (ADR) (a)		30,059		1,214,985
Dealertrack Technologies, Inc. (a) (b)		46,545		2,062,409
Demandware, Inc. (a) (b)		22,896		1,317,436
Endurance International Group Holdings, Inc. (a) (b)		75,296		1,387,705
Envestnet, Inc. (a)		34,258		1,683,438
Everyday Health, Inc. (a)		99,755		1,471,386
HomeAway, Inc. (a)		49,490		1,473,812
Perficient, Inc. (a)		84,986		1,583,289
				15,974,600
IT Services—3.7%
Cardtronics, Inc. (a)		44,223		1,706,123
Convergys Corp. (b)		107,588		2,191,568
CSG Systems International, Inc.		65,808		1,649,807
DST Systems, Inc.		22,863		2,152,551
Euronet Worldwide, Inc. (a)		97,995		5,379,926
InterXion Holding NV (a)		67,937		1,857,398
WEX, Inc. (a)		29,644		2,932,384
				17,869,757
Life Sciences Tools & Services—0.3%
Cambrex Corp. (a)		69,549		1,503,649
Machinery—4.1%
Alamo Group, Inc.		18,612		901,565
Albany International Corp. - Class A		51,129		1,942,391
Altra Industrial Motion Corp.		86,464		2,454,713
John Bean Technologies Corp.		105,577		3,469,260
Middleby Corp. (The) (a)		18,994		1,882,305
Proto Labs, Inc. (a) (b)		22,154		1,487,863
RBC Bearings, Inc.		56,684		3,657,818
Trimas Corp. (a)		67,251		2,104,284
Wabtec Corp.		23,528		2,044,348
				19,944,547
Marine—0.3%
Kirby Corp. (a)		19,349		1,562,238
Media—3.1%
Carmike Cinemas, Inc. (a)		73,550		1,932,158
EW Scripps Co. (The) - Class A (a) (b)		100,965		2,256,568
IMAX Corp. (a)		38,893		1,201,794
John Wiley & Sons, Inc. - Class A		40,041		2,372,029
Journal Communications, Inc. - Class A (a)		55,555		634,993
National CineMedia, Inc. (b)		124,286		1,785,990
New Media Investment Group, Inc.		107,473		2,539,587
Time, Inc. (b)		86,352		2,125,123
				14,848,242
Metals & Mining—1.9%
Globe Specialty Metals, Inc.		80,681		1,390,134
Haynes International, Inc.		42,162		2,044,857
Horsehead Holding Corp. (a) (b)		120,962		1,914,828
RTI International Metals, Inc. (a)		62,142		1,569,707
SunCoke Energy, Inc.		105,208		2,034,723
				8,954,249
Multi-Utilities—0.6%
NorthWestern Corp.		54,849		3,103,356
Oil, Gas & Consumable Fuels—1.2%
Clayton Williams Energy, Inc. (a)		12,001		765,664
Diamondback Energy, Inc. (a)		27,482		1,642,874
PDC Energy, Inc. (a)		40,493		1,671,146
QEP Resources, Inc.		74,191		1,500,142
				5,579,826
Paper & Forest Products—0.3%
PH Glatfelter Co.		52,982		1,354,750
Pharmaceuticals—0.6%
Akorn, Inc. (a) (b)		38,343		1,388,017
Impax Laboratories, Inc. (a)		43,094		1,365,218
				2,753,235
Professional Services—2.9%
Corporate Executive Board Co. (The)		22,015		1,596,748
FTI Consulting, Inc. (a)		47,079		1,818,662
Huron Consulting Group, Inc. (a)		26,992		1,845,983
Insperity, Inc.		29,383		995,790
On Assignment, Inc. (a)		40,031		1,328,629
RPX Corp. (a)		123,018		1,695,188
TriNet Group, Inc. (a)		50,393		1,576,293
WageWorks, Inc. (a) (b)		46,450		2,999,276
				13,856,569
Real Estate Investment Trusts—5.7%
American Campus Communities, Inc.		55,813		2,308,426
BioMed Realty Trust, Inc.		122,885		2,646,943
CubeSmart		164,717		3,635,304
Hersha Hospitality Trust		302,517		2,126,694
Home Properties, Inc.		25,191		1,652,529
Mid-America Apartment Communities, Inc.		32,704		2,442,335
National Retail Properties, Inc.		42,345		1,667,123
Omega Healthcare Investors, Inc.		48,587		1,898,294
Potlatch Corp.		54,794		2,294,225
Retail Opportunity Investments Corp.		194,735		3,269,600
Sabra Health Care REIT, Inc.		28,359		861,263
Sovran Self Storage, Inc.		32,899		2,869,451
				27,672,187
Road & Rail—1.5%
Avis Budget Group, Inc. (a)		22,108		1,466,424
Genesee & Wyoming, Inc. - Class A (a)		37,238		3,348,441
Old Dominion Freight Line, Inc. (a)		28,758		2,232,771
				7,047,636

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—3.5%
Cavium, Inc. (a) (b)		37,322	$	2,307,246
Diodes, Inc. (a)		40,969		1,129,515
Intersil Corp. - Class A		114,245		1,653,125
MKS Instruments, Inc.		46,685		1,708,671
Monolithic Power Systems, Inc.		42,976		2,137,626
Semtech Corp. (a)		134,332		3,703,533
Silicon Laboratories, Inc. (a)		39,149		1,864,276
Teradyne, Inc. (b)		116,453		2,304,605
				16,808,597
Software—3.8%
Aspen Technology, Inc. (a)		48,168		1,686,843
Ellie Mae, Inc. (a)		34,753		1,401,241
FleetMatics Group plc (a) (b)		55,972		1,986,446
Guidewire Software, Inc. (a) (b)		56,035		2,837,052
Monotype Imaging Holdings, Inc.		26,144		753,732
Proofpoint, Inc. (a) (b)		44,589		2,150,527
SS&C Technologies Holdings, Inc.		10,673		624,264
Synchronoss Technologies, Inc. (a) (b)		44,097		1,845,900
Ultimate Software Group, Inc. (The) (a) (b)		16,705		2,452,545
Verint Systems, Inc. (a)		43,631		2,542,815
				18,281,365
Specialty Retail—2.5%
Asbury Automotive Group, Inc. (a)		29,292		2,223,849
Barnes & Noble, Inc. (a) (b)		68,614		1,593,217
Christopher & Banks Corp. (a)		125,546		716,868
Genesco, Inc. (a)		38,244		2,930,255
MarineMax, Inc. (a)		115,338		2,312,527
Restoration Hardware Holdings, Inc. (a) (b)		16,382		1,572,836
Sally Beauty Holdings, Inc. (a)		29,695		912,824
				12,262,376
Textiles, Apparel & Luxury Goods—1.3%
Deckers Outdoor Corp. (a) (b)		20,617		1,876,972
Oxford Industries, Inc.		29,475		1,627,315
Tumi Holdings, Inc. (a) (b)		72,645		1,723,866
Vince Holding Corp. (a) (b)		32,223		842,309
				6,070,462
Thrifts & Mortgage Finance—0.6%
Capitol Federal Financial, Inc.		93,829		1,199,135
Essent Group, Ltd. (a)		25,306		650,617
Federal Agricultural Mortgage Corp. - Class C		33,757		1,024,187
				2,873,939
Trading Companies & Distributors—0.8%
DXP Enterprises, Inc. (a)		19,245		972,450
H&E Equipment Services, Inc.		37,329		1,048,572
Rush Enterprises, Inc. - Class A (a)		50,123		1,606,442
				3,627,464
Security Description	Shares/ Principal Amount*		Value
Transportation Infrastructure—0.3%
Macquarie Infrastructure Co. LLC		21,938		1,559,572
Water Utilities—0.1%
Middlesex Water Co.		26,350		607,631
Total Common Stocks (Cost $334,751,518)				472,711,129
Short-Term Investments—20.5%
Mutual Fund—18.4%
State Street Navigator Securities Lending MET Portfolio (c)		88,916,115		88,916,115
Repurchase Agreement—2.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $10,220,824 on 01/02/15, collateralized by $10,575,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $10,427,331.		10,220,824		10,220,824
Total Short-Term Investments (Cost $99,136,939)				99,136,939
Total Investments—118.5% (Cost $433,888,457) (d)				571,848,068
Other assets and liabilities (net)—(18.5)%				(89,359,710	)
Net Assets—100.0%			$	482,488,358

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $90,542,089 and the collateral received consisted of cash in the amount of $88,916,115 and non-cash collateral with a value of $4,158,276. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $433,718,732. The aggregate unrealized appreciation and depreciation of investments were $144,133,951 and $(6,004,615), respectively, resulting in net unrealized appreciation of $138,129,336 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	472,711,129	$	—		$	—	$	472,711,129
Short-Term Investments
Mutual Fund		88,916,115		—			—		88,916,115
Repurchase Agreement		—		10,220,824			—		10,220,824
Total Short-Term Investments		88,916,115		10,220,824			—		99,136,939
Total Investments	$	561,627,244	$	10,220,824		$	—	$	571,848,068
Collateral for securities loaned (Liability)	$	—	$	(88,916,115	)	$	—	$	(88,916,115	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	571,848,068
Receivable for:
Investments sold		1,035,864
Fund shares sold		68,849
Dividends		479,268
Prepaid expenses		1,236
Total Assets		573,433,285
Liabilities
Collateral for securities loaned		88,916,115
Payables for:
Investments purchased		1,097,622
Fund shares redeemed		410,458
Accrued expenses:
Management fees		333,640
Distribution and service fees		42,111
Deferred trustees’ fees		63,482
Other expenses		81,499
Total Liabilities		90,944,927
Net Assets	$	482,488,358
Net assets consist of:
Paid in surplus	$	283,700,943
Undistributed net investment income		563,235
Accumulated net realized gain		60,264,569
Unrealized appreciation on investments		137,959,611
Net Assets	$	482,488,358
Net Assets
Class A	$	269,078,524
Class B		179,542,242
Class E		33,867,592
Capital Shares Outstanding*
Class A		927,462
Class B		641,037
Class E		119,207
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	290.12
Class B		280.08
Class E		284.11

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $433,888,457.

(b) Includes securities loaned at value of $90,542,089.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	5,364,009
Securities lending income		434,960
Total investment income		5,798,969
Expenses
Management fees		4,389,395
Administration fees		11,901
Custodian and accounting fees		61,503
Distribution and service fees—Class B		453,358
Distribution and service fees—Class E		53,248
Audit and tax services		39,404
Legal		30,014
Trustees’ fees and expenses		40,690
Shareholder reporting		91,022
Insurance		2,928
Miscellaneous		10,662
Total expenses		5,184,125
Less management fee waiver		(386,458	)
Less broker commission recapture		(26,796	)
Net expenses		4,770,871
Net Investment Income		1,028,098
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		59,991,691
Net change in unrealized depreciation on investments		(44,243,116	)
Net realized and unrealized gain		15,748,575
Net Increase in Net Assets From Operations	$	16,776,673

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	1,028,098		$	373,147
Net realized gain		59,991,691			64,835,389
Net change in unrealized appreciation (depreciation)		(44,243,116	)		91,746,038
Increase in net assets from operations		16,776,673			156,954,574
From Distributions to Shareholders
Net investment income
Class A		(119,998	)		(1,108,880	)
Class B		0			(391,616	)
Class E		0			(114,151	)
Net realized capital gains
Class A		(35,667,812	)		(18,804,683	)
Class B		(24,560,228	)		(12,961,708	)
Class E		(4,813,535	)		(2,795,689	)
Total distributions		(65,161,573	)		(36,176,727	)
Increase (decrease) in net assets from capital share transactions		16,564,150			(13,242,863	)
Total increase (decrease) in net assets		(31,820,750	)		107,534,984
Net Assets
Beginning of period		514,309,108			406,774,124
End of period	$	482,488,358		$	514,309,108
Undistributed (distributions in excess of) net investment income
End of period	$	563,235		$	(17,991	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		24,937		$	7,323,678			43,599		$	12,263,636
Reinvestments		132,764			35,787,810			81,068			19,913,563
Redemptions		(116,622	)		(33,796,624	)		(126,915	)		(35,702,694	)
Net increase (decrease)		41,079		$	9,314,864			(2,248	)	$	(3,525,495	)
Class B
Sales		40,402		$	11,422,028			51,845		$	14,548,502
Reinvestments		94,213			24,560,228			55,844			13,353,324
Redemptions		(99,888	)		(28,029,609	)		(121,124	)		(33,321,684	)
Net increase (decrease)		34,727		$	7,952,647			(13,435	)	$	(5,419,858	)
Class E
Sales		6,449		$	1,822,076			8,871		$	2,471,043
Reinvestments		18,216			4,813,535			12,039			2,909,840
Redemptions		(26,184	)		(7,338,972	)		(34,655	)		(9,678,393	)
Net decrease		(1,519	)	$	(703,361	)		(13,745	)	$	(4,297,510	)
Increase (decrease) derived from capital shares transactions				$	16,564,150					$	(13,242,863	)

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	322.61		$	250.37		$	224.06		$	222.98		$	175.00
Income (Loss) from Investment Operations
Net investment income (a)		0.91			0.53			1.56			0.13			0.43
Net realized and unrealized gain on investments		8.06			94.94			30.73			1.20			47.73
Total from investment operations		8.97			95.47			32.29			1.33			48.16
Less Distributions
Distributions from net investment income		(0.14	)		(1.29	)		0.00			(0.25	)		(0.18	)
Distributions from net realized capital gains		(41.32	)		(21.94	)		(5.98	)		0.00			0.00
Total distributions		(41.46	)		(23.23	)		(5.98	)		(0.25	)		(0.18	)
Net Asset Value, End of Period	$	290.12		$	322.61		$	250.37		$	224.06		$	222.98
Total Return (%) (b)		3.76			41.04			14.55			0.59			27.53
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96			0.95			0.97			0.96			0.96
Net ratio of expenses to average net assets (%) (c)		0.88			0.88			0.89			0.91			0.91
Ratio of net investment income to average net assets (%)		0.31			0.19			0.65			0.06			0.23
Portfolio turnover rate (%)		35			36			38			49			61
Net assets, end of period (in millions)	$	269.1		$	286.0		$	222.5		$	219.9		$	244.4
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	313.49		$	243.89		$	218.94		$	218.20		$	171.53
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			(0.18	)		0.96			(0.41	)		(0.02	)
Net realized and unrealized gain on investments		7.73			92.38			29.97			1.15			46.69
Total from investment operations		7.91			92.20			30.93			0.74			46.67
Less Distributions
Distributions from net investment income		0.00			(0.66	)		0.00			0.00			0.00
Distributions from net realized capital gains		(41.32	)		(21.94	)		(5.98	)		0.00			0.00
Total distributions		(41.32	)		(22.60	)		(5.98	)		0.00			0.00
Net Asset Value, End of Period	$	280.08		$	313.49		$	243.89		$	218.94		$	218.20
Total Return (%) (b)		3.50			40.68			14.27			0.34			27.21
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.21			1.20			1.22			1.21			1.21
Net ratio of expenses to average net assets (%) (c)		1.13			1.13			1.14			1.16			1.16
Ratio of net investment income (loss) to average net assets (%)		0.06			(0.07	)		0.41			(0.19	)		(0.01	)
Portfolio turnover rate (%)		35			36			38			49			61
Net assets, end of period (in millions)	$	179.5		$	190.1		$	151.2		$	142.6		$	141.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	317.10		$	246.44		$	220.96		$	219.99		$	172.77
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.46			0.09			1.18			(0.22	)		0.14
Net realized and unrealized gain on investments		7.87			93.41			30.28			1.19			47.08
Total from investment operations		8.33			93.50			31.46			0.97			47.22
Less Distributions
Distributions from net investment income		0.00			(0.90	)		0.00			0.00			0.00
Distributions from net realized capital gains		(41.32	)		(21.94	)		(5.98	)		0.00			0.00
Total distributions		(41.32	)		(22.84	)		(5.98	)		0.00			0.00
Net Asset Value, End of Period	$	284.11		$	317.10		$	246.44		$	220.96		$	219.99
Total Return (%) (b)		3.60			40.83			14.38			0.44			27.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.11			1.10			1.12			1.11			1.11
Net ratio of expenses to average net assets (%) (c)		1.03			1.03			1.04			1.06			1.06
Ratio of net investment income (loss) to average net assets (%)		0.16			0.03			0.50			(0.10	)		0.08
Portfolio turnover rate (%)		35			36			38			49			61
Net assets, end of period (in millions)	$	33.9		$	38.3		$	33.1		$	33.9		$	41.8

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Loomis Sayles Small Cap Core Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

MSF-14

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, return of capital adjustments, distribution re-designations and real estate investment trust (REIT) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-15

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $10,220,824, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities

MSF-16

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	166,645,322	$	0	$	216,548,866

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$4,389,395		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 through April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	Of the first $200 million
0.100%	On the next $300 million
0.050%	On amounts in excess of $500 million

An identical expense agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

MSF-17

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$4,891,539	$	1,614,646	$	60,270,034	$	34,562,081	$	65,161,573	$	36,176,727

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$626,718	$	60,094,841	$	138,129,336	$	—	$	198,850,895

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-18

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Loomis Sayles Small Cap Core Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Loomis Sayles Small Cap Core Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Loomis Sayles Small Cap Core Portfolio of Metropolitan Series Fund as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-19

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-20

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-21

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-22

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-23

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Loomis Sayles Small Cap Core Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Loomis, Sayles & Company, L.P. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the three- and five-year periods ended June 30, 2014 and underperformed the median of its Performance Universe and its Lipper Index for the one-year period ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Russell 2000 Index, for the one-year period ended October 31, 2014 and outperformed its benchmark for the three- and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were below its Expense Group median and Sub-advised Expense Universe median and above its Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-l fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board further noted that the Portfolio’s contractual sub-advisory fees were below the average of the Sub-advised Expense Group and the average of the Sub-advised Expense Universe at the Portfolio’s current size. The Board also considered that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-24

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Loomis Sayles Small Cap Growth Portfolio returned 1.22%, 0.94%, and 1.05%, respectively. The Portfolio’s benchmark, the Russell 2000 Growth Index¹, returned 5.60%.

MARKET ENVIRONMENT / CONDITIONS

Despite ultimately posting positive returns, 2014 was a trying year for the small and mid cap equity markets. The market headwinds included increased volatility (as measured by standard deviation), a severe rotation, and significant swings in performance driven by specific pockets of the market that were extremely difficult to keep pace with. While some of these trends were evident in other equity asset classes, they were particularly severe in the small cap segment; small caps lagged large caps by the widest margin since 1998. The Russell 2000 Index lagged the S&P 500 Index by almost 900 basis points for the year.

While growth outperformed value in the small cap asset class, growth managers struggled much more than their value counterparts to outperform their benchmark. Approximately 46% of small cap value managers managed to outperform for the year, while approximately 23% of small cap growth managers outperformed, relative to the Russell 2000 Value and Growth Indices. One factor that may explain why growth managers had such a difficult time during the year may be earnings growth. Earnings can provide insight into other aspects of business quality however during the year, companies that were able to beat earnings estimates and raise guidance were not rewarded in the traditional fashion.

Valuation has played a dominant role in many discussions surrounding small cap stocks this year, and perhaps that provides further insight into why earnings surprises have not produced the same positive performance they have in the past. As we began 2014, valuations of small cap stocks on an absolute basis and relative to large cap stocks reached levels that some may say were extended. They have since retreated but remain somewhat elevated from long-term averages. As a result of these higher valuations, expectations for earnings beats and raises may have already been priced in to the stocks.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark, the Russell 2000 Growth Index, in 2014 primarily due to stock selection. Stock selection in the Information Technology (“IT”), Health Care and Consumer Discretionary sectors was the largest detractor to relative performance. An underweight position in the Materials sector contributed positively to relative performance.

The largest detractors to performance during the year were Energy companies Oasis Petroleum and Gulfport Energy, and Financial Engines. The Energy sector played a large role in performance during the year, particularly the last quarter. The Energy sector in the Russell 2000 Growth Index was down over 32% for the year. Oasis Petroleum and Gulfport both declined as energy prices collapsed and were among the three worst-performing stocks in the Portfolio. Investment advisory company Financial Engines also declined during the year. The company reported solid assets under management, however pricing and gross margins were soft.

The largest individual contributors to performance were Exact Sciences, Receptos and XPO Logistics. Shares of Exact Sciences were up during the year after the Food & Drug Administration (FDA) approved the company’s colon cancer screening test. Biotechnology company Receptos was up during the year after data on the company’s ulcerative colitis drug met mid-stage study objectives. Shares of XPO Logistics were up after the company announced a private placement that would be used primarily to fund strategic acquisitions.

Changes to the sector weights were modest, resulting in no material change to the positioning of the Portfolio. As a result of individual stock selection, and the Portfolio’s holdings faring worse than the benchmark’s during the year, sector weights in the Consumer Discretionary sector decreased, and we were underweight the sector relative to the benchmark at the end of the period. The Portfolio’s exposure in the Health Care sector increased, although at year end we remained underweight, though less underweight than at the prior year’s end. Given the selloff during the first half of the year in many biotechnology and health care equipment and services companies, we were able to add selectively to these types of companies at attractive valuations. The Portfolio’s IT sector allocation also increased as we added selected stocks to a number of areas including semiconductors, and as a result, the Portfolio ended the period with an overweight position. Our strategy seeks high-quality, under-exploited growth stocks. Our bottom-up fundamental research and discounted cash

MSF-1

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

flow valuation discipline help us identify these differentiated growth opportunities. Risk management is applied from the stock level to the portfolio level and from the buy discipline through the sell discipline. Our strategy represents small cap growth investing with a low volatility approach.

Mark Burns

John Slavik

Portfolio Managers

Loomis, Sayles & Company, L.P

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
Loomis Sayles Small Cap Growth Portfolio
Class A		1.22		17.82		7.64
Class B		0.94		17.52		7.38
Class E		1.05		17.63		7.49
Russell 2000 Growth Index		5.60		16.80		8.54

¹ The Russell 2000 Growth Index is an unmanaged measure of performance of those Russell 2000 companies (small capitalization companies) that have higher price-to book ratios and higher forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
WageWorks, Inc.		1.7
Spectranetics Corp. (The)		1.6
Guidewire Software, Inc.		1.6
Acadia Healthcare Co., Inc.		1.5
XPO Logistics, Inc.		1.4
Bright Horizons Family Solutions, Inc.		1.4
Ultimate Software Group, Inc. (The)		1.4
Vail Resorts, Inc.		1.3
Cavium, Inc.		1.3
Popeyes Louisiana Kitchen, Inc.		1.3

Top Sectors

	% of Net Assets
Information Technology		28.1
Health Care		23.6
Industrials		16.1
Consumer Discretionary		14.5
Financials		8.7
Energy		4.4
Consumer Staples		1.9
Materials		0.6

MSF-3

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Loomis Sayles Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.87	%	$	1,000.00	$	1,025.10	$	4.44
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.82	$	4.43
Class B(a)	Actual		1.12	%	$	1,000.00	$	1,023.90	$	5.71
	Hypothetical*		1.12	%	$	1,000.00	$	1,019.56	$	5.70
Class E(a)	Actual		1.02	%	$	1,000.00	$	1,024.20	$	5.20
	Hypothetical*		1.02	%	$	1,000.00	$	1,020.06	$	5.19

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—97.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.8%
Hexcel Corp. (a)		84,223	$	3,494,412
Air Freight & Logistics—1.4%
XPO Logistics, Inc. (a) (b)		151,764		6,204,112
Airlines—0.9%
Spirit Airlines, Inc. (a)		50,988		3,853,673
Banks—4.2%
Bank of the Ozarks, Inc.		145,488		5,516,905
Boston Private Financial Holdings, Inc.		254,003		3,421,420
Pinnacle Financial Partners, Inc.		110,711		4,377,513
PrivateBancorp, Inc.		153,882		5,139,659
				18,455,497
Biotechnology—6.8%
Acceleron Pharma, Inc. (a) (b)		78,130		3,043,945
Acorda Therapeutics, Inc. (a) (b)		99,310		4,058,800
Anacor Pharmaceuticals, Inc. (a)		97,473		3,143,504
Chimerix, Inc. (a) (b)		74,963		3,018,010
Emergent Biosolutions, Inc. (a)		172,682		4,702,131
Neurocrine Biosciences, Inc. (a) (b)		97,190		2,171,225
PTC Therapeutics, Inc. (a) (b)		53,905		2,790,662
Receptos, Inc. (a)		24,562		3,009,091
TESARO, Inc. (a) (b)		92,329		3,433,715
				29,371,083
Building Products—2.5%
Apogee Enterprises, Inc.		95,153		4,031,633
NCI Building Systems, Inc. (a)		177,441		3,286,207
Trex Co., Inc. (a) (b)		88,276		3,758,792
				11,076,632
Capital Markets—1.9%
Artisan Partners Asset Management, Inc. - Class A		77,294		3,905,666
HFF, Inc. - Class A		120,856		4,341,147
				8,246,813
Chemicals—0.6%
Flotek Industries, Inc. (a) (b)		133,146		2,493,825
Commercial Services & Supplies—1.0%
Healthcare Services Group, Inc. (b)		145,723		4,507,212
Communications Equipment—0.7%
Ciena Corp. (a) (b)		160,916		3,123,380
Consumer Finance—1.0%
Encore Capital Group, Inc. (a) (b)		100,226		4,450,034
Distributors—1.0%
Pool Corp.		65,998		4,186,913
Diversified Consumer Services—3.9%
Bright Horizons Family Solutions, Inc. (a)		131,002		6,158,404
DeVry Education Group, Inc.		82,428		3,912,857
Grand Canyon Education, Inc. (a)		58,598		2,734,183
Nord Anglia Education, Inc. (a) (b)		218,860		4,175,849
				16,981,293
Diversified Financial Services—1.1%
MarketAxess Holdings, Inc.		69,266		4,967,065
Electrical Equipment—0.7%
Thermon Group Holdings, Inc. (a)		128,675		3,112,648
Electronic Equipment, Instruments & Components—2.7%
FARO Technologies, Inc. (a)		39,815		2,495,604
FEI Co.		50,753		4,585,533
IPG Photonics Corp. (a) (b)		61,892		4,636,949
				11,718,086
Energy Equipment & Services—2.6%
Dril-Quip, Inc. (a)		38,594		2,961,317
Forum Energy Technologies, Inc. (a)		115,448		2,393,237
Helix Energy Solutions Group, Inc. (a)		161,517		3,504,919
RigNet, Inc. (a)		55,826		2,290,541
				11,150,014
Food Products—1.9%
Freshpet, Inc. (a) (b)		190,969		3,257,931
TreeHouse Foods, Inc. (a)		58,284		4,985,031
				8,242,962
Health Care Equipment & Supplies—7.6%
Cardiovascular Systems, Inc. (a)		117,771		3,542,552
Cynosure, Inc. - Class A (a)		148,077		4,060,271
Insulet Corp. (a) (b)		88,877		4,093,675
LDR Holding Corp. (a)		107,372		3,519,654
Novadaq Technologies, Inc. (a) (b)		243,073		4,039,873
Quidel Corp. (a) (b)		128,073		3,703,871
Spectranetics Corp. (The) (a) (b)		203,040		7,021,123
Wright Medical Group, Inc. (a)		118,294		3,178,560
				33,159,579
Health Care Providers & Services—5.9%
Acadia Healthcare Co., Inc. (a) (b)		104,409		6,390,875
Amsurg Corp. (a)		90,028		4,927,232
ExamWorks Group, Inc. (a) (b)		114,006		4,741,510
Magellan Health, Inc. (a)		77,189		4,633,656
Team Health Holdings, Inc. (a)		83,804		4,821,244
				25,514,517
Health Care Technology—1.0%
HMS Holdings Corp. (a) (b)		213,813		4,520,007

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—2.6%
Popeyes Louisiana Kitchen, Inc. (a)		98,814	$	5,560,264
Vail Resorts, Inc.		62,801		5,723,055
				11,283,319
Internet & Catalog Retail—0.9%
Lands’ End, Inc. (a) (b)		68,891		3,717,358
Internet Software & Services—8.1%
comScore, Inc. (a)		99,493		4,619,460
CoStar Group, Inc. (a)		24,917		4,575,509
Criteo S.A. (ADR) (a)		73,110		2,955,106
Dealertrack Technologies, Inc. (a) (b)		113,221		5,016,822
Demandware, Inc. (a) (b)		55,688		3,204,288
Endurance International Group Holdings, Inc. (a) (b)		183,140		3,375,270
Envestnet, Inc. (a)		83,334		4,095,033
Everyday Health, Inc. (a)		242,655		3,579,161
HomeAway, Inc. (a)		120,386		3,585,095
				35,005,744
IT Services—3.2%
Cardtronics, Inc. (a)		107,573		4,150,166
Euronet Worldwide, Inc. (a)		93,584		5,137,762
InterXion Holding NV (a) (b)		165,256		4,518,099
				13,806,027
Life Sciences Tools & Services—0.8%
Cambrex Corp. (a)		169,178		3,657,628
Machinery—2.4%
Middleby Corp. (The) (a)		46,203		4,578,717
Proto Labs, Inc. (a) (b)		53,891		3,619,320
RBC Bearings, Inc.		35,038		2,261,002
				10,459,039
Media—0.7%
IMAX Corp. (a) (b)		94,547		2,921,502
Oil, Gas & Consumable Fuels—1.9%
Diamondback Energy, Inc. (a)		66,850		3,996,293
PDC Energy, Inc. (a)		98,498		4,065,013
				8,061,306
Pharmaceuticals—1.5%
Akorn, Inc. (a) (b)		93,270		3,376,374
Impax Laboratories, Inc. (a)		104,828		3,320,951
				6,697,325
Professional Services—5.2%
Corporate Executive Board Co. (The)		53,551		3,884,054
Huron Consulting Group, Inc. (a)		65,658		4,490,351
On Assignment, Inc. (a)		97,375		3,231,876
Professional Services—(Continued)
TriNet Group, Inc. (a)		122,582	$	3,834,365
WageWorks, Inc. (a) (b)		112,892		7,289,436
				22,730,082
Road & Rail—1.1%
Genesee & Wyoming, Inc. - Class A (a)		53,394		4,801,189
Semiconductors & Semiconductor Equipment—6.4%
Cavium, Inc. (a) (b)		90,786		5,612,390
Intersil Corp. - Class A		277,903		4,021,256
MKS Instruments, Inc.		113,561		4,156,333
Monolithic Power Systems, Inc.		104,540		5,199,820
Semtech Corp. (a)		163,007		4,494,103
Silicon Laboratories, Inc. (a)		95,231		4,534,900
				28,018,802
Software—7.0%
Aspen Technology, Inc. (a)		117,170		4,103,294
Ellie Mae, Inc. (a)		84,537		3,408,532
FleetMatics Group plc (a) (b)		136,153		4,832,070
Guidewire Software, Inc. (a) (b)		136,186		6,895,097
Proofpoint, Inc. (a) (b)		108,462		5,231,122
Ultimate Software Group, Inc. (The) (a)		40,601		5,960,836
				30,430,951
Specialty Retail—2.1%
Asbury Automotive Group, Inc. (a)		71,253		5,409,528
Restoration Hardware Holdings, Inc. (a) (b)		39,849		3,825,902
				9,235,430
Textiles, Apparel & Luxury Goods—3.4%
Deckers Outdoor Corp. (a) (b)		50,152		4,565,838
Oxford Industries, Inc.		71,698		3,958,447
Tumi Holdings, Inc. (a) (b)		176,709		4,193,305
Vince Holding Corp. (a) (b)		78,381		2,048,879
				14,766,469
Thrifts & Mortgage Finance—0.4%
Essent Group, Ltd. (a)		61,545		1,582,322
Total Common Stocks (Cost $330,920,427)				426,004,250
Short-Term Investments—30.4%
Mutual Fund—27.9%
State Street Navigator Securities Lending MET Portfolio (c)		121,248,320		121,248,320

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreement—2.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $10,711,488 on 01/02/15, collateralized by $10,930,000 Federal Home Loan Bank at 0.160% due 03/11/15 with a value of $10,930,000.		10,711,488	$	10,711,488
Total Short-Term Investments (Cost $131,959,808)				131,959,808
Total Investments—128.3% (Cost $462,880,235) (d)				557,964,058
Other assets and liabilities (net)—(28.3)%				(122,909,407	)
Net Assets—100.0%			$	435,054,651

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $118,223,483 and the collateral received consisted of cash in the amount of $121,248,320 and non-cash collateral with a value of $2,343. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $463,199,450. The aggregate unrealized appreciation and depreciation of investments were $99,601,699 and $(4,837,091), respectively, resulting in net unrealized appreciation of $94,764,608 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	426,004,250	$	—		$	—	$	426,004,250
Short-Term Investments
Mutual Fund		121,248,320		—			—		121,248,320
Repurchase Agreement		—		10,711,488			—		10,711,488
Total Short-Term Investments		121,248,320		10,711,488			—		131,959,808
Total Investments	$	547,252,570	$	10,711,488		$	—	$	557,964,058
Collateral for securities loaned (Liability)	$	—	$	(121,248,320	)	$	—	$	(121,248,320	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	557,964,058
Receivable for:
Investments sold		1,494,146
Fund shares sold		47,902
Dividends		41,743
Prepaid expenses		1,085
Total Assets		559,548,934
Liabilities
Collateral for securities loaned		121,248,320
Payables for:
Investments purchased		2,273,572
Fund shares redeemed		529,306
Accrued expenses:
Management fees		299,223
Distribution and service fees		16,148
Deferred trustees’ fees		63,842
Other expenses		63,872
Total Liabilities		124,494,283
Net Assets	$	435,054,651
Net assets consist of:
Paid in surplus	$	285,309,983
Accumulated net investment loss		(63,842	)
Accumulated net realized gain		54,724,687
Unrealized appreciation on investments		95,083,823
Net Assets	$	435,054,651
Net Assets
Class A	$	355,827,142
Class B		71,863,530
Class E		7,363,979
Capital Shares Outstanding*
Class A		24,206,408
Class B		5,093,348
Class E		512,431
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.70
Class B		14.11
Class E		14.37

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $462,880,235.

(b) Includes securities loaned at value of $118,223,483.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	1,374,749
Securities lending income		681,520
Total investment income		2,056,269
Expenses
Management fees		4,028,051
Administration fees		10,978
Custodian and accounting fees		49,628
Distribution and service fees—Class B		186,422
Distribution and service fees—Class E		11,765
Audit and tax services		39,404
Legal		30,014
Trustees’ fees and expenses		38,594
Shareholder reporting		58,530
Insurance		2,731
Miscellaneous		10,541
Total expenses		4,466,658
Less management fee waiver		(397,497	)
Less broker commission recapture		(34,137	)
Net expenses		4,035,024
Net Investment Loss		(1,978,755	)
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		55,093,902
Net change in unrealized depreciation on investments		(49,417,620	)
Net realized and unrealized gain		5,676,282
Net Increase in Net Assets From Operations	$	3,697,527

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(1,978,755	)	$	(2,532,674	)
Net realized gain		55,093,902			76,656,573
Net change in unrealized appreciation (depreciation)		(49,417,620	)		101,257,760
Increase in net assets from operations		3,697,527			175,381,659
From Distributions to Shareholders
Net realized capital gains
Class A		(44,341,112	)		0
Class B		(9,372,330	)		0
Class E		(996,910	)		0
Total distributions		(54,710,352	)		0
Decrease in net assets from capital share transactions		(5,651,576	)		(61,215,845	)
Total increase (decrease) in net assets		(56,664,401	)		114,165,814
Net Assets
Beginning of period		491,719,052			377,553,238
End of period	$	435,054,651		$	491,719,052
Accumulated net investment loss
End of period	$	(63,842	)	$	(48,554	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		2,827,474		$	38,954,277			3,511,756		$	45,338,268
Reinvestments		3,253,199			44,341,113			0			0
Redemptions		(6,182,952	)		(88,788,009	)		(7,138,154	)		(98,802,398	)
Net decrease		(102,279	)	$	(5,492,619	)		(3,626,398	)	$	(53,464,130	)
Class B
Sales		547,893		$	7,878,004			753,522		$	10,565,408
Reinvestments		715,445			9,372,330			0			0
Redemptions		(1,211,176	)		(17,070,169	)		(1,305,262	)		(17,855,303	)
Net increase (decrease)		52,162		$	180,165			(551,740	)	$	(7,289,895	)
Class E
Sales		43,912		$	652,266			112,870		$	1,623,975
Reinvestments		74,731			996,910			0			0
Redemptions		(140,254	)		(1,988,298	)		(149,978	)		(2,085,795	)
Net decrease		(21,611	)	$	(339,122	)		(37,108	)	$	(461,820	)
Decrease derived from capital shares transactions				$	(5,651,576	)				$	(61,215,845	)

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	16.55		$	11.13		$	10.01		$	9.72		$	7.38
Income (Loss) from Investment Operations
Net investment loss (a)		(0.06	)		(0.07	)		(0.03	)		(0.06	)		(0.06	)
Net realized and unrealized gain on investments		0.11			5.49			1.15			0.35			2.40
Total from investment operations		0.05			5.42			1.12			0.29			2.34
Less Distributions
Distributions from net realized capital gains		(1.90	)		0.00			0.00			0.00			0.00
Total distributions		(1.90	)		0.00			0.00			0.00			0.00
Net Asset Value, End of Period	$	14.70		$	16.55		$	11.13		$	10.01		$	9.72
Total Return (%) (b)		1.22			48.70			11.19			2.98			31.71
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.95			0.95			0.96			0.96			1.07
Net ratio of expenses to average net assets (%) (c)		0.86			0.86			0.87			0.88			1.02
Ratio of net investment loss to average net assets (%)		(0.40	)		(0.53	)		(0.26	)		(0.58	)		(0.75	)
Portfolio turnover rate (%)		56			58			74			74			73
Net assets, end of period (in millions)	$	355.8		$	402.4		$	311.0		$	354.8		$	28.4
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	16.01		$	10.79		$	9.73		$	9.47		$	7.21
Income (Loss) from Investment Operations
Net investment loss (a)		(0.09	)		(0.10	)		(0.05	)		(0.09	)		(0.08	)
Net realized and unrealized gain on investments		0.09			5.32			1.11			0.35			2.34
Total from investment operations		0.00			5.22			1.06			0.26			2.26
Less Distributions
Distributions from net realized capital gains		(1.90	)		0.00			0.00			0.00			0.00
Total distributions		(1.90	)		0.00			0.00			0.00			0.00
Net Asset Value, End of Period	$	14.11		$	16.01		$	10.79		$	9.73		$	9.47
Total Return (%) (b)		0.94			48.38			10.89			2.75			31.35
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.20			1.20			1.21			1.21			1.32
Net ratio of expenses to average net assets (%) (c)		1.11			1.11			1.12			1.13			1.27
Ratio of net investment loss to average net assets (%)		(0.65	)		(0.77	)		(0.51	)		(0.86	)		(1.00	)
Portfolio turnover rate (%)		56			58			74			74			73
Net assets, end of period (in millions)	$	71.9		$	80.7		$	60.4		$	61.8		$	66.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	16.25		$	10.94		$	9.86		$	9.58		$	7.29
Income (Loss) from Investment Operations
Net investment loss (a)		(0.08	)		(0.09	)		(0.04	)		(0.08	)		(0.07	)
Net realized and unrealized gain on investments		0.10			5.40			1.12			0.36			2.36
Total from investment operations		0.02			5.31			1.08			0.28			2.29
Less Distributions
Distributions from net realized capital gains		(1.90	)		0.00			0.00			0.00			0.00
Total distributions		(1.90	)		0.00			0.00			0.00			0.00
Net Asset Value, End of Period	$	14.37		$	16.25		$	10.94		$	9.86		$	9.58
Total Return (%) (b)		1.05			48.54			10.95			2.92			31.41
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.10			1.10			1.11			1.11			1.22
Net ratio of expenses to average net assets (%) (c)		1.01			1.01			1.02			1.03			1.17
Ratio of net investment loss to average net assets (%)		(0.55	)		(0.67	)		(0.41	)		(0.76	)		(0.90	)
Portfolio turnover rate (%)		56			58			74			74			73
Net assets, end of period (in millions)	$	7.4		$	8.7		$	6.3		$	6.9		$	7.8

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Loomis Sayles Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-12

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to net operating losses, return of capital adjustments, and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject

MSF-13

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $10,711,488, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

MSF-14

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	245,334,864	$	0	$	300,061,970

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$4,028,051		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 through April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	On the first $100 million
0.100%	On the next $400 million
0.050%	On amounts in excess of $500 million

An identical expense agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

MSF-15

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the year ended December 31, 2014 was as follows:

Long-Term Capital Gain	Total
$54,710,352	$	54,710,352

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$—	$	55,043,902	$	94,764,608	$	—	$	149,808,510

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-16

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Loomis Sayles Small Cap Growth Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Loomis Sayles Small Cap Growth Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Loomis Sayles Small Cap Growth Portfolio of Metropolitan Series Fund as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-17

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-18

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-19

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-20

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-21

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Loomis Sayles Small Cap Growth Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Loomis, Sayles & Company, L.P. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the three- and five-year periods ended June 30, 2014 and underperformed the median of its Performance Universe and its Lipper Index for the one-year period ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Russell 2000 Growth Index, for the one- and three-year periods ended October 31, 2014 and outperformed its benchmark for the five-year period ended October 31, 2014.

The Board also noted that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Universe and below the average of the Sub-advised Expense Group at the Portfolio’s current size. The Board also noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-22

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Managed By Artisan Partners Limited Partnership

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Met/Artisan Mid Cap Value Portfolio returned 1.93%, 1.67%, and 1.78%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 14.75%.

MARKET ENVIRONMENT / CONDITIONS

2014 was a strong year for U.S. stocks. The market experienced short bouts of volatility, but in each instance, stocks recovered sharply and headed even higher. Most broad-based U.S. stock indices reached all-time highs in late December. The U.S. economy exhibited signs of strength with solid Gross Domestic Product growth and declining unemployment. In contrast, Europe and Japan struggled to achieve meaningful economic growth, and their respective central banks responded with additional monetary stimulus. That was met with continued appreciation of the U.S. dollar versus the euro and yen.

A notable market development in the second half of the year was the meltdown in the oil market. The price of West Texas Intermediate crude oil plummeted to $53, a 50% decline from its mid-June price of $106. After steadily falling for several months, the selloff in oil prices began in earnest on the last trading day of November when the Organization of the Petroleum Exporting Countries (OPEC) announced its decision to not cut production to curb excess supply, leaving it to the market to determine an equilibrium price. There were winners and losers from lower oil prices. Energy stocks, with their direct exposure to commodity prices, were clearly big losers. Aside from Energy stocks all sectors finished with positive returns. Leading the way were defensive sectors—Utilities, Consumer Staples and Health Care.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio meaningfully trailed the Russell Midcap Value Index. The Portfolio’s overweight exposure to the Energy sector coupled with a mix of sector holdings caused the Portfolio to lose much more than the benchmark during the energy selloff. Among the Portfolio’s biggest detractors were exploration and production companies Denbury Resources and SM Energy, offshore driller Ensco and oilfield services company McDermott International. Relative performance was also weak in the Consumer Discretionary sector due to setbacks at Coach and Mattel and in the Technology sector due to NeuStar. In the Financials sector, the Portfolio’s low weighting in Real Estate Investment Trusts (REITs) held us back. In addition, the Portfolio underperformed in the Industrials sector as it had a few holdings that were weak due to their exposure to the oil & gas and/or metals & mining industries: Jacobs Engineering Group, Joy Global and Kennametal. Besides the Portfolio’s above-benchmark weighting in the Energy sector, it was also hurt by its low weightings in the Utilities and Health Care sectors. Finally, the cash position was a drag on performance as stocks advanced.

Stock selection was positive in the Consumer Staples sector, driven by grocery chain Kroger. The Portfolio’s Utilities holdings outperformed those in the Index, although that advantage was offset by a below-benchmark weighting in the sector. Though we’re not enamored by valuations in the Utilities sector, we found a few companies that met our investment criteria and those stocks outperformed. These were Edison International, SCANA and Xcel Energy.

The biggest sector-level changes during the period were reductions in the Information Technology (“IT”) and Energy sectors and increased weightings in the Consumer Discretionary and Utilities sectors. In the IT sector, our biggest sales were Western Union, Ingram Micro and Lexmark International. In the Energy sector, we sold Cimarex Energy. The decline in the Portfolio’s Energy sector weighting was also due to the relative underperformance of our Energy holdings. In the Utilities sector, besides purchasing Xcel Energy, our position sizes increased in existing holdings Edison International and SCANA. Other meaningful new purchases included Goldcorp and Gannett.

As of December 31, 2014, the Portfolio was notably overweight the IT, Consumer Discretionary, Industrials and Energy sectors, and underweight the Financials, Utilities, Health Care and Materials sectors.

James C. Kieffer

Scott C. Satterwhite

George O. Sertl

Daniel L. Kane

Portfolio Managers

Artisan Partners Limited Partnership

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP VALUE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
Met/Artisan Mid Cap Value Portfolio
Class A		1.93		13.89		5.37
Class B		1.67		13.61		5.11
Class E		1.78		13.72		5.22
Russell Midcap Value Index		14.75		17.43		9.43

¹ The Russell Midcap Value Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with lower price-to-book ratios and forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Cigna Corp.		3.3
Allstate Corp. (The)		3.0
Analog Devices, Inc.		3.0
Alleghany Corp.		2.8
Edison International		2.8
Arrow Electronics, Inc.		2.8
Avnet, Inc.		2.7
Kroger Co. (The)		2.5
FLIR Systems, Inc.		2.3
Bed Bath & Beyond, Inc.		2.3

Top Sectors

	% of Net Assets
Financials		22.5
Information Technology		18.5
Consumer Discretionary		15.0
Industrials		13.6
Energy		7.2
Utilities		5.9
Health Care		3.3
Materials		2.9
Consumer Staples		2.5

MSF-2

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Met/Artisan Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.85	%	$	1,000.00	$	971.70	$	4.22
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.92	$	4.33
Class B	Actual		1.10	%	$	1,000.00	$	970.40	$	5.46
	Hypothetical*		1.10	%	$	1,000.00	$	1,019.66	$	5.60
Class E	Actual		1.00	%	$	1,000.00	$	970.90	$	4.97
	Hypothetical*		1.00	%	$	1,000.00	$	1,020.16	$	5.09

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-3

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—91.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.5%
L-3 Communications Holdings, Inc.		86,475	$	10,914,010
Rockwell Collins, Inc.		287,371		24,277,102
				35,191,112
Banks—1.2%
M&T Bank Corp. (a)		137,869		17,319,104
Capital Markets—0.5%
Northern Trust Corp.		93,565		6,306,281
Commercial Services & Supplies—1.3%
Republic Services, Inc.		442,573		17,813,563
Construction & Engineering—3.3%
Fluor Corp.		336,220		20,385,019
Jacobs Engineering Group, Inc. (b)		583,566		26,079,564
				46,464,583
Diversified Consumer Services—2.2%
H&R Block, Inc. (a)		891,813		30,036,262
Diversified Financial Services—1.5%
Intercontinental Exchange, Inc.		92,357		20,252,966
Electric Utilities—4.6%
Edison International		595,625		39,001,525
Westar Energy, Inc. (a)		13,695		564,782
Xcel Energy, Inc.		700,727		25,170,114
				64,736,421
Electrical Equipment—1.3%
Hubbell, Inc. - Class B		163,464		17,462,859
Electronic Equipment, Instruments & Components—8.2%
Arrow Electronics, Inc. (b)		667,527		38,643,138
Avnet, Inc.		877,063		37,731,250
FLIR Systems, Inc.		1,001,298		32,351,938
Keysight Technologies, Inc. (b)		170,806		5,768,119
				114,494,445
Energy Equipment & Services—2.7%
Ensco plc - Class A (a)		741,018		22,193,489
McDermott International, Inc. (a) (b)		1,683,955		4,900,309
Patterson-UTI Energy, Inc.		647,493		10,741,909
				37,835,707
Food & Staples Retailing—2.5%
Kroger Co. (The)		544,025		34,931,845
Health Care Providers & Services—3.3%
Cigna Corp.		450,431		46,353,854
Insurance—16.6%
Alleghany Corp. (b)		84,451		39,143,039
Allied World Assurance Co. Holdings AG		545,124		20,671,102
Insurance—(Continued)
Allstate Corp. (The)		595,692		41,847,363
Aon plc		309,988		29,396,162
Arch Capital Group, Ltd. (b)		482,540		28,518,114
Loews Corp.		497,407		20,901,042
Progressive Corp. (The)		941,431		25,409,223
Torchmark Corp.		484,336		26,236,481
				232,122,526
Internet & Catalog Retail—2.1%
Liberty Interactive Corp. - Class A (b)		760,245		22,366,408
Liberty Ventures - Series A (b)		192,844		7,274,076
				29,640,484
Internet Software & Services—1.4%
IAC/InterActiveCorp		330,983		20,120,457
IT Services—2.9%
NeuStar, Inc. - Class A (a) (b)		447,207		12,432,355
Teradata Corp. (a) (b)		624,543		27,280,038
				39,712,393
Leisure Products—1.6%
Mattel, Inc. (a)		706,310		21,856,763
Machinery—2.9%
Joy Global, Inc. (a)		429,354		19,973,548
Kennametal, Inc. (a)		567,782		20,320,918
				40,294,466
Media—3.7%
Gannett Co., Inc. (a)		763,728		24,385,835
Omnicom Group, Inc. (a)		354,722		27,480,313
				51,866,148
Metals & Mining—2.9%
Goldcorp, Inc.		1,450,406		26,861,519
Kinross Gold Corp. (b)		4,999,053		14,097,330
				40,958,849
Multi-Utilities—1.2%
SCANA Corp. (a)		276,687		16,711,895
Multiline Retail—1.8%
Nordstrom, Inc.		310,264		24,631,859
Oil, Gas & Consumable Fuels—4.4%
Denbury Resources, Inc. (a)		2,429,712		19,753,559
Hess Corp.		92,633		6,838,168
SM Energy Co.		423,937		16,355,489
Southwestern Energy Co. (b)		695,766		18,987,454
				61,934,670
Professional Services—1.6%
ManpowerGroup, Inc. (a)		326,174		22,235,282

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Real Estate Investment Trusts—2.7%
American Capital Agency Corp.		911,830	$	19,905,249
Hatteras Financial Corp.		968,231		17,844,497
				37,749,746
Road & Rail—0.8%
Ryder System, Inc.		114,135		10,597,435
Semiconductors & Semiconductor Equipment—4.7%
Analog Devices, Inc.		747,544		41,503,643
KLA-Tencor Corp.		175,408		12,334,690
Lam Research Corp.		154,288		12,241,210
				66,079,543
Software—1.2%
Synopsys, Inc. (b)		395,560		17,194,993
Specialty Retail—2.3%
Bed Bath & Beyond, Inc. (b)		412,289		31,404,053
Textiles, Apparel & Luxury Goods—1.5%
Coach, Inc.		539,208		20,252,652
Total Common Stocks (Cost $990,785,880)				1,274,563,216
Short-Term Investments—20.4%
Mutual Fund—11.9%
State Street Navigator Securities Lending MET Portfolio (c)		166,737,345		166,737,345
Repurchase Agreement—8.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $118,083,130 on 01/02/15, collateralized by $122,155,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $120,449,228.		118,083,130		118,083,130
Total Short-Term Investments (Cost $284,820,475)				284,820,475
Total Investments—111.8% (Cost $1,275,606,355) (d)				1,559,383,691
Other assets and liabilities (net)—(11.8)%				(164,286,213	)
Net Assets—100.0%			$	1,395,097,478

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $161,588,084 and the collateral received consisted of cash in the amount of $166,737,345 and non-cash collateral with a value of $1,017,617. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,276,373,942. The aggregate unrealized appreciation and depreciation of investments were $386,731,076 and $(103,721,327), respectively, resulting in net unrealized appreciation of $283,009,749 for federal income tax purposes.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,274,563,216	$	—		$	—	$	1,274,563,216
Short-Term Investments
Mutual Fund		166,737,345		—			—		166,737,345
Repurchase Agreement		—		118,083,130			—		118,083,130
Total Short-Term Investments		166,737,345		118,083,130			—		284,820,475
Total Investments	$	1,441,300,561	$	118,083,130		$	—	$	1,559,383,691
Collateral for securities loaned (Liability)	$	—	$	(166,737,345	)	$	—	$	(166,737,345	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,559,383,691
Receivable for:
Investments sold		2,503,518
Fund shares sold		682,137
Dividends		2,380,074
Prepaid expenses		3,768
Total Assets		1,564,953,188
Liabilities
Collateral for securities loaned		166,737,345
Payables for:
Investments purchased		1,579,106
Fund shares redeemed		288,825
Accrued expenses:
Management fees		955,960
Distribution and service fees		106,888
Deferred trustees’ fees		63,560
Other expenses		124,026
Total Liabilities		169,855,710
Net Assets	$	1,395,097,478
Net assets consist of:
Paid in surplus	$	932,124,692
Undistributed net investment income		14,252,902
Accumulated net realized gain		164,942,548
Unrealized appreciation on investments		283,777,336
Net Assets	$	1,395,097,478
Net Assets
Class A	$	853,699,903
Class B		446,321,779
Class E		95,075,796
Capital Shares Outstanding*
Class A		3,141,032
Class B		1,687,392
Class E		354,771
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	271.79
Class B		264.50
Class E		267.99

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,275,606,355.

(b) Includes securities loaned at value of $161,588,084.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	27,761,219
Securities lending income		281,197
Total investment income		28,042,416
Expenses
Management fees		11,894,629
Administration fees		34,436
Custodian and accounting fees		112,969
Distribution and service fees—Class B		1,194,178
Distribution and service fees—Class E		153,806
Audit and tax services		39,404
Legal		33,530
Trustees’ fees and expenses		43,268
Shareholder reporting		161,230
Insurance		9,129
Miscellaneous		15,997
Total expenses		13,692,576
Less broker commission recapture		(30,823	)
Net expenses		13,661,753
Net Investment Income		14,380,663
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		190,677,811
Futures contracts		(163,018	)
Net realized gain		190,514,793
Net change in unrealized depreciation on investments		(177,677,868	)
Net realized and unrealized gain		12,836,925
Net Increase in Net Assets From Operations	$	27,217,588

(a) Net of foreign withholding taxes of $10,050.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	14,380,663		$	10,810,855
Net realized gain		190,514,793			147,105,680
Net change in unrealized appreciation (depreciation)		(177,677,868	)		286,341,957
Increase in net assets from operations		27,217,588			444,258,492
From Distributions to Shareholders
Net investment income
Class A		(6,908,510	)		(8,743,922	)
Class B		(2,552,107	)		(3,398,401	)
Class E		(615,655	)		(927,132	)
Total distributions		(10,076,272	)		(13,069,455	)
Decrease in net assets from capital share transactions		(207,895,591	)		(102,632,947	)
Total increase (decrease) in net assets		(190,754,275	)		328,556,090
Net Assets
Beginning of period		1,585,851,753			1,257,295,663
End of period	$	1,395,097,478		$	1,585,851,753
Undistributed net investment income
End of period	$	14,252,902		$	10,517,876

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		280,494		$	74,948,516			337,861		$	77,321,034
Reinvestments		25,870			6,908,510			39,940			8,743,922
Redemptions		(776,678	)		(208,431,703	)		(646,198	)		(150,839,338	)
Net decrease		(470,314	)	$	(126,574,677	)		(268,397	)	$	(64,774,382	)
Class B
Sales		87,145		$	22,719,838			253,823		$	60,347,875
Reinvestments		9,803			2,552,107			15,917			3,398,401
Redemptions		(340,718	)		(89,594,087	)		(353,573	)		(81,268,989	)
Net decrease		(243,770	)	$	(64,322,142	)		(83,833	)	$	(17,522,713	)
Class E
Sales		8,898		$	2,374,401			18,197		$	4,151,731
Reinvestments		2,337			615,655			4,290			927,132
Redemptions		(74,983	)		(19,988,828	)		(108,957	)		(25,414,715	)
Net decrease		(63,748	)	$	(16,998,772	)		(86,470	)	$	(20,335,852	)
Decrease derived from capital shares transactions				$	(207,895,591	)				$	(102,632,947	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	268.60		$	198.30		$	179.02		$	169.21		$	148.14
Income (Loss) from Investment Operations
Net investment income (a)		2.89			1.98			2.22			1.73			1.67
Net realized and unrealized gain on investments		2.25			70.60			18.92			9.78			20.55
Total from investment operations		5.14			72.58			21.14			11.51			22.22
Less Distributions
Distributions from net investment income		(1.95	)		(2.28	)		(1.86	)		(1.70	)		(1.15	)
Total distributions		(1.95	)		(2.28	)		(1.86	)		(1.70	)		(1.15	)
Net Asset Value, End of Period	$	271.79		$	268.60		$	198.30		$	179.02		$	169.21
Total Return (%) (b)		1.93			36.85			11.86			6.76			15.04
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.84			0.83			0.85			0.84			0.84
Ratio of net investment income to average net assets (%)		1.07			0.84			1.17			0.97			1.09
Portfolio turnover rate (%)		25			22			23			30			39
Net assets, end of period (in millions)	$	853.7		$	970.0		$	769.4		$	731.8		$	876.7
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	261.50		$	193.14		$	174.44		$	164.99		$	144.56
Income (Loss) from Investment Operations
Net investment income (a)		2.15			1.36			1.69			1.30			1.27
Net realized and unrealized gain on investments		2.21			68.77			18.44			9.47			20.01
Total from investment operations		4.36			70.13			20.13			10.77			21.28
Less Distributions
Distributions from net investment income		(1.36	)		(1.77	)		(1.43	)		(1.32	)		(0.85	)
Total distributions		(1.36	)		(1.77	)		(1.43	)		(1.32	)		(0.85	)
Net Asset Value, End of Period	$	264.50		$	261.50		$	193.14		$	174.44		$	164.99
Total Return (%) (b)		1.67			36.51			11.58			6.49			14.76
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		1.09			1.08			1.10			1.09			1.09
Ratio of net investment income to average net assets (%)		0.82			0.59			0.92			0.75			0.85
Portfolio turnover rate (%)		25			22			23			30			39
Net assets, end of period (in millions)	$	446.3		$	505.0		$	389.2		$	383.8		$	384.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	264.86		$	195.57		$	176.60		$	166.99		$	146.26
Income (Loss) from Investment Operations
Net investment income (a)		2.43			1.60			1.89			1.46			1.41
Net realized and unrealized gain on investments		2.25			69.65			18.68			9.62			20.29
Total from investment operations		4.68			71.25			20.57			11.08			21.70
Less Distributions
Distributions from net investment income		(1.55	)		(1.96	)		(1.60	)		(1.47	)		(0.97	)
Total distributions		(1.55	)		(1.96	)		(1.60	)		(1.47	)		(0.97	)
Net Asset Value, End of Period	$	267.99		$	264.86		$	195.57		$	176.60		$	166.99
Total Return (%) (b)		1.78			36.65			11.69			6.60			14.87
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.99			0.98			1.00			0.99			0.99
Ratio of net investment income to average net assets (%)		0.91			0.68			1.01			0.83			0.94
Portfolio turnover rate (%)		25			22			23			30			39
Net assets, end of period (in millions)	$	95.1		$	110.8		$	98.8		$	104.4		$	118.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Met/Artisan Mid Cap Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-11

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-12

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $118,083,130, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MSF-13

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 25, 2014 through April 29, 2014, the Portfolio had bought and sold $70,492,544 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized losses in the amount of $163,018 which are shown under Net realized loss on futures contracts in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

MSF-14

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	334,558,699	$	0	$	533,721,171

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $9,357,042 in sales of investments, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$11,894,629		0.820	%	Of the first $1 billion
		0.780	%	On amounts in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Artisan Partners Limited Partnership is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

MSF-15

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$10,076,272	$	13,069,455	$	—	$	—	$	10,076,272	$	13,069,455

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$14,316,462	$	165,710,134	$	283,009,750	$	—	$	463,036,346

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $24,860,126.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-16

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Met/Artisan Mid Cap Value Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Met/Artisan Mid Cap Value Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Met/Artisan Mid Cap Value Portfolio of Metropolitan Series Fund as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-17

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-18

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-19

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-20

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-21

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Met/Artisan Mid Cap Value Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Artisan Partners Limited Partnership regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one- and five-year periods ended June 30, 2014 and outperformed the median of its Performance Universe for the three-year period ended June 30, 2014. The Board also noted that the Portfolio underperformed its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. In addition, the Board considered that the Portfolio underperformed its benchmark, the Russell Midcap Value Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance, including prevailing market conditions.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also considered that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

MSF-22

Metropolitan Series Fund

Met / Dimensional International Small Company Portfolio

Managed by Dimensional Fund Advisors LP

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the Met/Dimensional International Small Company Portfolio returned -6.50% and -6.69%, respectively. The Portfolio’s benchmark, the MSCI World ex-U.S. Small Cap Index¹, returned -5.34%.

MARKET ENVIRONMENT / CONDITIONS

In U.S. dollar terms, developed ex-U.S markets posted negative returns for the one year period ending December 31, 2014, trailing both the U.S. and emerging markets. Using the MSCI World ex-USA IMI Index (net dividends) and its sector and country segments as proxies, non-U.S. developed markets returned -4.5%, as compared to +12.6% for the Russell 3000 Index and -1.8% for the MSCI Emerging Markets IMI Index (net dividends).

The U.S. dollar appreciated against all non-U.S. developed currencies, particularly the Norwegian krone, Swedish krona, Japanese yen, and euro. As a result, overall currency fluctuations had a significant negative impact on the U.S. dollar-denominated returns of developed non-U.S. equities.

Real Estate Investment Trusts (“REITs”) and the Health Care sector significantly outperformed in developed ex-U.S. markets, while Materials and Energy were among the weakest sectors during the year.

Along the market capitalization dimension, small caps (MSCI World ex-U.S. Small Cap) underperformed large caps (MSCI World ex-U.S. Large Cap) by 0.5% for the period.

Along the profitability dimension, the top quartile of most profitable stocks outperformed the bottom quartile of least profitable stocks among large caps (MSCI World ex-USA, excluding REITs and Utilities). Among small caps (MSCI World ex-USA Small Cap, excluding REITs and Utilities), the most profitable quartile outperformed the least profitable quartile. Profitability is a measure of a company’s current profits, defined as operating income before depreciation and amortization minus interest expense, scaled by book equity.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the year ended December 31, 2014, the Portfolio underperformed its benchmark, the MSCI World ex-U.S. Small Cap Index (net dividends) by 116 basis points. With REITs outperforming during the year, the Portfolio’s exclusion of REITs was a contributor to underperformance relative to the benchmark. To a lesser extent, the Portfolio’s investments in smaller and micro-cap securities contributed positively to relative performance, as they outperformed those held by the benchmark. For the period, differences in the valuation timing and methodology between the Portfolio and the benchmark negatively impacted relative returns. The Portfolio also may use fair value pricing to price certain Portfolio securities at the closing of the markets while the Index uses local market closing prices.

The Portfolio held approximately 3,700 securities as of December 31, 2014 and was well diversified across countries and sectors.

Joseph Chi

Jed Fogdall

Henry Gray

Karen Umland

Portfolio Managers

Dimensional Fund Advisors LP

MSF-1

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI WORLD EX-U.S. SMALL CAP INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
Met/Dimensional International Small Company Portfolio
Class A		-6.50		7.85		12.97
Class B		-6.69		7.58		12.69
MSCI World ex-U.S. Small Cap Index		-5.34		7.91		14.00

¹ The MSCI World ex-U.S. Small Cap Index is an unmanaged index that measures the performance of stocks with market capitalizations between US $200 million and $800 million across 23 developed markets, excluding the United States. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

² Inception date of the Class A and Class B shares is 10/31/08. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Deutsche Wohnen AG		0.5
DCC plc		0.4
Berkeley Group Holdings plc		0.4
Hikma Pharmaceuticals plc		0.4
Bellway plc		0.4
Hiscox, Ltd.		0.3
Delta Lloyd NV		0.3
Ashtead Group plc		0.3
Daily Mail & General Trust plc		0.3
Man Group plc		0.3

Top Countries

	% of Net Assets
Japan		22.7
United Kingdom		21.7
Canada		8.9
Australia		5.2
Germany		5.2
Switzerland		4.4
France		4.0
Sweden		3.7
Italy		3.2
Hong Kong		3.2

MSF-2

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Met/Dimensional International Small Company Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		1.02	%	$	1,000.00	$	879.70	$	4.83
	Hypothetical*		1.02	%	$	1,000.00	$	1,020.06	$	5.19
Class B(a)	Actual		1.27	%	$	1,000.00	$	878.60	$	6.01
	Hypothetical*		1.27	%	$	1,000.00	$	1,018.80	$	6.46

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—99.3% of Net Assets

Security Description	Shares		Value
Australia—5.2%
Acrux, Ltd. (a)		24,932	$	25,998
Adelaide Brighton, Ltd.		181,014		524,645
Aditya Birla Minerals, Ltd. (b)		49,372		7,772
AED Oil, Ltd. (b) (c) (d)		93,946		0
Ainsworth Game Technology, Ltd. (a)		42,784		81,807
AJ Lucas Group, Ltd. (b)		34,363		21,493
Alcyone Resources, Ltd. (b) (c) (d)		101,457		31
Alkane Resources, Ltd. (b)		120,355		21,459
Alliance Resources, Ltd. (b)		81,385		5,591
ALS, Ltd.		4,235		18,325
Altium, Ltd.		31,832		85,177
Altona Mining, Ltd. (b)		67,875		13,277
AMA Group, Ltd.		90,664		27,119
Amalgamated Holdings, Ltd.		32,994		287,934
Amcom Telecommunications, Ltd.		115,100		273,413
Ansell, Ltd.		3,595		65,628
Antares Energy, Ltd. (a) (b)		111,036		17,711
AP Eagers, Ltd.		223		1,086
APN News & Media, Ltd. (b)		374,048		253,676
Aquarius Platinum, Ltd. (b)		119,520		27,760
ARB Corp., Ltd. (a)		26,545		244,822
Arrium, Ltd.		972,288		168,562
ASG Group, Ltd. (b)		59,850		29,703
Atlantic, Ltd. (b) (c) (d)		22,059		591
Atlas Iron, Ltd. (a)		250,116		33,373
Ausdrill, Ltd.		110,321		34,999
Ausenco, Ltd. (b)		72,770		25,284
Austal, Ltd. (b)		66,437		81,255
Austbrokers Holdings, Ltd.		20,969		173,505
Austin Engineering, Ltd.		26,257		15,995
Australian Agricultural Co., Ltd. (b)		192,359		232,112
Australian Pharmaceutical Industries, Ltd.		174,311		121,883
Automotive Holdings Group, Ltd.		79,876		246,623
AVJennings, Ltd.		10,332		4,711
AWE, Ltd. (b)		335,940		353,292
Bandanna Energy, Ltd. (a) (b) (c) (d)		179,193		9,216
BC Iron, Ltd. (a)		50,999		21,668
Beach Energy, Ltd.		676,773		579,049
Beadell Resources, Ltd. (a) (b)		102,327		18,838
Bega Cheese, Ltd.		46,636		195,052
Berkeley Resources, Ltd. (b)		25,720		5,560
Billabong International, Ltd. (a) (b)		280,601		152,975
Blackmores, Ltd.		5,495		157,969
BlueScope Steel, Ltd. (b)		596		2,699
Boart Longyear, Ltd. (a) (b)		232,690		32,340
Boom Logistics, Ltd. (b)		73,674		8,435
Bradken, Ltd.		48,239		184,092
Breville Group, Ltd. (a)		42,911		224,381
Brickworks, Ltd.		4,295		42,461
BT Investment Management, Ltd.		19,968		109,114
Buru Energy, Ltd. (a) (b)		23,457		8,339
Cabcharge Australia, Ltd. (a)		55,813		206,535
Cape Lambert Resources, Ltd.		97,229		7,051
Capral, Ltd. (b)		136,176		12,111
Cardno, Ltd. (a)		49,102		135,927
Carnarvon Petroleum, Ltd. (b)		251,902		27,229
carsales.com, Ltd. (a)		76,908		650,268
Australia—(Continued)
Cash Converters International, Ltd.		117,571		96,138
Cedar Woods Properties, Ltd.		23,396		114,141
Chandler Macleod Group, Ltd.		16,111		4,211
Coal of Africa, Ltd. (b)		133,534		3,271
Cockatoo Coal, Ltd. (b) (c) (d)		674,454		7,709
Coffey International, Ltd. (b)		63,637		14,482
Collection House, Ltd.		19,217		32,479
Collins Foods, Ltd.		4,975		9,092
Comet Ridge, Ltd. (b)		6,288		607
Cooper Energy, Ltd. (b)		123,859		31,432
Corporate Travel Management, Ltd.		20,836		165,047
Coventry Group, Ltd.		2,905		5,918
Credit Corp. Group, Ltd.		13,415		106,716
CSG, Ltd.		62,197		60,083
CSR, Ltd.		282,278		889,610
Cudeco, Ltd. (a) (b)		51,210		81,119
Cue Energy Resources, Ltd. (b)		171,183		13,737
Data #3, Ltd.		55,471		29,963
Decmil Group, Ltd.		56,744		67,732
Dick Smith Holdings, Ltd.		12,743		21,610
Domino’s Pizza Enterprises, Ltd.		23,859		486,427
Downer EDI, Ltd.		238,347		912,393
Drillsearch Energy, Ltd. (a) (b)		218,929		145,327
DuluxGroup, Ltd.		150,053		706,279
DWS, Ltd.		36,847		31,845
Echo Entertainment Group, Ltd.		45,092		138,110
Emeco Holdings, Ltd. (b)		314,914		37,002
Empire Oil & Gas NL (b)		591,457		2,839
Energy Resources of Australia, Ltd. (b)		51,910		55,063
Energy World Corp., Ltd. (b)		325,379		78,240
Equatorial Resources, Ltd. (b)		18,658		3,631
Equity Trustees, Ltd.		2,137		33,684
ERM Power, Ltd.		37,829		65,272
eServGlobal, Ltd. (b)		43,068		19,644
Ethane Pipeline Income Fund		3,869		5,520
Euroz, Ltd.		23,559		20,471
Evolution Mining, Ltd. (a)		113,688		60,001
Fairfax Media, Ltd.		944,011		668,458
Fantastic Holdings, Ltd.		1,151		1,663
FAR, Ltd. (b)		882,955		61,604
Finbar Group, Ltd.		6,909		7,311
Fleetwood Corp., Ltd. (a)		22,683		31,377
FlexiGroup, Ltd.		40,135		97,719
Flinders Mines, Ltd. (b)		606,380		6,440
Focus Minerals, Ltd. (b)		1,919,942		10,674
Funtastic, Ltd.		88,662		3,332
G8 Education, Ltd.		68,745		232,471
Galaxy Resources, Ltd. (b)		75,661		1,527
Geodynamics, Ltd. (b)		82,317		2,571
Gindalbie Metals, Ltd. (b)		346,087		5,656
Global Construction Services, Ltd. (b)		9,380		3,865
Goodman Fielder, Ltd.		694,503		362,927
GrainCorp, Ltd. - Class A		79,604		533,621
Grange Resources, Ltd.		120,000		10,166
Greencross, Ltd. (a)		9,967		64,437
Greenland Minerals & Energy, Ltd. (b)		69,811		4,158
Gryphon Minerals, Ltd. (b)		118,469		6,202

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
GUD Holdings, Ltd.		30,519	$	178,868
GWA Group, Ltd. (a)		104,110		251,119
Hansen Technologies, Ltd.		38,199		56,720
HFA Holdings, Ltd.		45,623		56,132
Hillgrove Resources, Ltd. (b)		25,884		9,508
Hills, Ltd.		80,453		77,199
Horizon Oil, Ltd. (a) (b)		652,736		85,513
Icon Energy, Ltd. (b)		157,110		12,768
IDM International, Ltd. (b) (c)		49,237		0
iiNET, Ltd.		65,072		415,522
Iluka Resources, Ltd.		61,051		293,483
Imdex, Ltd. (b)		77,362		29,994
IMF Bentham, Ltd.		49,173		84,466
Independence Group NL		99,103		355,191
Indophil Resources NL (b)		149,398		35,808
Infigen Energy, Ltd. (a) (b)		282,132		54,972
Infomedia, Ltd.		104,748		101,302
Integrated Research, Ltd.		28,972		22,226
International Ferro Metals, Ltd. (b)		82,765		5,002
Intrepid Mines, Ltd. (b)		32,795		3,589
Invocare, Ltd. (a)		38,500		378,338
IOOF Holdings, Ltd.		74,630		538,228
Iress, Ltd.		48,479		421,194
iSelect, Ltd. (b)		46,213		48,222
JB Hi-Fi, Ltd. (a)		51,555		660,721
Jumbo Interactive, Ltd.		17,427		14,257
Jupiter Mines, Ltd. (b) (c) (d)		63,164		10,932
K&S Corp., Ltd.		1,802		1,839
Karoon Gas Australia, Ltd. (a) (b)		75,600		148,200
Kingsgate Consolidated, Ltd. (a) (b)		121,238		65,450
Kingsrose Mining, Ltd. (b)		83,494		17,245
Liquefied Natural Gas, Ltd. (a) (b)		11,253		22,384
Lycopodium, Ltd.		6,953		9,035
M2 Group, Ltd.		56,624		373,504
MACA, Ltd.		56,351		39,086
Macmahon Holdings, Ltd. (b)		380,170		22,333
Macquarie Atlas Roads Group		101,440		263,179
Macquarie Telecom Group, Ltd.		3,983		16,020
Magellan Financial Group, Ltd.		27,343		364,597
Matrix Composites & Engineering, Ltd. (b)		14,874		8,810
Maverick Drilling & Exploration, Ltd. (b)		41,036		5,374
MaxiTRANS Industries, Ltd.		59,013		25,466
Mayne Pharma Group, Ltd. (b)		134,949		71,346
McMillan Shakespeare, Ltd.		25,770		219,557
McPherson’s, Ltd.		34,460		34,747
Medusa Mining, Ltd. (a) (b)		60,972		32,446
Melbourne IT, Ltd.		36,135		42,777
Metals X, Ltd.		49,887		31,819
Metcash, Ltd. (a)		369,266		555,298
Mincor Resources NL		105,687		50,181
Mineral Deposits, Ltd. (b)		45,217		27,464
Mineral Resources, Ltd. (a)		41,091		251,504
MMA Offshore Ltd. (a)		100,235		100,592
Monadelphous Group, Ltd. (a)		33,774		256,781
Morning Star Gold NL (b) (c) (d)		33,455		574
Mortgage Choice, Ltd.		48,689		96,718
Mount Gibson Iron, Ltd.		439,215		87,029
Australia—(Continued)
Myer Holdings, Ltd. (a)		205,735		233,913
MyState, Ltd.		3,899		15,121
Nanosonics, Ltd. (b)		39,800		44,307
Navitas, Ltd.		96,272		395,170
nearmap, Ltd. (b)		85,792		46,180
Newsat, Ltd. (a) (b)		113,333		15,743
Nexus Energy, Ltd. (b) (c) (d)		625,142		4,976
NIB Holdings, Ltd.		238,467		609,506
Nick Scali, Ltd.		16,348		37,459
Noble Mineral Resources, Ltd. (b) (c) (d)		83,737		0
Northern Iron, Ltd. (b)		90,404		1,329
Northern Star Resources, Ltd.		220,636		269,078
NRW Holdings, Ltd.		94,219		27,547
Nufarm, Ltd.		79,335		305,491
Orocobre, Ltd. (a) (b)		38,552		87,007
OrotonGroup, Ltd.		8,647		26,725
Otto Energy, Ltd. (b)		308,140		24,178
OZ Minerals, Ltd.		126,408		355,151
OzForex Group, Ltd.		22,143		50,846
Pacific Brands, Ltd. (a)		369,147		161,884
Paladin Energy, Ltd. (a) (b)		612,137		177,971
Pan Pacific Petroleum NL (b)		55,564		1,808
PanAust, Ltd.		144,580		164,915
Panoramic Resources, Ltd.		146,618		50,254
PaperlinX, Ltd. (b)		340,846		11,702
Patties Foods, Ltd.		16,945		17,421
Peet, Ltd.		88,199		75,647
Peninsula Energy, Ltd. (b)		454,116		7,324
Perpetual, Ltd.		19,830		742,778
Perseus Mining, Ltd. (a) (b)		185,112		39,355
Phosphagenics, Ltd. (b)		345,965		21,230
Platinum Australia, Ltd. (b) (c) (d)		116,796		572
Pluton Resources, Ltd. (b) (c) (d)		48,332		541
PMP, Ltd. (b)		158,703		55,127
Premier Investments, Ltd.		44,992		359,342
Primary Health Care, Ltd.		216,119		826,148
Prime Media Group, Ltd.		93,371		69,178
Programmed Maintenance Services, Ltd.		50,859		106,316
Qube Holdings, Ltd.		111,143		219,176
RCG Corp., Ltd.		60,643		32,744
RCR Tomlinson, Ltd.		52,610		94,172
Reckon, Ltd. (a)		36,898		55,682
Redflex Holdings, Ltd.		19,984		16,372
Regional Express Holdings, Ltd. (b)		9,952		8,367
Regis Resources, Ltd. (a) (b)		141,782		223,718
Reject Shop, Ltd. (The)		12,421		62,112
Resolute Mining, Ltd. (b)		248,330		53,816
Resource Generation, Ltd. (b)		58,515		5,305
Retail Food Group, Ltd.		52,405		244,820
Rex Minerals, Ltd. (b)		42,465		3,795
Ridley Corp., Ltd.		123,003		93,817
RungePincockMinarco, Ltd. (b)		4,190		2,052
Ruralco Holdings, Ltd.		7,095		20,224
SAI Global, Ltd.		62,244		201,931
Salmat, Ltd.		45,807		44,274
Samson Oil & Gas, Ltd. (b)		581,639		5,268
Sandfire Resources NL		40,717		149,566

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
Saracen Mineral Holdings, Ltd. (b)		318,233	$	66,403
Sedgman, Ltd.		48,829		22,324
Select Harvests, Ltd. (a)		26,863		144,226
Senex Energy, Ltd. (b)		248,220		65,112
Servcorp, Ltd.		26,561		120,985
Service Stream, Ltd. (b)		67,295		10,136
Seven West Media, Ltd.		84,939		93,066
Sigma Pharmaceuticals, Ltd.		621,692		372,830
Silex Systems, Ltd. (a) (b)		28,112		11,707
Silver Chef, Ltd.		6,956		33,844
Silver Lake Resources, Ltd. (a) (b)		112,092		17,879
Sims Metal Management, Ltd. (a)		81,094		790,689
Sirtex Medical, Ltd.		22,520		518,319
Skilled Group, Ltd.		81,174		98,624
Slater & Gordon, Ltd.		62,608		324,416
SMS Management & Technology, Ltd.		35,576		102,142
Southern Cross Electrical Engineering, Ltd.		22,440		7,532
Southern Cross Media Group, Ltd. (a)		228,727		208,108
Spark Infrastructure Group		594,486		1,028,988
Specialty Fashion Group, Ltd.		34,701		20,634
St. Barbara, Ltd. (b)		192,892		16,576
Starpharma Holdings, Ltd. (a) (b)		81,789		35,037
Steadfast Group, Ltd.		8,636		10,821
Strike Energy, Ltd. (b)		182,555		17,115
STW Communications Group, Ltd.		131,014		103,089
Sundance Energy Australia, Ltd. (b)		177,630		76,540
Sundance Resources, Ltd. (a) (b)		819,104		16,464
Sunland Group, Ltd.		40,150		52,356
Super Retail Group, Ltd. (a)		69,714		403,845
Swick Mining Services, Ltd.		56,563		9,757
TABCORP Holdings, Ltd.		153,746		518,669
Tap Oil, Ltd. (b)		83,681		28,480
Tassal Group, Ltd.		66,700		211,632
Technology One, Ltd.		85,252		220,802
Ten Network Holdings, Ltd. (b)		919,245		167,756
TFS Corp., Ltd. (a)		78,407		98,428
Thorn Group, Ltd.		56,537		142,466
Tiger Resources, Ltd. (b)		409,321		43,618
Toro Energy, Ltd. (b)		75,052		4,862
Tox Free Solutions, Ltd.		67,596		130,703
Transfield Services, Ltd. (b)		195,706		259,935
Transpacific Industries Group, Ltd.		693,108		485,384
Troy Resources, Ltd. (a) (b)		47,537		17,887
UGL, Ltd.		29,320		52,122
UXC, Ltd.		122,634		73,876
Villa World, Ltd.		12,858		19,836
Village Roadshow, Ltd.		32,709		159,929
Virgin Australia Holdings, Ltd. (b)		442,369		151,612
Virgin Australia International Holding, Ltd. (b) (c) (d)		968,773		1
Virtus Health, Ltd.		5,022		32,030
Vision Eye Institute, Ltd.		37,056		21,933
Vita Group, Ltd.		18,112		20,068
Vocus Communications, Ltd. (a)		35,458		184,196
Watpac, Ltd.		37,999		25,515
WDS, Ltd.		55,558		11,314
Webjet, Ltd. (a)		22,295		52,342
Australia—(Continued)
Western Areas, Ltd.		104,247		314,524
Western Desert Resources, Ltd. (b) (c) (d)		64,456		7,630
Wide Bay Australia, Ltd.		9,275		40,161
				35,707,300
Austria—0.9%
A-TEC Industries AG (a) (b) (c) (d)		1,749		0
Agrana Beteiligungs AG (a)		1,574		135,212
AMS AG		29,130		1,058,412
Austria Technologie & Systemtechnik AG		8,686		93,572
CA Immobilien Anlagen AG (b)		22,098		414,416
CAT Oil AG (a)		6,549		116,862
Conwert Immobilien Invest SE (b)		12,343		145,721
DO & Co. AG		1,623		122,307
EVN AG		10,637		128,718
Flughafen Wien AG (a)		1,221		114,975
Frauenthal Holding AG		270		2,940
Kapsch TrafficCom AG (b)		2,222		47,041
Lenzing AG (a)		2,817		178,681
Mayr Melnhof Karton AG		3,412		354,081
Oberbank AG		174		10,601
Oesterreichische Post AG		10,288		501,602
Palfinger AG (a)		5,947		151,036
PIAG Immobilien AG (b)		211		1,723
POLYTEC Holding AG		10,783		81,126
Porr AG		211		11,379
RHI AG (a)		6,522		147,329
Rosenbauer International AG		1,972		170,276
S IMMO AG (b)		35,979		268,393
Schoeller-Bleckmann Oilfield Equipment AG		3,509		253,421
Semperit AG Holding		6,630		320,826
Strabag SE		6,827		150,140
Uniqa Insurance Group AG		14,804		138,588
Wienerberger AG (a)		39,101		538,650
Zumtobel Group AG		19,568		440,745
				6,098,773
Belgium—1.3%
Ablynx NV (b)		15,614		170,688
Ackermans & van Haaren NV		8,515		1,048,375
AGFA-Gevaert NV (b)		125,762		317,913
Arseus NV		13,446		564,945
Atenor Group		1,048		50,689
Banque Nationale de Belgique		104		419,821
Barco NV		5,073		357,534
Cie d’Entreprises CFE		5,563		572,116
Cie Immobiliere de Belgique S.A.		1,054		54,807
Cie Maritime Belge S.A. (a)		6,424		118,521
D’ieteren S.A. (a)		7,905		279,797
Deceuninck NV		49,164		103,653
Econocom Group S.A. NV (a)		22,022		174,068
Elia System Operator S.A.		8,825		409,784
Euronav NV (a) (b)		12,873		161,381
EVS Broadcast Equipment S.A.		4,761		172,014
Exmar NV		10,339		128,850
Galapagos NV (b)		16,401		307,415

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Belgium—(Continued)
GIMV NV		250	$	11,504
Hamon & CIE S.A. (b)		300		3,702
Ion Beam Applications (b)		11,487		199,275
Jensen-Group NV		738		14,215
Kinepolis Group NV		12,900		522,250
Lotus Bakeries NV		118		133,218
Melexis NV		13,858		624,252
Mobistar S.A. (b)		6,929		164,048
NV Bekaert S.A.		10,260		324,651
Nyrstar NV (b)		89,106		315,700
Picanol (b)		1,699		54,565
RealDolmen NV (b)		1,200		24,264
Recticel S.A.		13,561		84,462
Rentabiliweb Group (b)		1,352		10,857
Resilux NV		55		7,090
RHJ International S.A. (a) (b)		20,442		114,189
Roularta Media Group NV (b)		1,629		24,127
Sioen Industries NV		4,097		56,005
Sipef S.A.		3,346		193,048
Tessenderlo Chemie NV (b)		19,032		481,406
ThromboGenics NV (b)		9,279		73,597
Van de Velde NV		3,377		159,098
Viohalco S.A. (a) (b)		45,397		105,714
				9,113,608
Cambodia—0.1%
NagaCorp., Ltd. (a)		412,000		335,739
Canada—8.9%
5N Plus, Inc. (a) (b)		33,732		71,715
Aberdeen International, Inc. (b)		9,500		1,308
Absolute Software Corp.		15,354		107,311
Acadian Timber Corp.		3,800		49,389
Advantage Oil & Gas, Ltd. (b)		117,131		560,551
Aecon Group, Inc. (a)		40,222		370,785
AG Growth International, Inc. (a)		4,720		229,581
AGF Management, Ltd. - Class B (a)		24,101		176,121
AgJunction, Inc. (b)		12,375		6,604
AGT Food & Ingredients, Inc. (a)		7,201		170,697
Ainsworth Lumber Co., Ltd. (a) (b)		57,353		164,388
Air Canada (b)		15,459		157,943
AirBoss of America Corp.		2,361		24,833
Akita Drilling, Ltd. - Class A		2,003		21,378
Alacer Gold Corp.		58,689		117,701
Alamos Gold, Inc.		33,207		237,234
Alaris Royalty Corp. (a)		6,854		208,605
Algoma Central Corp.		4,410		62,252
Algonquin Power & Utilities Corp. (a)		62,193		516,045
Alterra Power Corp. (b)		150,766		42,175
Altius Minerals Corp. (a) (b)		9,660		114,826
Altus Group, Ltd.		14,488		259,507
Amerigo Resources, Ltd. (b)		44,359		10,309
Amica Mature Lifestyles, Inc.		7,591		45,933
Anderson Energy, Ltd. (b)		46,999		4,652
Andrew Peller, Ltd. - Class A		1,139		14,774
Argonaut Gold, Inc. (a) (b)		37,825		59,580
Canada—(Continued)
Arsenal Energy, Inc. (a)		8,955		52,182
Artek Exploration, Ltd. (a) (b)		14,269		21,493
Asanko Gold, Inc. (a) (b)		23,027		35,676
Athabasca Oil Corp. (b)		3,614		8,057
ATS Automation Tooling Systems, Inc. (b)		39,833		531,427
AuRico Gold, Inc.		90,755		300,746
AutoCanada, Inc.		10,728		410,911
Avalon Rare Metals, Inc. (b)		28,205		5,705
Avigilon Corp. (a) (b)		9,681		159,822
Axia NetMedia Corp. (a)		22,633		62,144
B2Gold Corp. (b)		192,668		315,088
Badger Daylighting, Ltd. (a)		18,762		427,143
Ballard Power Systems, Inc. (a) (b)		5,735		11,699
Bankers Petroleum, Ltd. (b)		167,493		469,984
Bellatrix Exploration, Ltd. (a) (b)		60,265		219,419
Birchcliff Energy, Ltd. (a) (b)		58,552		394,110
Bird Construction, Inc. (a)		10,012		102,809
Black Diamond Group, Ltd. (a)		19,812		217,253
BlackPearl Resources, Inc. (a) (b)		117,817		117,634
BMTC Group, Inc. - Class A		5,387		75,116
BNK Petroleum, Inc. (a) (b)		29,567		10,561
Bonterra Energy Corp. (a)		8,999		322,610
Boralex, Inc. - Class A		9,402		103,990
Brookfield Real Estate Services, Inc.		800		8,924
Brookfield Residential Properties, Inc. (b)		8,385		201,722
Brookfield Residential Properties, Inc. (U.S. Listed Shares) (b)		723		17,395
Calfrac Well Services, Ltd.		22,555		194,333
Calian Technologies, Ltd.		2,846		43,236
Calvalley Petroleums, Inc. - Class A		19,422		15,714
Canaccord Genuity Group, Inc.		54,653		367,395
Canacol Energy, Ltd. (b)		32,061		68,438
Canadian Energy Services & Technology Corp. (a)		70,437		384,984
Canadian Western Bank		10,887		306,894
Canam Group, Inc.		22,324		217,706
CanElson Drilling, Inc.		29,863		104,616
Canexus Corp. (a)		56,579		158,760
Canfor Corp. (b)		10,739		273,975
Canfor Pulp Products, Inc.		15,297		191,706
CanWel Building Materials Group, Ltd.		9,304		47,249
Canyon Services Group, Inc.		27,085		209,584
Capital Power Corp. (a)		43,408		971,431
Capstone Infrastructure Corp. (a)		33,717		92,868
Capstone Mining Corp. (b)		95,339		166,585
Cascades, Inc.		46,236		279,374
Cathedral Energy Services, Ltd.		13,349		31,368
CCL Industries, Inc. - Class B		11,359		1,230,640
Celestica, Inc. (b)		69,230		813,384
Celestica, Inc. (U.S. Listed Shares) (b)		3,026		35,525
Centerra Gold, Inc.		25,163		130,818
Cequence Energy, Ltd. (a) (b)		86,636		79,045
Cervus Equipment Corp.		2,164		38,351
Chaparral Gold Corp. (b)		15,698		6,553
China Gold International Resources Corp., Ltd. (a) (b)		40,813		72,366
Chinook Energy, Inc. (b)		27,917		30,517
Cineplex, Inc. (a)		23,236		896,600

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Clairvest Group, Inc.		200	$	4,646
Clarke, Inc. (a)		2,830		24,359
Clearwater Seafoods, Inc.		4,900		50,021
Cogeco Cable, Inc.		5,082		313,371
Cogeco, Inc.		2,276		119,697
Colabor Group, Inc.		9,830		28,344
COM DEV International, Ltd.		31,775		109,126
Computer Modelling Group, Ltd.		24,820		255,079
Connacher Oil and Gas, Ltd. (b)		280,466		9,656
Copper Mountain Mining Corp. (a) (b)		57,011		77,533
Corby Spirit and Wine, Ltd.		8,057		159,365
Corridor Resources, Inc. (a) (b)		21,385		16,014
Corus Entertainment, Inc. - B Shares		30,690		606,245
Cott Corp.		2,000		13,760
Cott Corp.		36,205		249,614
Crew Energy, Inc. (a) (b)		69,029		351,740
DeeThree Exploration, Ltd. (b)		30,762		135,302
Delphi Energy Corp. (b)		95,850		123,752
Denison Mines Corp. (a) (b)		247,548		240,772
Descartes Systems Group, Inc. (The) (a) (b)		1,850		27,417
Descartes Systems Group, Inc. (The) (b)		32,686		485,310
DH Corp. (a)		26,867		848,006
DHX Media, Ltd.		32,525		277,154
DirectCash Payments, Inc.		4,974		83,271
Dominion Diamond Corp. (b)		21,380		384,060
Dominion Diamond Corp. (U.S. Listed Shares) (b)		9,238		165,914
Dorel Industries, Inc. - Class B		10,234		352,526
DragonWave, Inc. (a) (b)		18,544		17,717
Dundee Precious Metals, Inc. (b)		35,880		84,620
Dynasty Metals & Mining, Inc. (b)		8,618		5,934
E-L Financial Corp., Ltd.		112		65,843
Eastern Platinum, Ltd. (a) (b)		42,003		50,976
easyhome, Ltd.		2,000		34,533
EcoSynthetix, Inc. (b)		800		1,033
EGI Financial Holdings, Inc.		900		10,195
Enbridge Income Fund Holdings, Inc. (a)		18,118		629,249
Endeavour Mining Corp. (a) (b)		114,590		41,918
Endeavour Silver Corp. (a) (b)		37,334		81,622
EnerCare, Inc. (a)		25,125		313,576
Enerflex, Ltd.		26,589		375,102
Energy Fuels, Inc. (b)		4,125		25,351
Enghouse Systems, Ltd.		6,389		228,163
Ensign Energy Services, Inc.		29,704		260,786
Epsilon Energy, Ltd. (b)		18,214		65,061
Equitable Group, Inc.		5,801		327,898
Equity Financial Holdings, Inc. (b)		1,100		9,799
Essential Energy Services Trust (b)		53,526		63,118
Evertz Technologies, Ltd.		11,849		179,499
Excellon Resources, Inc. (b)		21,284		12,091
Exchange Income Corp. (a)		7,851		156,777
Exco Technologies, Ltd.		13,332		135,294
Exeter Resource Corp. (b)		11,335		6,439
EXFO, Inc. (a) (b)		13,342		46,510
Extendicare Inc. (a)		36,656		205,713
Fiera Capital Corp.		5,387		58,887
Firm Capital Mortgage Investment Corp.		2,307		24,623
First Majestic Silver Corp. (a) (b)		27,960		140,305
Canada—(Continued)
First National Financial Corp. (a)		5,807		117,510
FirstService Corp.		12,580		641,885
Fortress Paper, Ltd. - Class A (a) (b)		7,338		11,558
Fortuna Silver Mines, Inc. (b)		49,021		222,784
Gamehost, Inc.		4,952		59,247
Genesis Land Development Corp.		14,348		47,547
Glacier Media, Inc.		9,600		12,395
GLENTEL, Inc.		6,859		148,716
Gluskin Sheff & Associates, Inc.		10,833		258,191
GMP Capital, Inc.		33,836		184,936
Golden Star Resources, Ltd. (a) (b)		142,170		30,593
Gran Tierra Energy, Inc. (b)		99,813		383,169
Great Canadian Gaming Corp. (b)		23,794		422,918
Great Panther Silver, Ltd. (b)		67,206		40,492
Guyana Goldfields, Inc. (b)		41,155		99,894
Hanfeng Evergreen, Inc. (b) (c) (d)		12,100		1,348
Heroux-Devtek, Inc. (b)		14,606		142,439
High Liner Foods, Inc.		5,900		115,075
HNZ Group, Inc. (a)		2,917		51,922
Home Capital Group, Inc. (a)		26,768		1,105,695
Horizon North Logistics, Inc. (a)		30,612		69,561
HudBay Minerals, Inc.		82,403		717,781
IAMGOLD Corp. (b)		41,121		111,138
Imax Corp. (b)		21,475		662,845
Imperial Metals Corp. (a) (b)		13,826		118,767
Indigo Books & Music, Inc.		1,986		20,342
Innergex Renewable Energy, Inc. (a)		34,491		337,251
Interfor Corp. (b)		35,592		672,443
International Tower Hill Mines, Ltd. (b)		21,604		9,670
Intertape Polymer Group, Inc. (a)		18,513		296,546
Ithaca Energy, Inc. (b)		94,516		96,810
Ivanhoe Energy, Inc. (a) (b)		6,366		3,288
Ivernia, Inc. (b)		71,989		3,718
Just Energy Group, Inc. (a)		71,937		376,465
K-Bro Linen, Inc. (a)		2,919		115,850
Katanga Mining, Ltd. (b)		26,500		7,983
Kelt Exploration, Ltd. (b)		16,500		99,415
Killam Properties, Inc. (a)		20,651		182,372
Kingsway Financial Services, Inc. (b)		8,765		49,491
Kirkland Lake Gold, Inc. (a) (b)		16,882		48,679
Knight Therapeutics, Inc. (a) (b)		4,998		29,769
Lake Shore Gold Corp. (a) (b)		187,975		126,201
Laurentian Bank of Canada (a)		12,065		518,926
Legacy Oil + Gas, Inc. (b)		55,624		103,415
Leisureworld Senior Care Corp. (a)		11,076		133,373
Leon’s Furniture, Ltd.		9,639		148,509
Leucrotta Exploration, Inc. (b)		41,143		51,349
Lightstream Resources, Ltd. (a)		108,373		111,003
Linamar Corp.		4,197		256,307
Liquor Stores N.A., Ltd. (a)		8,760		116,116
Long Run Exploration, Ltd. (a)		45,123		58,258
Lucara Diamond Corp.		110,136		207,607
MacDonald Dettwiler & Associates, Ltd.		1,252		102,322
Magellan Aerospace Corp.		3,200		37,239
Mainstreet Equity Corp. (a) (b)		2,561		83,522
Major Drilling Group International, Inc. (a)		36,670		180,225
Mandalay Resources Corp.		28,540		22,354

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Manitoba Telecom Services, Inc. (a)		9,487	$	221,211
Maple Leaf Foods, Inc. (a)		55,470		929,593
Martinrea International, Inc.		29,089		259,643
Maxim Power Corp. (b)		2,800		6,338
McCoy Global, Inc.		4,388		15,863
Mediagrif Interactive Technologies, Inc. (a)		4,176		64,807
Medical Facilities Corp. (a)		12,861		203,797
Mega Uranium, Ltd. (b)		53,800		5,788
Melcor Developments, Ltd.		2,181		36,888
Migao Corp. (b)		20,785		17,711
Minco Silver Corp. (b)		10,913		5,824
Mitel Networks Corp. (b)		17,443		185,720
Mood Media Corp. (a) (b)		28,391		13,440
Morneau Shepell, Inc. (a)		17,785		267,433
MTY Food Group, Inc. (a)		5,547		160,948
Mullen Group, Ltd. (a)		33,692		617,986
Nautilus Minerals, Inc. (b)		52,914		17,307
Nevada Copper Corp. (a) (b)		10,550		14,983
Nevsun Resources, Ltd.		71,526		275,810
New Flyer Industries, Inc. (a)		15,936		184,900
New Gold, Inc. (b)		48,813		209,235
Newalta Corp.		23,693		359,739
Niko Resources, Ltd. (a) (b)		15,963		3,572
Norbord, Inc. (a)		5,416		120,413
North American Energy Partners, Inc.		14,743		46,698
North American Palladium, Ltd. (b)		108,692		14,501
North West Co., Inc. (The) (a)		17,071		384,972
Northern Dynasty Minerals, Ltd. (a) (b)		27,464		10,638
Northland Power, Inc. (a)		33,179		436,656
NuVista Energy, Ltd. (b)		49,017		312,632
OceanaGold Corp. (a) (b)		150,911		262,386
Ovivo, Inc. - Class A (b)		12,735		25,650
Painted Pony Petroleum, Ltd. (b)		31,738		252,691
Pan American Silver Corp.		35,660		329,037
Parex Resources, Inc. (b)		55,359		361,182
Parkland Fuel Corp. (a)		21,663		405,365
Pason Systems, Inc.		35,716		672,941
Pengrowth Energy Corp. (a)		9,619		30,303
Perpetual Energy, Inc. (a) (b)		50,316		49,372
Phoscan Chemical Corp. (b)		28,500		6,991
PHX Energy Services Corp. (a)		12,350		79,513
Pilot Gold, Inc. (b)		11,266		8,630
Platinum Group Metals, Ltd. (b)		32,084		15,189
Points International, Ltd. (a) (b)		5,320		68,458
Polymet Mining Corp. (a) (b)		38,355		39,616
Poseidon Concepts Corp. (b)		17,540		5
Premium Brands Holdings Corp. (a)		7,879		165,610
Primero Mining Corp. (b)		70,253		270,297
Progressive Waste Solutions, Ltd. (a)		1,009		30,336
Pulse Seismic, Inc. (a)		22,620		57,046
QLT, Inc. (b)		25,500		101,622
Questerre Energy Corp. - Class A (a) (b)		83,569		27,693
RB Energy, Inc. (b) (c) (d)		76,741		4,954
Reitmans Canada, Ltd.		4,000		24,101
Reitmans Canada, Ltd. - Class A		18,466		122,545
Richelieu Hardware, Ltd.		6,130		300,749
Richmont Mines, Inc. (b)		12,038		38,234
Canada—(Continued)
Ritchie Bros Auctioneers, Inc. (a)		47,401		1,273,764
RMP Energy, Inc. (b)		72,808		287,021
Rock Energy, Inc. (b)		14,187		42,617
Rocky Mountain Dealerships, Inc. (a)		3,738		30,565
Rogers Sugar, Inc. (a)		35,106		143,530
RONA, Inc.		58,689		699,641
Rubicon Minerals Corp. (b)		49,480		47,700
Russel Metals, Inc. (a)		23,822		531,064
Sabina Gold & Silver Corp. (a) (b)		45,006		13,752
Sandstorm Gold, Ltd. (a) (b)		43,714		148,247
Sandvine Corp. (b)		90,000		253,314
Savanna Energy Services Corp. (a)		34,913		101,572
Scorpio Mining Corp. (b)		88,421		17,885
Sears Canada, Inc. (a) (b)		5,768		55,803
Secure Energy Services, Inc.		55,376		808,858
SEMAFO, Inc. (a) (b)		123,983		318,015
Serinus Energy, Inc. (b)		1,398		1,215
ShawCor, Ltd.		16,891		616,439
Sherritt International Corp.		132,332		341,708
Shore Gold, Inc. (b)		82,170		15,913
Sierra Wireless, Inc. (a) (b)		18,510		879,456
Sierra Wireless, Inc. (U.S. Listed Shares) (a) (b)		1,403		66,488
Silver Standard Resources, Inc. (b)		37,551		188,434
Solium Capital, Inc. (b)		5,617		37,082
Sprott Resource Corp. (b)		40,405		65,382
Sprott, Inc. (a)		56,027		117,667
Spyglass Resources Corp. (a)		38,341		10,890
St Andrew Goldfields, Ltd. (b)		87,850		18,904
Stantec, Inc. (a)		11,416		313,748
Stella-Jones, Inc.		13,690		385,790
Stornoway Diamond Corp. (a) (b)		33,687		15,368
Strad Energy Services, Ltd. (a)		10,641		32,789
Stuart Olson, Inc.		11,157		73,368
Student Transportation, Inc. (a)		25,025		155,518
SunOpta, Inc. (a) (b)		27,492		325,607
Superior Plus Corp. (a)		45,949		474,203
Surge Energy, Inc. (a)		64,375		203,908
TAG Oil, Ltd. (a) (b)		22,471		30,560
Taseko Mines, Ltd. (a) (b)		108,786		111,427
Tembec, Inc. (a) (b)		32,111		78,218
Teranga Gold Corp. (a) (b)		64,711		25,343
Teranga Gold Corp. (b)		26,882		10,114
Tethys Petroleum, Ltd. (b)		99,200		18,785
Thompson Creek Metals Co., Inc. (b)		107,292		178,235
Timminco, Ltd. (b) (d)		16,700		25
Timmins Gold Corp. (a) (b)		48,198		47,294
TORC Oil & Gas, Ltd. (a)		24,524		162,536
Toromont Industries, Ltd. (a)		29,983		735,768
Torstar Corp. - Class B (a)		21,453		120,394
Total Energy Services, Inc.		12,098		135,163
Transcontinental, Inc. - Class A (a)		24,630		351,070
TransForce, Inc.		29,364		747,875
TransGlobe Energy Corp.		36,372		150,898
Transition Therapeutics, Inc. (b)		800		5,378
Trican Well Service, Ltd. (a)		55,663		266,864
Trinidad Drilling, Ltd.		41,200		184,403
TSO3, Inc. (b)		4,613		6,393

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Twin Butte Energy, Ltd. (a)		80,345	$	56,708
Uex Corp. (b)		89,800		22,029
Uni-Select, Inc.		8,978		236,467
Valener, Inc.		16,039		221,161
Vecima Networks, Inc.		2,500		20,658
Vicwest, Inc.		7,994		86,284
Wajax Corp. (a)		5,527		146,381
Wesdome Gold Mines, Ltd. (b)		38,107		41,000
Western Energy Services Corp. (a)		17,973		92,974
Western Forest Products, Inc.		114,503		266,103
WesternOne, Inc.		10,000		26,683
Westshore Terminals Investment Corp. (a)		23,388		636,738
Whistler Blackcomb Holdings, Inc.		12,342		217,987
Whitecap Resources, Inc. (a)		46,861		461,430
Wi-Lan, Inc. (a)		47,561		142,462
Winpak, Ltd.		6,902		198,957
WSP Global, Inc. (a)		18,898		567,038
Xtreme Drilling & Coil Services Corp. (b)		11,600		22,365
Yangarra Resources, Ltd. (b)		5,900		5,942
Yellow Media, Ltd. (b)		800		13,483
Zargon Oil & Gas, Ltd. (a)		11,121		36,183
ZCL Composites, Inc. (a)		9,681		50,497
Zenith Epigenetics Corp. (b) (c) (d)		12,830		894
				60,631,696
China—0.0%
China Chuanglian Education Group, Ltd. (b)		336,000		11,896
China Everbright Water, Ltd. (a) (b)		15,700		11,852
				23,748
Denmark—1.7%
ALK-Abello A/S		1,476		155,779
Alm Brand A/S (b)		36,562		192,819
Ambu A/S (a)		10,644		257,470
Auriga Industries A/S - Class B (a) (b)		7,154		357,427
Bakkafrost P/F		8,908		200,210
Bang & Olufsen A/S (a) (b)		9,221		53,970
Bavarian Nordic A/S (b)		14,671		469,712
BoConcept Holding A/S - Class B (b)		228		2,579
Brodrene Hartmann A/S		52		1,462
D/S Norden A/S (a)		5,328		112,369
DFDS A/S		1,949		187,138
East Asiatic Co., Ltd. A/S (a)		1,352		11,422
FLSmidth & Co. A/S (a)		15,168		665,371
Genmab A/S (b)		10,677		620,009
GN Store Nord A/S		70,478		1,534,253
Greentech Energy Systems A/S (b)		1,142		1,315
Gronlandsbanken AB		17		1,690
Harboes Bryggeri A/S - Class B		1,454		19,487
IC Group A/S		3,209		73,477
Jeudan A/S		201		18,026
Jyske Bank A/S (b)		14,672		739,588
NKT Holding A/S		5,902		315,617
Nordjyske Bank A/S		185		3,156
Parken Sport & Entertainment A/S (b)		2,351		20,596
PER Aarsleff A/S - Class B		962		179,865
Denmark—(Continued)
Ringkjoebing Landbobank A/S		2,134		398,208
Rockwool International A/S - B Shares		3,675		415,235
Royal Unibrew A/S (b)		4,703		826,427
Schouw & Co.		8,187		384,631
SimCorp A/S		17,307		456,909
Solar A/S - B Shares		3,176		149,206
Spar Nord Bank A/S		32,428		303,947
Sydbank A/S (b)		20,662		633,827
TK Development A/S (b)		41,237		53,453
Topdanmark A/S (b)		44,967		1,462,571
United International Enterprises		1,090		169,780
Vestjysk Bank A/S (b)		3,300		4,958
Zealand Pharma A/S (a) (b)		1,462		19,716
				11,473,675
Finland—2.4%
Afarak Group Oyj (b)		95,130		36,576
Ahlstrom Oyj (a)		11,406		96,891
Aktia Bank Oyj		3,139		37,108
Alma Media Oyj (b)		32,099		105,157
Amer Sports Oyj		39,602		769,492
Apetit Oyj		1,205		19,812
Aspo Oyj		8,414		57,925
Atria Oyj		2,604		20,835
BasWare Oyj		3,525		175,089
Biotie Therapies Oyj (b)		118,993		27,540
Cargotec Oyj - B Shares (a)		9,511		291,073
Caverion Corp. (a)		58,474		469,018
Citycon Oyj		88,559		276,122
Comptel Oyj		30,187		35,923
Cramo Oyj		9,503		138,878
Elektrobit Oyj		43,163		175,436
Elisa Oyj		32,264		878,119
F-Secure Oyj		54,590		148,606
Finnair Oyj (b)		38,882		116,672
Finnlines Oyj (b)		9,624		186,309
Fiskars Oyj Abp (a)		21,146		460,162
HKScan Oyj - A Shares		6,704		26,492
Huhtamaki Oyj		51,530		1,358,203
Ilkka-Yhtyma Oyj		2,976		6,879
Kemira Oyj (a)		41,153		491,563
Kesko Oyj - A Shares		139		4,795
Kesko Oyj - B Shares		35,959		1,310,258
Konecranes Oyj (a)		12,829		368,730
Lassila & Tikanoja Oyj		14,630		267,269
Lemminkainen Oyj (b)		5,098		58,734
Metsa Board Oyj		135,387		727,721
Munksjo Oyj (b)		6,311		68,353
Neste Oil Oyj (a)		19,297		467,583
Okmetic Oyj (b)		6,360		37,170
Olvi Oyj - A Shares		6,303		160,697
Oriola-KD Oyj - B Shares (a) (b)		63,643		267,265
Orion Oyj - Class A (a)		19,816		600,120
Orion Oyj - Class B		43,350		1,345,775
Outokumpu Oyj (a) (b)		102,277		581,132
Outotec Oyj (a)		52,402		276,035

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Finland—(Continued)
PKC Group Oyj		7,155	$	151,845
Ponsse Oy		3,208		46,404
Poyry Oyj (b)		14,295		46,019
Raisio plc - V Shares		58,833		299,028
Ramirent Oyj		47,421		368,328
Rapala VMC Oyj		8,902		50,703
Saga Furs Oyj		836		22,239
Sanoma Oyj (a)		28,493		158,648
Stockmann Oyj Abp - B Shares (a)		11,956		91,775
Talvivaara Mining Co. plc (a) (b) (c) (d)		286,881		10,518
Technopolis plc		34,859		156,042
Teleste Oyj		772		4,918
Tieto Oyj		35,284		918,175
Tikkurila Oyj		20,569		360,633
Uponor Oyj (a)		23,381		324,426
Vaisala Oyj - A Shares		4,116		109,162
YIT Oyj (a)		33,084		170,889
				16,237,269
France—4.0%
ABC Arbitrage		4,710		26,665
Air France-KLM (a) (b)		35,222		337,015
Akka Technologies S.A.		2,644		92,532
Albioma S.A.		12,611		251,015
Altamir Amboise		9,152		114,246
Alten S.A.		9,016		385,541
Altran Technologies S.A.		70,704		669,612
APRIL S.A. (a)		9,077		136,531
Assystem		8,352		176,801
Aubay		724		8,907
Audika Groupe		2,159		29,438
Aurea S.A.		1,221		7,132
Axway Software S.A.		2,132		42,572
Beneteau S.A. (b)		19,857		278,072
Bigben Interactive (a)		2,504		15,609
BioMerieux (a)		2,765		286,626
Boiron S.A.		2,317		195,497
Bonduelle S.C.A.		7,722		187,127
Bongrain S.A.		3,042		190,821
Burelle S.A.		184		133,459
Cegedim S.A. (b)		2,929		103,434
Cegid Group		3,132		114,239
Chargeurs S.A. (b)		7,816		47,907
Cie des Alpes (b)		3,241		59,505
Club Mediterranee S.A. (b)		18,244		553,905
Derichebourg S.A.		31,305		96,088
Devoteam S.A.		4,902		89,758
DNXCorp.		277		6,027
Eiffage S.A.		1,036		52,444
Electricite de Strasbourg S.A.		88		11,493
Eramet (a) (b)		1,499		138,080
Esso S.A. Francaise (b)		780		30,094
Etablissements Maurel et Prom (a) (b)		26,859		251,480
Euler Hermes S.A.		2,303		238,322
Euro Disney SCA (b)		7,917		28,257
Eurofins Scientific SE (a)		2,737		696,930
France—(Continued)
Exel Industries - A Shares		618		34,037
Faiveley Transport S.A.		3,053		176,927
Faurecia		31,687		1,178,371
Fimalac		3,854		292,967
Fleury Michon S.A.		461		25,773
GameLoft SE (a) (b)		18,424		74,370
GEA		165		16,654
GECI International (b) (c) (d)		9,793		0
GL Events		2,604		49,380
Groupe Crit		1,538		69,209
Groupe Flo		5,857		17,712
Groupe Gorge		1,266		27,576
Groupe Open (b)		22		255
Guerbet		2,652		109,390
Haulotte Group S.A.		9,947		150,236
Havas S.A.		73,711		601,792
Hi-Media S.A. (b)		16,805		50,669
Ingenico		11,541		1,212,623
Interparfums S.A. (a)		3,970		107,816
Ipsen S.A. (a)		9,287		482,998
IPSOS		10,224		293,209
Jacquet Metal Service		7,386		138,327
Korian - Medica		23,302		851,296
Lagardere SCA		43,210		1,121,442
Lanson-BCC		15		580
Laurent-Perrier		1,367		109,404
Le Noble Age (b)		526		12,993
Lectra		6,966		77,050
LISI		11,625		302,346
Maisons France Confort S.A.		1,754		62,053
Manitou BF S.A. (b)		3,836		56,602
Manutan International		589		29,204
Mersen		8,985		218,216
METabolic EXplorer S.A. (b)		6,035		36,203
Metropole Television S.A.		21,233		399,587
MGI Coutier		3,880		54,630
Montupet		4,620		371,239
Mr. Bricolage		601		10,463
Naturex (a)		2,358		142,592
Neopost S.A. (a)		12,528		711,059
Nexans S.A. (a) (b)		10,429		317,893
Nexity S.A.		9,102		344,337
NextRadioTV		2,690		86,603
Norbert Dentressangle S.A.		2,592		382,629
NRJ Group (b)		13,425		107,020
Onxeo (a) (b)		4,566		28,346
Orco Property Group (b)		4,469		1,939
Orpea (a)		11,486		720,513
Parrot S.A. (b)		2,271		58,223
Pierre & Vacances S.A. (b)		3,103		83,683
Plastic Omnium S.A.		34,713		942,732
Rallye S.A.		8,372		293,294
Recylex S.A. (b)		8,543		19,230
Remy Cointreau S.A. (a)		2,514		167,922
Robertet S.A.		14		2,710
Rubis SCA (a)		13,435		765,853
Saft Groupe S.A. (a)		16,151		488,837

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
France—(Continued)
Samse S.A.		107	$	13,337
Sartorius Stedim Biotech		1,196		233,382
SEB S.A.		5,541		412,356
Seche Environnement S.A.		1,555		37,400
Sequana S.A. (a) (b)		10,224		32,436
Soc Mar Tunnel Prado Car		293		10,803
Societe d’Edition de Canal Plus		21,604		152,709
Societe des Bains de Mer et du Cercle des Etrangers a Monaco		16		750
Societe Television Francaise 1		48,640		744,048
Soitec (a) (b)		97,742		119,282
Solocal Group (b)		127,228		89,141
Somfy S.A.		202		50,747
Sopra Group S.A.		6,938		531,768
Spir Communication S.A. (b)		848		11,144
Stallergenes S.A.		202		12,089
Ste Industrielle d’Aviation Latecoere S.A. (b)		3,195		33,589
STEF S.A.		1,145		62,272
Store Electronic (b)		715		11,913
Sword Group		3,419		72,338
Synergie S.A.		5,633		126,385
Technicolor S.A. (b)		88,305		495,257
Teleperformance		23,036		1,566,255
Tessi S.A.		895		99,203
TFF Group		308		23,663
Theolia S.A. (b)		38,489		24,644
Thermador Groupe		846		72,683
Total Gabon		324		115,289
Touax S.A.		1,463		26,049
Trigano S.A.		5,078		136,548
UBISOFT Entertainment (b)		34,287		627,714
Union Financiere de France BQE S.A.		1,856		46,939
Valneva SE (a) (b)		9,152		46,703
Vetoquinol S.A.		706		30,667
Vicat S.A. (a)		4,054		292,248
Viel et Co.		3,978		8,872
Vilmorin & Cie S.A. (a)		2,214		226,550
Virbac S.A.		1,586		332,760
VM Materiaux S.A.		235		6,328
Vranken-Pommery Monopole S.A.		958		27,379
				27,535,835
Germany—5.2%
Aareal Bank AG		32,420		1,305,608
Adler Modemaerkte AG		2,828		45,633
ADVA Optical Networking SE (b)		13,833		50,040
Air Berlin plc (a) (b)		23,494		31,657
Aixtron SE (b)		30,799		349,132
Allgeier SE		2,942		49,925
Amadeus Fire AG		2,610		196,328
Analytik Jena AG (b)		501		8,468
Aurubis AG (a)		11,259		633,972
Balda AG (a)		14,264		52,358
Basler AG		236		10,976
Bauer AG (b)		3,740		60,392
BayWa AG		305		13,367
Germany—(Continued)
BayWa AG (a)		4,949		183,342
Bechtle AG		9,570		759,746
Bertrandt AG		1,498		208,453
Bijou Brigitte AG		1,353		82,900
Biotest AG		1,823		196,708
Borussia Dortmund GmbH & Co. KGaA (Xetra Exchange)		29,432		137,359
CANCOM SE (a)		7,824		335,888
Carl Zeiss Meditec AG (a)		8,860		226,211
Celesio AG		34,772		1,124,333
CENIT AG		5,981		85,337
CENTROTEC Sustainable AG		3,158		54,546
Cewe Stiftung & Co KGaA		3,145		195,662
Comdirect Bank AG		10,859		109,019
CompuGroup Medical AG		8,338		200,768
Constantin Medien AG (b)		15,941		25,091
CropEnergies AG		9,235		32,625
CTS Eventim AG & Co. KGaA		19,994		594,251
Data Modul AG		138		3,393
DEAG Deutsche Entertainment AG		2,049		17,021
Delticom AG (a)		1,562		35,756
Deutsche Beteiligungs AG		2,815		86,562
Deutsche Wohnen AG		145,731		3,462,603
Deutz AG		27,142		130,834
Dialog Semiconductor plc (b)		20,668		730,636
DMG Mori Seiki AG		20,797		591,308
Dr. Hoenle AG		2,084		42,286
Draegerwerk AG & Co. KGaA		1,062		81,676
Drillisch AG (a)		30,810		1,102,435
Duerr AG		7,627		676,092
Eckert & Ziegler AG		1,629		36,960
Elmos Semiconductor AG		7,336		143,729
ElringKlinger AG (a)		8,177		284,909
Euromicron AG (b)		2,048		28,228
Evotec AG (a) (b)		24,706		109,173
Francotyp-Postalia Holding AG		3,300		15,833
Freenet AG		56,906		1,631,336
GAGFAH S.A. (b)		36,892		825,441
Gerresheimer AG		9,467		511,990
Gerry Weber International AG (a)		9,842		406,727
Gesco AG		1,521		128,972
GFK SE		7,937		325,785
GFT Technologies AG		9,142		136,249
Grammer AG		7,596		303,684
Grenkeleasing AG		2,371		253,761
H&R AG (b)		4,113		37,569
Hamburger Hafen und Logistik AG (a)		7,123		148,090
Hawesko Holding AG		768		38,571
Heidelberger Druckmaschinen AG (a) (b)		153,682		384,992
Homag Group AG		1,678		60,915
Indus Holding AG		13,812		636,771
Init Innovation In Traffic Systems AG		1,794		44,426
Intershop Communications AG (b)		7,747		9,900
Isra Vision AG		2,083		116,188
Jenoptik AG		13,989		175,432
Joyou AG (b)		688		9,667
Kloeckner & Co. SE (b)		35,300		380,425

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Koenig & Bauer AG (b)		4,373	$	53,127
Kontron AG (b)		18,397		111,024
Krones AG		3,938		384,763
KSB AG		103		52,043
KUKA AG (a)		7,861		557,751
KWS Saat AG		949		308,642
Leifheit AG		945		52,993
Leoni AG		10,537		629,534
LPKF Laser & Electronics AG (a)		5,852		76,673
Manz AG (a) (b)		1,272		86,104
Medigene AG (b)		3,423		15,441
MLP AG		20,985		93,507
Morphosys AG (b)		182		16,851
MTU Aero Engines AG		9,938		867,723
Muehlbauer Holding AG		305		6,408
MVV Energie AG		5,940		171,260
Nemetschek AG		3,207		325,588
Nexus AG		2,080		30,456
Nordex SE (b)		21,916		397,784
NORMA Group SE		9,034		431,086
OHB AG		2,315		55,244
OSRAM Licht AG (b)		2,100		82,745
Patrizia Immobilien AG (b)		14,507		213,957
Pfeiffer Vacuum Technology AG (a)		3,315		275,171
PNE Wind AG		24,548		64,609
Progress-Werk Oberkirch AG		822		34,803
PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie (b)		2,118		30,523
Puma SE (a)		203		42,384
PVA TePla AG (b)		3,358		6,573
QSC AG (a)		26,632		56,117
R Stahl AG		1,594		76,209
Rational AG		874		274,693
Rheinmetall AG		10,024		439,010
Rhoen Klinikum AG		32,246		902,747
RIB Software AG (a)		1,026		13,495
SAF-Holland S.A.		31,896		428,314
Salzgitter AG (a)		11,250		316,975
Schaltbau Holding AG (a)		1,687		85,854
SGL Carbon SE (a) (b)		18,022		299,137
SHW AG		1,551		69,207
Singulus Technologies AG (a) (b)		35,179		28,703
Sixt SE (a)		9,652		373,418
SMA Solar Technology AG (a) (b)		3,992		73,364
SMT Scharf AG		831		13,883
Softing AG		1,971		34,826
Software AG (a)		15,310		374,074
Solarworld AG (b)		348		5,423
Stada Arzneimittel AG		19,797		604,734
STRATEC Biomedical AG		933		51,635
Stroeer Media SE		7,568		225,337
Suedzucker AG (a)		4,661		67,471
Surteco SE		400		11,619
Suss Microtec AG (a) (b)		6,216		35,343
Syzygy AG		1,399		10,757
TAG Immobilien AG (a)		77,264		899,371
Takkt AG (a)		9,893		162,854
Germany—(Continued)
Technotrans AG		2,013		22,357
Tom Tailor Holding AG (b)		6,389		91,857
TUI AG (a)		85,669		1,419,948
Vossloh AG (a)		1,443		93,121
VTG AG		4,454		98,879
Wacker Neuson SE		9,168		188,081
Washtec AG		3,397		53,832
Wincor Nixdorf AG		7,052		342,949
XING AG		1,747		196,177
				35,422,958
Hong Kong—3.2%
Alco Holdings, Ltd.		136,000		26,416
Allan International Holdings		70,000		19,498
Allied Group, Ltd.		22,000		92,203
Allied Properties HK, Ltd.		1,774,024		356,442
Anxian Yuan China Holdings, Ltd. (b)		420,000		7,024
Apac Resources, Ltd. (b)		314,782		5,046
APT Satellite Holdings, Ltd.		109,500		154,680
Arts Optical International Holdings, Ltd.		16,000		5,657
Asia Financial Holdings, Ltd.		300,000		124,957
Asia Satellite Telecommunications Holdings, Ltd.		62,500		217,390
Asia Standard International Group, Ltd.		370,000		83,371
Associated International Hotels, Ltd.		14,000		40,801
Aupu Group Holding Co., Ltd.		246,000		44,345
Bel Global Resources Holdings, Ltd. (b) (c) (d)		520,000		0
Bonjour Holdings, Ltd.		615,000		67,296
Bossini International Holdings		302,000		24,443
Brightoil Petroleum Holdings, Ltd. (a) (b)		940,000		236,084
Brockman Mining, Ltd. (b)		2,516,770		112,291
Burwill Holdings, Ltd. (b)		1,226,000		46,437
Cafe de Coral Holdings, Ltd.		134,000		462,683
CEC International Holdings, Ltd.		80,000		24,585
Century City International Holdings, Ltd.		616,000		44,255
Champion Technology Holdings, Ltd.		1,233,093		24,555
Chen Hsong Holdings		150,000		39,380
Cheuk Nang Holdings, Ltd.		87,991		73,755
Chevalier International Holdings, Ltd.		70,000		120,070
China Billion Resources, Ltd. (b) (c) (d)		476,000		0
China Daye Non-Ferrous Metals Mining, Ltd. (b)		2,366,000		39,567
China Dynamics Holdings, Ltd. (a) (b)		1,200,000		104,076
China Electronics Corp. Holdings Co., Ltd.		352,000		84,381
China Energy Development Holdings, Ltd. (a) (b)		3,488,000		66,998
China Financial Services Holdings, Ltd.		288,000		20,353
China Flavors & Fragrances Co., Ltd. (b)		70,147		8,594
China Infrastructure Investment, Ltd. (b)		626,000		9,860
China Metal International Holdings, Inc.		198,000		68,407
China Renji Medical Group, Ltd. (b)		176,700		7,954
China Solar Energy Holdings, Ltd. (b) (c) (d)		162,000		705
China Star Entertainment, Ltd. (b)		3,150,000		54,616
China Strategic Holdings, Ltd. (b)		1,155,000		16,877
China Ting Group Holdings, Ltd.		318,550		14,943
China-Hongkong Photo Products Holdings, Ltd.		284,000		17,949
Chinney Investment, Ltd.		8,000		1,279
Chong Hing Bank, Ltd.		2,945		6,492

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Chow Sang Sang Holdings International, Ltd.		114,000	$	297,997
Chu Kong Shipping Enterprise Group Co., Ltd.		154,000		41,462
Chuang’s China Investments, Ltd.		341,000		22,762
Chuang’s Consortium International, Ltd.		446,357		55,156
Chun Wo Development Holdings, Ltd.		78,000		11,094
CITIC Telecom International Holdings, Ltd.		467,000		174,601
CK Life Sciences International Holdings, Inc.		1,874,000		189,929
CNT Group, Ltd.		246,000		13,307
CP Lotus Corp. (b)		1,750,000		40,595
Cross-Harbour Holdings, Ltd. (The)		119,000		113,579
CSI Properties, Ltd.		3,194,023		126,823
CST Mining Group, Ltd. (b)		8,984,000		50,817
Culturecom Holdings, Ltd. (a) (b)		115,000		14,108
Dah Sing Banking Group, Ltd.		172,671		275,699
Dah Sing Financial Holdings, Ltd.		59,860		346,567
Dan Form Holdings Co., Ltd. (b)		433,000		48,364
Dickson Concepts International, Ltd.		131,000		64,741
Dorsett Hospitality International, Ltd.		415,000		70,384
Eagle Nice International Holdings, Ltd.		120,000		21,364
EcoGreen Fine Chemicals Group, Ltd.		90,000		25,210
Emperor Capital Group, Ltd.		84,000		7,844
Emperor Entertainment Hotel, Ltd.		235,000		56,559
Emperor International Holdings		565,250		122,876
Emperor Watch & Jewellery, Ltd.		1,520,000		75,020
ENM Holdings, Ltd. (b)		556,000		33,309
EPI Holdings, Ltd. (b)		652,000		13,069
Esprit Holdings, Ltd. (a)		735,250		878,777
eSun Holdings, Ltd. (b)		400,000		40,205
Excel Value Internationl, Ltd.		78,000		1,710
Fairwood Holdings, Ltd.		34,500		84,337
Far East Consortium International, Ltd.		514,010		198,706
Fountain SET Holdings, Ltd.		422,000		44,519
Fujikon Industrial Holdings, Ltd.		100,000		19,617
Fullshare Holdings, Ltd. (b)		525,000		37,165
Future Bright Holdings, Ltd. (a)		156,000		48,596
G-Resources Group, Ltd. (b)		11,842,800		276,937
GCL New Energy Holdings, Ltd. (b)		872,000		88,703
Genting Hong Kong, Ltd.		20,229		7,095
Get Nice Holdings, Ltd.		1,716,000		76,007
Giordano International, Ltd. (a)		536,000		237,623
Glorious Sun Enterprises, Ltd.		262,000		56,174
Gold Peak Industries Holding, Ltd.		277,714		28,245
Golden Resources Development International, Ltd.		370,000		21,708
Good Fellow Resources Holdings, Ltd. (b)		230,000		15,269
Guangnan Holdings, Ltd.		264,000		35,816
Guotai Junan International Holdings, Ltd. (a)		151,200		114,087
Haitong International Securities Group, Ltd. (a)		200,365		126,286
Hang Fai Enterprises, Ltd. (b)		600,000		21,649
Hao Tian Development Group, Ltd. (b)		780,000		38,242
Harbour Centre Development, Ltd.		88,000		157,631
HKR International, Ltd.		405,600		198,965
Hon Kwok Land Investment Co., Ltd.		140,000		46,033
Hong Kong Aircraft Engineering Co., Ltd.		7,600		83,096
Hong Kong Ferry Holdings Co., Ltd.		22,000		23,828
Hong Kong Television Network, Ltd. (b)		165,000		80,600
Hongkong & Shanghai Hotels (The)		8,000		11,814
Hong Kong—(Continued)
Hongkong Chinese, Ltd.		920,000		169,269
Hopewell Holdings, Ltd.		25,500		93,002
Hsin Chong Construction Group, Ltd.		348,000		44,284
Hung Hing Printing Group, Ltd.		252,000		34,455
Hutchison Telecommunications Hong Kong Holdings, Ltd. (a)		484,000		204,595
I-CABLE Communications, Ltd. (b)		177,000		16,186
Imagi International Holdings, Ltd. (b)		3,635,000		82,625
Integrated Waste Solutions Group Holdings, Ltd. (b)		504,000		20,409
International Standard Resources Holdings, Ltd. (b)		935,000		38,244
iOne Holdings, Ltd.		960,000		25,395
IPE Group, Ltd.		285,000		24,968
IRC, Ltd. (b)		600,000		39,811
IT, Ltd.		330,000		95,122
ITC Properties Group, Ltd.		91,039		45,388
Jinhui Holdings, Ltd. (b)		70,000		11,872
Johnson Electric Holdings, Ltd.		73,375		269,067
K Wah International Holdings, Ltd. (a)		593,259		314,083
Kader Holdings Co., Ltd. (b)		264,000		24,465
Kam Hing International Holdings, Ltd.		196,000		13,362
Kantone Holdings, Ltd. (b)		93,000		11,604
Keck Seng Investments		72,000		63,129
King Stone Energy Group, Ltd. (b)		7,000		202
Kingmaker Footwear Holdings, Ltd.		102,000		15,986
Kingston Financial Group, Ltd.		2,355,000		288,139
Kowloon Development Co., Ltd.		137,000		159,988
Lai Sun Development		6,835,666		154,011
Lai Sun Garment International, Ltd.		498,800		60,104
Lam Soon Hong Kong, Ltd.		15,000		10,445
Landsea Green Properties Co., Ltd. (b)		120,000		10,043
Lee’s Pharmaceutical Holdings, Ltd.		110,000		159,837
Lerado Group Holdings Co., Ltd.		202,000		16,308
Lifestyle International Holdings, Ltd. (a)		131,000		274,535
Lippo China Resources, Ltd.		2,106,000		74,315
Lippo, Ltd.		122,000		64,889
Liu Chong Hing Investment, Ltd.		78,000		97,831
Luen Thai Holdings, Ltd.		116,000		21,213
Luk Fook Holdings International, Ltd.		124,000		464,361
Luks Group Vietnam Holdings Co., Ltd.		68,000		21,337
Lung Kee Bermuda Holdings		116,000		30,965
Magnificent Estates		1,310,000		55,296
Man Wah Holdings, Ltd.		158,800		261,522
Man Yue Technology Holdings, Ltd.		88,000		11,204
Matrix Holdings, Ltd.		36,000		8,217
Mei Ah Entertainment Group, Ltd. (b)		1,020,000		69,145
Midland Holdings, Ltd. (a) (b)		302,000		152,585
Ming Fai International Holdings, Ltd.		145,000		14,674
Ming Fung Jewellery Group, Ltd. (b)		2,160,000		23,792
Miramar Hotel & Investment		4,000		4,937
Mongolia Energy Corp., Ltd. (a) (b)		421,999		21,682
Mongolian Mining Corp. (a) (b)		2,241,500		97,688
National Electronic Holdings, Ltd.		166,000		21,809
Natural Beauty Bio-Technology, Ltd.		290,000		26,195
Neo-Neon Holdings, Ltd. (b)		322,500		49,775
Neptune Group, Ltd. (b)		1,060,000		18,216

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
New Century Group Hong Kong, Ltd.		912,000	$	16,709
New Times Energy Corp., Ltd. (b) (d)		204,200		5,892
Newocean Energy Holdings, Ltd. (a)		416,000		159,732
Next Media, Ltd.		414,000		33,055
Orange Sky Golden Harvest Entertainment Holdings, Ltd. (b)		375,882		23,970
Orient Overseas International, Ltd.		2,500		14,587
Oriental Watch Holdings		271,600		52,443
Pacific Andes International Holdings, Ltd.		1,819,984		61,940
Pacific Basin Shipping, Ltd. (a)		542,000		217,753
Pacific Textile Holdings, Ltd.		167,000		220,897
Paliburg Holdings, Ltd.		362,000		119,430
Pan Asia Environmental Protection Group, Ltd. (b)		38,000		8,664
Paradise Entertainment, Ltd. (a)		168,000		68,316
Pearl Oriental Oil, Ltd. (b)		404,000		10,937
Perfect Shape PRC Holdings, Ltd.		108,000		26,885
Pico Far East Holdings, Ltd.		468,000		107,241
Ping Shan Tea Group, Ltd. (b)		460,000		4,368
Playmates Holdings, Ltd.		56,000		50,923
Playmates Toys, Ltd.		236,000		50,000
PNG Resources Holdings, Ltd. (c)		194,400		5,214
Polytec Asset Holdings, Ltd.		565,000		80,046
Public Financial Holdings, Ltd.		166,000		79,212
PYI Corp., Ltd.		2,140,366		45,022
Regal Hotels International Holdings, Ltd.		446,000		294,180
Richfield Group Holdings, Ltd. (b)		528,000		20,377
Rivera Holdings, Ltd.		20,000		937
Sa Sa International Holdings, Ltd. (a)		356,000		248,676
SAS Dragon Holdings, Ltd.		140,000		30,672
SEA Holdings, Ltd.		94,000		62,549
Shenyin Wanguo HK, Ltd.		115,000		101,666
Shougang Concord Technology Holdings (b)		634,000		23,653
Shun Tak Holdings, Ltd. (a)		559,500		258,028
Silver Base Group Holdings, Ltd. (a) (b)		422,000		54,208
Simsen International Corp., Ltd. (c) (d)		219,000		48,292
Sing Tao News Corp., Ltd.		276,000		39,381
Singamas Container Holdings, Ltd.		702,000		116,319
SIS International Holdings		16,000		8,398
Sitoy Group Holdings, Ltd.		89,000		72,027
SmarTone Telecommunications Holdings, Ltd.		118,888		198,645
SOCAM Development, Ltd. (a) (b)		179,876		143,393
Solomon Systech International, Ltd. (b)		920,000		39,645
Soundwill Holdings, Ltd.		50,000		78,292
South China China, Ltd. (b)		496,000		53,908
Stella International Holdings, Ltd.		148,500		389,665
Stelux Holdings International, Ltd.		260,500		60,282
Success Universe Group, Ltd. (b)		240,000		7,504
Sun Hing Vision Group Holdings, Ltd.		42,000		13,811
Sun Hung Kai & Co., Ltd.		276,440		210,842
Symphony Holdings, Ltd. (b)		220,000		17,837
TAI Cheung Holdings (a)		232,000		190,283
Tan Chong International, Ltd.		63,000		21,610
Tao Heung Holdings, Ltd.		204,000		95,116
Taung Gold International, Ltd. (b)		700,000		15,572
Television Broadcasts, Ltd.		119,300		692,498
Texwinca Holdings, Ltd.		256,000		221,069
Titan Petrochemicals Group, Ltd. (b) (d)		1,000,000		322
Hong Kong—(Continued)
Tradelink Electronic Commerce, Ltd.		256,000		56,919
Transport International Holdings, Ltd.		109,600		231,967
Trinity, Ltd. (a)		404,000		75,951
TSC Group Holdings, Ltd. (a) (b)		216,000		59,406
United Laboratories International Holdings, Ltd. (The) (b)		157,000		90,933
Universal Technologies Holdings, Ltd. (b)		710,000		47,502
Up Energy Development Group, Ltd. (b)		92,000		9,355
Upbest Group, Ltd.		8,000		1,558
Value Convergence Holdings, Ltd. (b)		104,000		14,122
Value Partners Group, Ltd.		252,000		210,464
Varitronix International, Ltd.		137,000		92,653
Vedan International Holdings, Ltd. (b)		296,000		15,000
Victory City International Holdings, Ltd.		726,896		104,509
Vitasoy International Holdings, Ltd.		358,000		515,761
VST Holdings, Ltd.		487,200		158,369
VTech Holdings, Ltd. (a)		36,200		518,905
Wai Kee Holdings, Ltd.		54,000		15,947
Willie International Holdings, Ltd. (b)		2,250,000		41,665
Win Hanverky Holdings, Ltd.		332,000		37,891
Wing On Co. International, Ltd.		46,000		137,106
Wing Tai Properties, Ltd.		280,000		180,517
Xinyi Glass Holdings, Ltd. (a)		748,000		376,810
Xinyi Solar Holdings, Ltd. (a)		930,000		256,835
Yeebo International Holdings, Ltd.		158,000		26,047
YGM Trading, Ltd.		46,000		83,358
Yugang International, Ltd.		1,466,000		20,272
Zhuhai Holdings Investment Group, Ltd.		218,000		42,250
				21,506,937
Ireland—1.6%
Aer Lingus Group plc		42,387		113,195
C&C Group plc		166,865		730,875
DCC plc		50,148		2,756,139
Endo International plc (b)		8,162		593,217
FBD Holdings plc		10,350		142,072
Glanbia plc		43,475		667,539
Grafton Group plc		97,822		968,268
Greencore Group plc		238,369		1,054,991
IFG Group plc		44,002		81,280
Independent News & Media plc (b)		35,056		5,725
Irish Continental Group plc		22,664		88,653
Kenmare Resources plc (b)		145,693		7,217
Kingspan Group plc		54,781		945,744
Paddy Power plc		22,167		1,845,197
Smurfit Kappa Group plc		11,491		258,036
UDG Healthcare plc		90,877		541,815
				10,799,963
Israel—0.8%
Africa Israel Investments, Ltd. (b)		64,936		58,887
Africa Israel Properties, Ltd.		4,653		61,468
Africa Israel Residences, Ltd.		880		10,722
Airport City, Ltd. (b)		10,447		91,323
AL-ROV Israel, Ltd. (b)		2,628		66,819
Allot Communications, Ltd. (b)		10,216		92,437

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Israel—(Continued)
Alon Holdings Blue Square Israel, Ltd. (b)		8,063	$	21,626
Alrov Properties and Lodgings, Ltd. (b)		1,122		20,477
Amot Investments, Ltd.		20,789		62,002
AudioCodes, Ltd. (b)		13,306		57,728
Azorim-Investment Development & Construction Co., Ltd. (b)		23,712		16,242
Bayside Land Corp.		205		53,499
Big Shopping Centers, Ltd.		1,031		42,022
BioLine RX, Ltd. (b)		25,645		4,247
Blue Square Real Estate, Ltd.		344		10,423
Brainsway, Ltd. (b)		2,674		22,590
Cellcom Israel, Ltd. (b)		13,058		113,652
Ceragon Networks, Ltd. (b)		14,799		14,227
Clal Biotechnology Industries, Ltd. (b)		17,580		11,151
Clal Insurance Enterprises Holdings, Ltd. (b)		6,170		87,896
Cohen Development & Industrial Buildings, Ltd. (b)		305		6,548
Compugen, Ltd. (b)		18,562		150,631
Delek Automotive Systems, Ltd.		14,284		126,964
Delta-Galil Industries, Ltd.		5,417		146,311
Direct Insurance Financial Investments, Ltd.		5,783		29,529
Electra, Ltd.		652		72,237
Elron Electronic Industries, Ltd.		7,585		30,997
Equital, Ltd. (b)		550		7,737
Evogene, Ltd. (b)		5,090		47,081
EZchip Semiconductor, Ltd. (b)		11,499		219,382
EZchip Semiconductor, Ltd. (U.S. Listed Shares) (a) (b)		400		7,656
First International Bank of Israel, Ltd.		7,474		95,481
FMS Enterprises Migun, Ltd.		910		13,856
Formula Systems 1985, Ltd.		2,591		57,261
Fox Wizel, Ltd.		1,475		34,871
Frutarom Industries, Ltd.		19,140		590,267
Gilat Satellite Networks, Ltd. (b)		3,071		14,684
Golf & Co., Ltd.		6,101		14,172
Hadera Paper, Ltd. (b)		1,104		19,547
Harel Insurance Investments & Financial Services, Ltd.		43,597		197,237
Industrial Buildings Corp., Ltd.		29,599		26,732
Israel Discount Bank, Ltd. - Class A (b)		134,750		215,521
Israel Land Development Co., Ltd. (The)		3,950		12,732
Ituran Location and Control, Ltd.		9,589		210,391
Jerusalem Oil Exploration (b)		5,621		173,357
Kamada, Ltd. (b)		6,270		23,070
Kerur Holdings, Ltd.		931		14,395
Maabarot Products, Ltd.		3,435		35,497
Magic Software Enterprises, Ltd.		9,462		56,282
Matrix IT, Ltd.		14,215		63,752
Mazor Robotics, Ltd. (b)		11,460		70,499
Meitav DS Investments, Ltd.		5,193		14,778
Melisron, Ltd.		3,980		110,186
Menorah Mivtachim Holdings, Ltd.		11,310		98,481
Migdal Insurance & Financial Holding, Ltd.		42,213		50,403
Mivtach Shamir Holdings, Ltd. (b)		1,401		33,209
Naphtha Israel Petroleum Corp., Ltd. (b)		18,925		93,705
Neto ME Holdings, Ltd.		963		45,865
Nitsba Holdings 1995, Ltd. (b)		13,921		185,075
Nova Measuring Instruments, Ltd. (b)		9,293		94,299
Israel—(Continued)
Oil Refineries, Ltd. (b)		418,554		110,668
Ormat Industries		21,202		145,714
Partner Communications Co., Ltd. (b)		21,648		111,811
Paz Oil Co., Ltd.		1,481		191,719
Perion Network, Ltd. (b)		3,246		13,955
Phoenix Holdings, Ltd. (The)		20,176		53,386
Plasson Industries, Ltd.		1,729		56,751
Rami Levi Chain Stores Hashikma Marketing, Ltd.		1,803		66,388
Sapiens International Corp. NV (b)		8,365		59,566
Shikun & Binui, Ltd.		64,579		136,048
Shufersal, Ltd.		23,137		49,331
Space Communication, Ltd. (b)		2,951		34,147
Summit Real Estate Holdings, Ltd. (b)		2,798		9,279
Tower Semiconductor, Ltd. (b)		12,319		159,484
Tower Semiconductor, Ltd. (U.S. Listed Shares) (a) (b)		1,303		17,369
Union Bank of Israel (b)		7,545		25,070
				5,670,802
Italy—3.2%
A/S Roma S.p.A. (b)		36,433		24,024
A2A S.p.A.		481,411		487,759
ACEA S.p.A.		23,394		250,983
Aeffe S.p.A. (b)		11,359		29,908
Alerion Cleanpower S.p.A.		5,771		19,639
Amplifon S.p.A.		36,377		215,382
Ansaldo STS S.p.A.		39,015		393,213
Arnoldo Mondadori Editore S.p.A. (b)		28,272		29,800
Ascopiave S.p.A.		28,294		62,519
Astaldi S.p.A. (a)		20,559		118,895
Autogrill S.p.A. (b)		44,414		332,788
Azimut Holding S.p.A.		33,739		727,860
Banca Carige S.p.A. (a) (b)		1,955,524		128,934
Banca Finnat Euramerica S.p.A.		50,851		24,857
Banca Generali S.p.A.		17,239		478,523
Banca IFIS S.p.A.		7,714		127,774
Banca Popolare dell’Emilia Romagna S.c.r.l. (b)		174,642		1,136,769
Banca Popolare dell’Etruria e del Lazio SC (a) (b)		91,952		42,917
Banca Popolare di Milano Scarl (b)		1,773,934		1,148,571
Banca Popolare di Sondrio Scarl		170,178		633,068
Banca Profilo S.p.A. (a)		117,883		43,736
Banco di Desio e della Brianza S.p.A.		20,306		52,919
Banco Popolare SC (b)		40,702		487,242
BasicNet S.p.A. (b)		13,493		37,713
Biesse S.p.A.		6,021		68,190
Brembo S.p.A.		9,033		302,726
Brioschi Sviluppo Immobiliare S.p.A. (b)		34,077		3,784
Brunello Cucinelli S.p.A. (a)		8,151		182,748
Buzzi Unicem S.p.A. (a)		30,820		387,730
Cairo Communication S.p.A.		10,087		58,874
Caltagirone Editore S.p.A. (b)		6,273		6,288
Carraro S.p.A. (b)		5,504		12,624
Cementir Holding S.p.A.		31,117		187,248
CIR-Compagnie Industriali Riunite S.p.A. (b)		201,871		210,483
Cosmo Pharmaceuticals S.p.A.		632		93,310
Credito Emiliano S.p.A.		44,882		338,243

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Italy—(Continued)
Credito Valtellinese SC (a) (b)		359,278	$	340,349
Danieli & C Officine Meccaniche S.p.A.		4,846		119,896
Datalogic S.p.A.		6,877		74,065
Davide Campari-Milano S.p.A. (a)		91,710		569,332
De’Longhi S.p.A. (a)		16,896		306,002
DeA Capital S.p.A. (b)		18,071		35,443
DiaSorin S.p.A.		6,863		276,767
Ei Towers S.p.A. (b)		5,051		252,834
El.En. S.p.A.		311		9,983
Engineering S.p.A.		2,150		97,130
ERG S.p.A.		18,493		207,077
Esprinet S.p.A.		18,719		129,777
Eurotech S.p.A. (b)		13,076		25,500
Falck Renewables S.p.A.		28,765		32,195
Finmeccanica S.p.A. (b)		103,049		956,814
FNM S.p.A.		55,327		37,175
Gas Plus S.p.A.		3,786		15,758
Geox S.p.A. (a) (b)		52,589		171,372
Gruppo Editoriale L’Espresso S.p.A. (b)		57,235		65,593
Gruppo MutuiOnline S.p.A.		5,404		30,632
Gtech S.p.A. (a)		18,037		403,557
Hera S.p.A.		216,853		510,287
IMMSI S.p.A. (b)		100,436		65,609
Industria Macchine Automatiche S.p.A.		5,461		237,740
Intek Group S.p.A. (b)		80,757		31,793
Interpump Group S.p.A.		28,206		396,051
Iren S.p.A.		214,078		232,350
Italcementi S.p.A. (a)		60,182		359,614
Italmobiliare S.p.A.		4,262		96,341
Juventus Football Club S.p.A. (a) (b)		147,435		39,162
Landi Renzo S.p.A. (b)		5,877		7,040
Maire Tecnimont S.p.A. (a) (b)		35,567		77,708
MARR S.p.A. (a)		13,428		237,881
Nice S.p.A.		9,890		31,936
Piaggio & C S.p.A. (a) (b)		62,129		180,149
Prelios S.p.A. (a) (b)		54,976		17,631
Prima Industrie S.p.A. (b)		1,853		30,244
Prysmian S.p.A.		70,028		1,274,594
Recordati S.p.A.		29,978		466,071
Reno de Medici S.p.A. (b)		29,538		9,694
Reply S.p.A.		1,999		146,144
Retelit S.p.A. (b)		36,769		25,707
Sabaf S.p.A.		1,021		13,797
SAES Getters S.p.A.		1,416		10,460
Safilo Group S.p.A. (b)		10,142		131,779
Salvatore Ferragamo S.p.A.		16,352		400,630
Saras S.p.A. (a) (b)		134,526		135,734
SAVE S.p.A.		5,078		81,201
Snai S.p.A. (b)		21,135		32,099
Societa Cattolica di Assicurazioni S.c.r.l.		63,558		438,624
Societa Iniziative Autostradali e Servizi S.p.A.		25,981		250,162
Sogefi S.p.A. (a) (b)		18,933		47,348
SOL S.p.A.		13,605		109,560
Sorin S.p.A. (b)		131,162		305,634
Tiscali S.p.A. (b)		802,477		50,586
Tod’s S.p.A. (a)		3,954		343,128
Trevi Finanziaria Industriale S.p.A. (a)		31,414		107,210
Italy—(Continued)
Uni Land S.p.A. (b) (c) (d)		4,937		0
Unipol Gruppo Finanziario S.p.A. (a)		133,203		657,829
Vianini Lavori S.p.A.		2,113		14,239
Vittoria Assicurazioni S.p.A.		12,164		126,339
World Duty Free S.p.A. (a) (b)		54,430		521,285
Yoox S.p.A. (a) (b)		13,998		308,819
Zignago Vetro S.p.A.		11,476		70,396
				21,675,897
Japan—22.7%
77 Bank, Ltd. (The)		119,000		627,485
A&A Material Corp. (b)		12,000		11,416
A/S One Corp.		5,000		130,486
Accordia Golf Co., Ltd.		32,800		295,223
Achilles Corp.		60,000		73,567
Adastria Holdings Co., Ltd.		5,920		155,404
ADEKA Corp.		33,600		398,197
Aderans Co., Ltd.		9,400		88,689
Advan Co., Ltd.		6,500		63,681
Advanex, Inc.		9,000		14,129
Aeon Delight Co., Ltd.		2,500		58,024
Aeon Fantasy Co., Ltd.		4,000		52,083
Aeon Hokkaido Corp.		2,600		15,414
AGORA Hospitality Group Co., Ltd. (b)		27,000		10,525
Agro-Kanesho Co., Ltd.		2,100		20,121
Ahresty Corp.		9,200		56,428
Ai Holdings Corp.		12,200		215,403
Aica Kogyo Co., Ltd.		16,700		345,419
Aichi Bank, Ltd. (The)		5,000		247,559
Aichi Corp.		19,600		92,626
Aichi Steel Corp.		43,000		151,455
Aichi Tokei Denki Co., Ltd.		19,000		50,863
Aida Engineering, Ltd.		27,200		245,879
Aigan Co., Ltd. (b)		8,200		17,347
Ain Pharmaciez, Inc.		6,000		171,394
Aiphone Co., Ltd.		9,200		145,255
Airport Facilities Co., Ltd.		9,300		55,901
Aisan Industry Co., Ltd.		8,700		74,376
Aizawa Securities Co., Ltd.		13,800		74,426
Akebono Brake Industry Co., Ltd. (a)		30,000		104,862
Akita Bank, Ltd. (The)		99,000		272,502
Alconix Corp.		4,800		78,652
Alinco, Inc.		5,800		56,264
Allied Telesis Holdings KK		17,200		13,648
Alpen Co., Ltd. (a)		6,300		88,468
Alpha Corp.		2,200		21,439
Alpha Systems, Inc.		3,940		54,098
Alpine Electronics, Inc.		17,000		279,558
Alps Logistics Co., Ltd.		4,100		48,269
Altech Corp.		4,700		57,753
Amano Corp.		19,800		204,000
Amiyaki Tei Co., Ltd.		1,100		36,276
Amuse, Inc.		1,800		51,735
Anabuki Kosan, Inc.		4,000		8,736
Anest Iwata Corp.		12,500		84,496
Anritsu Corp. (a)		48,800		339,721

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
AOI Electronic Co., Ltd. (a)		2,800	$	134,856
AOI Pro, Inc. (a)		4,700		30,848
AOKI Holdings, Inc.		21,400		216,318
Aomori Bank, Ltd. (The)		112,000		324,097
Aoyama Trading Co., Ltd.		25,100		550,704
Arakawa Chemical Industries, Ltd.		10,900		107,783
Arata Corp.		23,000		60,580
Araya Industrial Co., Ltd.		26,000		38,769
Arcland Sakamoto Co., Ltd.		6,500		124,868
Arcs Co., Ltd.		15,464		315,272
Argo Graphics, Inc.		3,700		55,661
Ariake Japan Co., Ltd.		6,800		165,620
Arisawa Manufacturing Co., Ltd.		15,800		115,144
Arrk Corp. (b)		44,700		52,332
Artnature, Inc.		5,000		55,564
Asahi Broadcasting Corp.		2,400		18,195
Asahi Co., Ltd. (a)		6,100		56,168
Asahi Diamond Industrial Co., Ltd.		21,400		223,197
Asahi Holdings, Inc.		10,200		157,384
Asahi Intecc Co., Ltd.		4,300		208,899
Asahi Kogyosha Co., Ltd.		16,000		55,508
Asahi Net, Inc.		5,000		21,203
Asahi Organic Chemicals Industry Co., Ltd.		40,000		94,708
Asahi Printing Co., Ltd.		200		3,764
Asahipen Corp.		4,000		5,602
Asanuma Corp. (b)		29,000		37,728
Asatsu-DK, Inc. (a)		12,300		292,480
Asax Co., Ltd.		1,800		21,030
Ashimori Industry Co., Ltd. (b)		33,000		49,047
Asia Growth Capital, Ltd. (a) (b)		21,000		27,902
ASKA Pharmaceutical Co., Ltd.		9,700		104,415
ASKUL Corp. (a)		6,300		111,746
Asunaro Aoki Construction Co., Ltd.		8,000		53,071
Atom Corp. (a)		4,000		25,843
Atsugi Co., Ltd.		88,000		84,038
Autobacs Seven Co., Ltd. (a)		21,200		301,850
Avex Group Holdings, Inc. (a)		12,000		196,637
Awa Bank, Ltd. (The)		79,000		422,178
Axell Corp.		3,800		47,563
Axial Retailing, Inc.		6,200		134,956
Azbil Corp.		7,100		164,167
Bando Chemical Industries, Ltd.		47,000		169,368
Bank of Iwate, Ltd. (The)		7,800		335,883
Bank of Kochi, Ltd. (The)		16,000		21,107
Bank of Nagoya, Ltd. (The)		81,000		298,954
Bank of Okinawa, Ltd. (The)		9,600		389,909
Bank of Saga, Ltd. (The)		82,000		186,566
Bank of the Ryukyus, Ltd. (a)		16,500		230,754
Belc Co., Ltd.		6,200		188,269
Belluna Co., Ltd.		21,900		91,718
Benefit One, Inc.		7,300		78,478
Best Denki Co., Ltd.		50,400		57,026
Bic Camera, Inc. (a)		23,500		270,486
Biofermin Pharmaceutical Co., Ltd.		500		12,113
Bit-isle, Inc. (a)		6,600		27,241
BML, Inc.		3,900		103,451
Bookoff Corp.		4,700		32,720
Japan—(Continued)
BP Castrol KK (a)		2,600		25,129
Broadleaf Co., Ltd.		2,700		37,925
BRONCO BILLY Co., Ltd.		1,200		30,421
Bull-Dog Sauce Co., Ltd.		6,000		10,008
Bunka Shutter Co., Ltd.		19,000		153,971
C Uyemura & Co., Ltd.		3,400		159,050
CAC Holdings Corp.		6,200		60,188
Calsonic Kansei Corp.		57,000		316,419
Can Do Co., Ltd. (a)		3,500		45,705
Canon Electronics, Inc.		7,400		117,168
Capcom Co., Ltd. (a)		16,500		248,694
Carlit Holdings Co., Ltd.		7,300		38,005
Cawachi, Ltd.		7,700		113,983
Central Glass Co., Ltd.		70,000		253,913
Central Security Patrols Co., Ltd.		3,300		31,810
Central Sports Co., Ltd.		3,200		48,615
CFS Corp.		4,400		25,286
Chiba Kogyo Bank, Ltd. (The)		17,400		121,348
CHIMNEY Co., Ltd.		1,400		25,609
Chino Corp.		4,000		39,893
Chiyoda Co., Ltd.		10,000		196,817
Chiyoda Integre Co., Ltd. (a)		4,400		76,660
Chofu Seisakusho Co., Ltd. (a)		5,700		145,770
Chori Co., Ltd.		7,000		108,724
Chubu Shiryo Co., Ltd.		14,400		81,222
Chudenko Corp.		8,600		133,321
Chuetsu Pulp & Paper Co., Ltd.		49,000		72,403
Chugai Mining Co., Ltd. (b)		68,200		16,445
Chugai Ro Co., Ltd.		42,000		95,423
Chugoku Marine Paints, Ltd.		22,000		185,856
Chukyo Bank, Ltd. (The)		64,000		114,466
Chuo Gyorui Co., Ltd.		2,000		4,614
Chuo Spring Co., Ltd.		19,000		51,051
CKD Corp.		21,300		201,413
Clarion Co., Ltd. (a) (b)		46,000		142,938
Cleanup Corp.		7,900		57,321
CMIC Holdings Co., Ltd. (a)		3,900		60,973
CMK Corp. (b)		21,300		55,976
Coca-Cola West Co., Ltd.		1,700		23,387
Cocokara fine, Inc.		6,500		160,569
Colowide Co., Ltd. (a)		18,400		257,387
Computer Engineering & Consulting, Ltd.		5,300		47,476
Computer Institute of Japan, Ltd.		2,000		8,130
CONEXIO Corp.		8,400		77,953
COOKPAD, Inc. (a) (b)		4,200		141,840
Corona Corp.		8,500		82,884
Cosel Co., Ltd. (a)		9,900		101,373
Cosmo Oil Co., Ltd.		193,000		273,485
Cosmos Initia Co., Ltd. (a) (b)		3,500		13,685
Create Medic Co., Ltd.		1,800		15,440
CREATE SD HOLDINGS Co., Ltd. (a)		5,400		172,987
Cresco, Ltd.		2,000		28,354
CROOZ, Inc.		1,400		22,095
Cross Plus, Inc.		1,100		7,812
CTI Engineering Co., Ltd.		5,200		66,468
Cybernet Systems Co., Ltd.		3,900		15,735
Cybozu, Inc.		11,900		36,867

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
DA Consortium, Inc.		7,600	$	31,377
Dai Nippon Toryo Co., Ltd.		53,000		69,473
Dai-Dan Co., Ltd.		17,000		102,834
Dai-Ichi Kogyo Seiyaku Co., Ltd.		14,000		43,898
Dai-ichi Seiko Co., Ltd.		4,000		79,994
Daibiru Corp.		16,800		157,901
Daido Kogyo Co., Ltd.		10,000		21,262
Daido Metal Co., Ltd.		12,000		120,234
Daidoh, Ltd. (a)		13,700		58,519
Daiei, Inc. (The) (a) (b)		129,400		150,761
Daifuku Co., Ltd.		31,500		352,668
Daihatsu Diesel Manufacturing Co., Ltd.		7,000		53,137
Daihen Corp.		40,000		201,619
Daiho Corp.		19,000		86,952
Daiichi Jitsugyo Co., Ltd.		20,000		100,279
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		1,000		40,449
Daiichikosho Co., Ltd.		7,600		205,795
Daiken Corp.		35,000		77,577
Daiken Medical Co., Ltd.		4,400		41,019
Daiki Aluminium Industry Co., Ltd.		16,000		43,246
Daikoku Denki Co., Ltd. (a)		2,700		40,114
Daikokutenbussan Co., Ltd.		1,900		54,156
Daikyo, Inc.		151,000		233,833
Dainichi Co., Ltd.		4,100		26,648
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		29,000		154,030
Daio Paper Corp.		30,000		245,408
Daisan Bank, Ltd. (The)		92,000		153,431
Daiseki Co., Ltd. (a)		17,700		307,033
Daiseki Eco. Solution Co., Ltd.		1,000		14,552
Daishi Bank, Ltd. (The)		143,000		475,185
Daishinku Corp.		18,000		54,189
Daiso Co., Ltd.		40,000		128,283
Daisue Construction Co., Ltd. (b)		2,300		16,451
Daisyo Corp. (a)		5,300		60,798
Daito Bank, Ltd. (The)		59,000		68,469
Daito Electron Co., Ltd.		800		4,141
Daito Pharmaceutical Co., Ltd.		3,600		56,542
Daiwa Industries, Ltd.		11,000		68,876
Daiwabo Holdings Co., Ltd.		88,000		152,943
DC Co., Ltd.		11,500		45,663
DCM Holdings Co., Ltd.		46,300		296,402
Denki Kagaku Kogyo KK		31,000		114,116
Denki Kogyo Co., Ltd.		21,000		92,088
Denyo Co., Ltd.		6,000		89,556
Descente, Ltd.		18,000		174,651
DKK-Toa Corp.		2,200		10,643
DMG Mori Seiki Co., Ltd.		34,300		426,198
DMW Corp.		700		10,798
Doshisha Co., Ltd.		9,600		136,093
Doutor Nichires Holdings Co., Ltd.		9,600		137,448
Dr Ci:Labo Co., Ltd.		4,200		143,498
Dream Incubator, Inc.		1,200		29,118
DSB Co., Ltd.		5,300		34,864
DTS Corp.		7,300		156,193
Dunlop Sports Co., Ltd.		7,300		81,093
Duskin Co., Ltd. (a)		14,900		218,973
Japan—(Continued)
Dydo Drinco, Inc.		2,700		112,735
Dynic Corp.		16,000		23,780
Eagle Industry Co., Ltd.		7,800		143,486
Earth Chemical Co., Ltd.		800		26,690
Ebara Jitsugyo Co., Ltd.		4,600		55,421
EDION Corp. (a)		32,200		224,645
Ehime Bank, Ltd. (The)		76,000		160,312
Eidai Co., Ltd.		10,000		38,820
Eighteenth Bank, Ltd. (The)		80,000		222,819
Eiken Chemical Co., Ltd. (a)		6,100		98,971
Eizo Corp. (a)		6,300		122,196
Elecom Co., Ltd.		3,100		61,602
Elematec Corp.		5,000		119,067
EM Systems Co., Ltd.		900		12,875
Emori Group Holdings Co., Ltd. (a)		2,500		22,822
en-japan, Inc.		3,400		53,475
Endo Lighting Corp. (a)		2,600		28,466
Enplas Corp.		3,300		110,983
Enshu, Ltd. (b)		23,000		21,960
EPS Corp.		14,000		165,832
ESPEC Corp.		11,400		102,486
Excel Co., Ltd. (a)		5,000		66,875
Exedy Corp.		11,600		279,579
F T Communications Co., Ltd.		500		8,380
F-Tech, Inc.		3,600		35,404
F@N Communications, Inc. (a)		9,600		104,897
Faith, Inc.		4,580		42,528
FALCO SD HOLDINGS Co., Ltd.		4,300		44,846
Fancl Corp. (a)		12,000		170,418
FCC Co., Ltd. (a)		11,200		192,366
FDK Corp. (a) (b)		25,000		29,743
Feed One Holdings Co., Ltd. (b)		65,080		58,662
Ferrotec Corp.		12,700		66,526
FIDEA Holdings Co., Ltd. (a)		55,410		100,625
Fields Corp.		5,200		64,433
Financial Products Group Co., Ltd. (a)		8,100		96,540
FINDEX, Inc.		1,300		72,454
First Juken Co., Ltd.		3,400		35,262
Foster Electric Co., Ltd.		8,800		154,684
FP Corp. (a)		7,200		230,717
France Bed Holdings Co., Ltd.		65,000		97,711
Fudo Tetra Corp.		60,300		122,762
Fuji Co., Ltd. (a)		7,300		132,173
Fuji Corp., Ltd. (a)		8,600		49,607
Fuji Electronics Co., Ltd.		5,600		64,552
Fuji Kiko Co., Ltd.		13,000		60,920
Fuji Kosan Co., Ltd.		4,600		23,069
Fuji Kyuko Co., Ltd. (a)		13,000		124,366
Fuji Oil Co. Ltd.		15,500		46,992
Fuji Oil Co., Ltd.		21,800		279,351
Fuji Pharma Co., Ltd.		2,800		49,091
Fuji Seal International, Inc.		7,900		230,978
Fuji Soft, Inc. (a)		5,900		120,361
Fujibo Holdings, Inc.		37,000		104,287
Fujicco Co., Ltd.		9,000		150,209
Fujikura Kasei Co., Ltd.		9,500		46,039
Fujikura Rubber, Ltd.		5,800		38,528

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Fujikura, Ltd.		115,000	$	469,496
Fujimi, Inc.		7,000		102,149
Fujimori Kogyo Co., Ltd.		4,800		134,159
Fujisash Co., Ltd. (a) (b)		24,500		31,673
Fujishoji Co., Ltd.		1,300		16,658
Fujita Kanko, Inc. (a)		8,000		24,563
Fujitec Co., Ltd. (a)		24,700		263,004
Fujitsu Frontech, Ltd.		4,500		57,268
Fujitsu General, Ltd.		19,000		183,205
Fujiya Co., Ltd. (a)		43,000		70,166
FuKoKu Co., Ltd.		5,100		53,328
Fukuda Corp.		11,000		92,414
Fukui Bank, Ltd. (The)		128,000		285,360
Fukushima Bank, Ltd. (The)		143,000		111,692
Fukushima Industries Corp.		4,600		73,355
Fukuyama Transporting Co., Ltd. (a)		53,000		286,111
FULLCAST Holdings Co., Ltd. (a) (b)		4,300		17,085
Fumakilla, Ltd. (a)		8,000		24,418
Funai Electric Co., Ltd. (a)		7,900		95,274
Funai Soken Holdings, Inc.		7,800		64,090
Furukawa Battery Co., Ltd. (a)		5,000		42,569
Furukawa Co., Ltd.		140,000		239,834
Furukawa Electric Co., Ltd. (a)		246,000		406,544
Furuno Electric Co., Ltd. (a)		9,200		73,345
Furusato Industries, Ltd.		4,600		62,841
Furuya Metal Co., Ltd.		1,700		40,740
Fuso Chemical Co., Ltd.		4,000		43,754
Fuso Pharmaceutical Industries, Ltd.		41,000		101,091
Futaba Corp.		10,200		148,479
Futaba Industrial Co., Ltd.		23,600		110,422
Future Architect, Inc.		9,800		56,693
Fuyo General Lease Co., Ltd. (a)		8,000		277,150
G-Tekt Corp.		7,700		73,003
Gakken Holdings Co., Ltd.		28,000		59,364
GCA Savvian Corp. (a)		4,900		46,592
Gecoss Corp.		6,400		95,064
Genki Sushi Co., Ltd.		2,300		50,702
Genky Stores, Inc. (a)		600		38,226
Geo Holdings Corp. (a)		14,400		115,655
GLOBERIDE, Inc.		35,000		60,281
GLORY, Ltd.		11,500		307,340
GMO internet, Inc.		22,900		194,713
GMO Payment Gateway, Inc.		5,200		97,392
Godo Steel, Ltd. (a)		72,000		107,897
Goldcrest Co., Ltd. (a)		7,330		135,845
Goldwin, Inc.		18,000		93,783
Gourmet Kineya Co., Ltd.		8,000		59,775
Grandy House Corp.		3,600		8,902
GSI Creos Corp.		28,000		31,387
Gulliver International Co., Ltd. (a)		25,100		170,924
Gun-Ei Chemical Industry Co., Ltd.		24,000		67,846
Gunze, Ltd.		65,000		167,580
Gurunavi, Inc.		9,500		131,096
H-One Co., Ltd.		6,000		33,583
H2O Retailing Corp. (a)		12,915		202,674
Hagihara Industries, Inc.		2,900		42,100
Hakudo Co., Ltd.		500		4,597
Japan—(Continued)
Hakuto Co., Ltd.		7,100		69,816
Hakuyosha Co., Ltd.		8,000		16,251
Hamakyorex Co., Ltd.		2,800		86,536
Hanwa Co., Ltd.		63,000		222,646
Happinet Corp. (a)		5,300		66,304
Hard Off Corp. Co., Ltd.		4,900		37,533
Harima Chemicals Group, Inc.		7,100		27,389
Harmonic Drive Systems, Inc.		7,600		110,820
Haruyama Trading Co., Ltd.		5,400		31,441
Hazama Ando Corp.		54,490		351,373
Heiwa Corp.		200		3,994
Heiwa Real Estate Co., Ltd.		14,000		212,538
Heiwado Co., Ltd.		11,200		215,351
HI-LEX Corp.		7,700		211,970
Hibiya Engineering, Ltd.		10,000		136,734
Hiday Hidaka Corp.		4,472		140,009
Higashi Nihon House Co., Ltd. (a)		15,000		65,332
Higashi-Nippon Bank, Ltd. (The)		71,000		196,692
Higo Bank, Ltd. (The)		83,000		441,169
Himaraya Co., Ltd.		3,100		25,559
Hioki EE Corp.		4,000		57,005
Hiramatsu, Inc.		8,300		44,755
Hirano Tecseed Co., Ltd.		500		3,659
HIS Co., Ltd.		11,200		315,813
Hisaka Works, Ltd.		12,000		97,119
Hitachi Koki Co., Ltd.		17,600		133,041
Hitachi Kokusai Electric, Inc.		18,000		253,119
Hitachi Metals Techno, Ltd.		2,000		19,953
Hitachi Transport System, Ltd.		5,800		71,260
Hitachi Zosen Corp.		61,600		354,468
Hochiki Corp.		10,000		77,669
Hodogaya Chemical Co., Ltd.		28,000		44,013
Hogy Medical Co., Ltd.		6,000		273,634
Hokkaido Gas Co., Ltd.		27,000		64,519
Hokkan Holdings, Ltd.		31,000		75,248
Hokko Chemical Industry Co., Ltd.		8,000		27,620
Hokkoku Bank, Ltd. (The)		109,000		349,902
Hokuetsu Bank, Ltd. (The)		96,000		173,933
Hokuetsu Industries Co., Ltd. (a)		7,000		63,180
Hokuetsu Kishu Paper Co., Ltd. (a)		51,300		218,481
Hokuriku Electric Industry Co., Ltd.		28,000		40,314
Hokuriku Electrical Construction Co., Ltd.		9,000		50,634
Hokuriku Gas Co., Ltd.		10,000		23,006
Hokuto Corp. (a)		10,600		176,223
Honeys Co., Ltd.		6,930		54,131
Hoosiers Holdings Co., Ltd. (a)		9,700		42,913
Horiba, Ltd. (a)		11,400		378,809
Hosiden Corp.		20,000		110,761
Hosokawa Micron Corp.		11,000		63,407
House Foods Group, Inc. (a)		4,000		69,238
Howa Machinery, Ltd.		5,700		35,751
Hurxley Corp.		800		6,401
Hyakugo Bank, Ltd. (The)		87,000		358,929
Hyakujushi Bank, Ltd. (The)		107,000		350,450
I-Net Corp.		3,200		23,874
IBJ Leasing Co., Ltd.		7,200		143,206
Ichibanya Co., Ltd. (a)		2,400		100,992

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Ichiken Co., Ltd. (a)		12,000	$	32,350
Ichikoh Industries, Ltd.		26,000		55,228
ICHINEN HOLDINGS Co., Ltd.		7,400		65,026
Ichiyoshi Securities Co., Ltd. (a)		12,600		135,899
Icom, Inc.		3,800		91,409
Idec Corp.		11,300		96,869
Ihara Chemical Industry Co., Ltd.		18,800		195,771
Iino Kaiun Kaisha, Ltd. (a)		32,200		179,424
IJT Technology Holdings Co., Ltd. (b)		9,000		40,269
Ikegami Tsushinki Co., Ltd.		30,000		37,939
Ikyu Corp.		6,100		67,901
Imagica Robot Holdings, Inc. (a)		4,500		18,934
Imasen Electric Industrial		6,200		86,905
Imperial Hotel, Ltd.		1,300		25,903
Inaba Denki Sangyo Co., Ltd.		7,300		236,536
Inaba Seisakusho Co., Ltd.		2,100		23,296
Inabata & Co., Ltd.		18,300		165,464
Inageya Co., Ltd.		12,200		123,400
Ines Corp. (a)		13,900		105,994
Infocom Corp.		6,200		46,589
Information Services International-Dentsu, Ltd.		6,000		59,836
Innotech Corp.		10,300		42,230
Intage Holdings, Inc.		8,000		116,582
Internet Initiative Japan, Inc.		9,800		199,892
Inui Global Logistics Co., Ltd.		5,355		43,261
Iriso Electronics Co., Ltd. (a)		2,900		154,461
Ise Chemical Corp.		8,000		52,004
Iseki & Co., Ltd. (a)		77,000		146,068
Ishihara Sangyo Kaisha, Ltd. (b)		119,000		103,473
Ishii Iron Works Co., Ltd.		9,000		17,234
Ishizuka Glass Co., Ltd.		5,000		10,046
IT Holdings Corp.		36,700		553,503
Itfor, Inc.		10,300		39,589
Itochu Enex Co., Ltd.		30,000		210,072
Itochu-Shokuhin Co., Ltd. (a)		2,600		81,414
Itoham Foods, Inc. (a)		56,000		294,857
Itoki Corp. (a)		14,100		72,231
IwaiCosmo Holdings, Inc.		7,900		88,601
Iwaki & Co., Ltd.		14,000		25,368
Iwasaki Electric Co., Ltd.		25,000		49,991
Iwatani Corp. (a)		51,000		334,126
Iwatsuka Confectionery Co., Ltd.		500		31,416
Izutsuya Co., Ltd. (b)		47,000		24,953
J-Oil Mills, Inc.		40,000		130,084
Jalux, Inc.		4,000		55,756
Jamco Corp.		4,300		111,223
Janome Sewing Machine Co., Ltd. (a) (b)		58,000		65,118
Japan Aviation Electronics Industry, Ltd.		18,000		394,715
Japan Communications, Inc. (a) (b)		40,100		182,393
Japan Digital Laboratory Co., Ltd.		8,200		110,248
Japan Drilling Co., Ltd. (a)		2,100		74,345
Japan Foundation Engineering Co., Ltd.		14,100		46,070
Japan Medical Dynamic Marketing, Inc. (a)		3,000		14,444
Japan Oil Transportation Co., Ltd.		1,000		1,935
Japan Pulp & Paper Co., Ltd.		51,000		140,480
Japan Radio Co., Ltd. (b)		20,000		61,261
Japan Steel Works, Ltd. (The) (a)		119,000		422,558
Japan—(Continued)
Japan Transcity Corp.		29,000		90,134
Japan Vilene Co., Ltd.		11,000		56,160
Japan Wool Textile Co., Ltd. (The)		27,000		177,312
Jastec Co., Ltd.		5,100		33,883
JBCC Holdings, Inc.		9,100		56,433
JCU Corp.		1,600		74,706
Jeol, Ltd.		26,000		133,159
Jimoto Holdings, Inc.		60,800		115,425
Jin Co., Ltd. (a)		4,500		112,324
JK Holdings Co., Ltd.		5,600		27,508
JMS Co., Ltd. (a)		15,000		35,860
Joban Kosan Co., Ltd. (a)		17,000		21,276
Joshin Denki Co., Ltd.		23,000		187,084
Jowa Holdings Co., Ltd. (a)		3,300		97,833
JP-Holdings, Inc. (a)		17,900		55,373
JSP Corp.		7,600		135,492
Juki Corp. (a)		56,000		198,824
Juroku Bank, Ltd. (The)		131,000		463,724
Justsystems Corp. (a) (b)		13,800		84,428
JVC Kenwood Corp. (a) (b)		53,300		115,813
K&O Energy Group, Inc.		8,000		98,214
K’s Holdings Corp. (a)		5,000		131,622
kabu.com Securities Co., Ltd.		28,100		138,163
Kadokawa Dwango (a) (b)		12,508		197,017
Kaga Electronics Co., Ltd.		7,200		89,709
Kagome Co., Ltd. (a)		1,400		21,310
Kagoshima Bank, Ltd. (The)		60,000		377,076
Kaken Pharmaceutical Co., Ltd.		21,000		404,541
Kakiyasu Honten Co., Ltd. (a)		4,600		73,071
Kameda Seika Co., Ltd.		6,500		199,192
Kamei Corp.		14,400		89,381
Kanaden Corp.		11,000		74,457
Kanagawa Chuo Kotsu Co., Ltd.		20,000		96,191
Kanamoto Co., Ltd.		8,800		238,650
Kandenko Co., Ltd.		41,000		235,684
Kanematsu Corp.		149,000		211,708
Kanematsu Electronics, Ltd.		6,000		85,515
Kanematsu-NNK Corp. (b)		6,000		7,581
Kanemi Co., Ltd.		100		2,652
Kansai Urban Banking Corp.		11,000		114,247
Kanto Denka Kogyo Co., Ltd. (b)		15,000		75,968
Kasai Kogyo Co., Ltd.		7,000		61,978
Kasumi Co., Ltd.		22,300		187,491
Katakura Chikkarin Co., Ltd.		8,000		18,079
Katakura Industries Co., Ltd. (a)		9,200		96,616
Kato Sangyo Co., Ltd.		6,400		120,353
Kato Works Co., Ltd.		19,000		152,415
KAWADA TECHNOLOGIES, Inc. (a)		1,900		63,635
Kawai Musical Instruments Manufacturing Co., Ltd.		4,400		88,442
Kawasaki Kinkai Kisen Kaisha, Ltd.		7,000		24,432
Kawasumi Laboratories, Inc.		8,500		52,539
Keihanshin Building Co., Ltd.		14,500		76,645
Keihin Co. Ltd/Minato-Ku Tokyo Japan		31,000		43,098
Keihin Corp.		15,500		230,119
Keiyo Bank, Ltd. (The)		113,000		631,958
Keiyo Co., Ltd. (a)		17,200		81,414
Kenko Mayonnaise Co., Ltd.		5,900		71,346

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
KEY Coffee, Inc.		7,600	$	105,899
KFC Holdings Japan, Ltd.		4,000		72,240
Kimoto Co., Ltd.		14,900		37,808
King Jim Co., Ltd.		5,800		35,756
Kinki Sharyo Co., Ltd. (a) (b)		12,000		32,600
Kintetsu Department Store Co., Ltd. (b)		19,000		49,058
Kintetsu World Express, Inc.		5,400		207,158
Kinugawa Rubber Industrial Co., Ltd.		20,000		84,855
Kissei Pharmaceutical Co., Ltd.		8,100		212,523
Kita-Nippon Bank, Ltd. (The)		4,900		119,749
Kitagawa Iron Works Co., Ltd.		31,000		56,210
Kitamura Co., Ltd.		3,700		23,447
Kitano Construction Corp.		22,000		70,221
Kito Corp. (a)		8,200		80,664
Kitz Corp.		33,600		137,440
Kiyo Bank, Ltd. (The)		35,300		446,910
KNT-CT Holdings Co., Ltd. (b)		33,000		41,629
Koa Corp.		12,900		121,610
Koatsu Gas Kogyo Co., Ltd.		13,000		62,442
Kobelco Eco-Solutions Co., Ltd. (a)		8,000		45,169
Koei Tecmo Holdings Co., Ltd.		10,000		146,099
Kohnan Shoji Co., Ltd. (a)		13,000		144,807
Kohsoku Corp.		5,400		41,922
Koike Sanso Kogyo Co., Ltd.		7,000		20,405
Kojima Co., Ltd.		12,000		29,514
Kokusai Co., Ltd.		3,400		56,308
Kokuyo Co., Ltd.		31,800		236,635
KOMAIHALTEC, Inc.		24,000		58,151
Komatsu Seiren Co., Ltd.		19,000		88,865
Komatsu Wall Industry Co., Ltd. (a)		2,700		62,094
Komeri Co., Ltd.		10,500		228,603
Komori Corp. (a)		20,000		227,548
Konaka Co., Ltd.		7,300		37,804
Kondotec, Inc.		9,400		65,095
Konishi Co., Ltd.		6,000		95,554
Kosaido Co., Ltd.		3,700		13,956
Koshidaka Holdings Co., Ltd. (a)		2,200		32,156
Kotobuki Spirits Co., Ltd. (a)		2,600		50,757
Kourakuen Corp.		800		10,709
Krosaki Harima Corp.		24,000		48,968
KRS Corp.		3,700		42,696
KU Holdings Co., Ltd.		8,000		40,861
Kumagai Gumi Co., Ltd. (a) (b)		91,000		291,849
Kumiai Chemical Industry Co., Ltd.		18,000		120,072
Kura Corp.		3,500		98,371
Kurabo Industries, Ltd.		93,000		144,386
Kureha Corp. (a)		46,000		192,351
Kurimoto, Ltd. (a)		35,000		66,494
Kuroda Electric Co., Ltd. (a)		11,600		160,381
Kusuri No. Aoki Co., Ltd.		2,600		141,367
KYB Co., Ltd.		71,000		301,489
Kyodo Printing Co., Ltd. (a)		51,000		161,626
Kyoei Steel, Ltd. (a)		6,100		105,115
Kyokuto Boeki Kaisha, Ltd.		9,000		16,642
Kyokuto Kaihatsu Kogyo Co., Ltd.		10,300		123,055
Kyokuto Securities Co., Ltd.		7,400		117,530
Kyokuyo Co., Ltd.		35,000		80,121
Japan—(Continued)
KYORIN Holdings, Inc.		14,800		274,086
Kyoritsu Maintenance Co., Ltd. (a)		3,300		159,143
Kyoritsu Printing Co., Ltd.		6,800		16,388
Kyosan Electric Manufacturing Co., Ltd.		31,000		96,414
Kyoto Kimono Yuzen Co., Ltd.		7,300		61,346
Kyowa Electronics Instruments Co., Ltd.		8,000		31,104
Kyowa Exeo Corp.		26,700		285,249
Kyowa Leather Cloth Co., Ltd.		3,300		20,780
Kyudenko Corp.		13,000		144,104
LAC Co., Ltd.		5,900		40,147
Land Business Co., Ltd.		7,100		24,249
Lasertec Corp.		3,200		36,102
LEC, Inc.		4,400		46,571
Leopalace21 Corp. (b)		82,400		519,639
Life Corp.		15,500		216,791
Link And Motivation, Inc. (a)		8,900		11,759
Lintec Corp.		16,500		365,496
Lion Corp. (a)		65,000		339,867
Livesense, Inc. (a) (b)		3,500		20,429
Look, Inc.		11,000		21,052
Macnica, Inc.		4,300		119,878
Maeda Corp. (a)		40,000		327,885
Maeda Kosen Co., Ltd.		6,900		70,455
Maeda Road Construction Co., Ltd.		21,000		312,182
Maezawa Kasei Industries Co., Ltd.		6,800		67,829
Maezawa Kyuso Industries Co., Ltd.		5,600		65,619
Makino Milling Machine Co., Ltd.		40,000		297,134
Mamiya-Op Co., Ltd.		19,000		38,400
Mandom Corp.		5,900		193,789
Mani, Inc.		2,500		148,923
Mars Engineering Corp.		3,600		61,609
Marubun Corp.		8,200		55,578
Marudai Food Co., Ltd.		60,000		206,326
Maruei Department Store Co., Ltd. (b)		8,000		9,475
Maruetsu, Inc. (The) (a)		24,000		104,613
Marufuji Sheet Piling Co., Ltd.		13,000		42,305
Maruha Nichiro Corp.		21,200		318,279
Maruka Machinery Co., Ltd. (a)		2,900		33,716
Marukyu Co., Ltd.		1,300		12,524
Marusan Securities Co., Ltd. (a)		28,400		191,413
Maruwa Co., Ltd. (a)		3,700		107,260
Maruyama Manufacturing Co., Inc.		15,000		29,057
Maruzen CHI Holdings Co., Ltd. (b)		18,800		56,229
Maruzen Showa Unyu Co., Ltd.		35,000		112,964
Marvelous, Inc. (a)		12,200		164,913
Matsuda Sangyo Co., Ltd.		7,000		75,874
Matsui Construction Co., Ltd.		9,000		43,849
Matsumotokiyoshi Holdings Co., Ltd.		12,500		356,029
Matsuya Foods Co., Ltd. (a)		3,100		65,082
Max Co., Ltd.		22,000		225,292
Maxvalu Nishinihon Co., Ltd.		2,400		31,928
Maxvalu Tokai Co., Ltd.		5,000		76,025
MEC Co., Ltd.		5,800		45,313
Medical System Network Co., Ltd.		7,900		23,541
Megachips Corp.		7,600		89,976
Megmilk Snow Brand Co., Ltd.		14,400		172,018
Meidensha Corp.		58,000		182,334

See accompanying notes to financial statements.

MSF-22

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Meiji Shipping Co., Ltd.		8,500	$	25,701
Meiko Electronics Co., Ltd. (a)		7,500		24,166
Meiko Network Japan Co., Ltd.		7,200		73,200
Meisei Industrial Co., Ltd.		17,000		103,490
Meitec Corp.		9,100		268,605
Meito Sangyo Co., Ltd.		4,500		44,628
Meito Transportation Co., Ltd.		2,800		15,995
Meiwa Corp.		10,900		42,098
Meiwa Estate Co., Ltd.		5,200		21,959
Melco Holdings, Inc. (a)		5,700		84,702
Message Co., Ltd. (a)		4,400		120,745
Michinoku Bank, Ltd. (The)		69,000		128,495
Micronics Japan Co., Ltd. (a)		4,300		121,538
Mie Bank, Ltd. (The)		54,000		122,653
Mikuni Corp.		3,000		11,114
Milbon Co., Ltd.		5,960		162,245
Mimasu Semiconductor Industry Co., Ltd.		8,200		79,332
Minato Bank, Ltd. (The)		56,000		99,009
Ministop Co., Ltd. (a)		9,100		120,693
Miraial Co., Ltd. (a)		2,900		40,655
Mirait Holdings Corp.		22,700		258,075
Miroku Jyoho Service Co., Ltd.		7,000		34,875
Misawa Homes Co., Ltd. (a)		11,400		97,260
Mitani Corp.		9,100		208,577
Mitani Sekisan Co., Ltd.		4,100		69,725
Mito Securities Co., Ltd.		24,000		85,200
Mitsuba Corp.		16,500		294,491
Mitsubishi Nichiyu Forklift Co., Ltd.		8,000		50,145
Mitsubishi Paper Mills, Ltd. (b)		144,000		103,813
Mitsubishi Pencil Co., Ltd.		8,700		258,567
Mitsubishi Research Institute, Inc.		3,300		77,856
Mitsubishi Shokuhin Co., Ltd.		4,800		104,859
Mitsubishi Steel Manufacturing Co., Ltd. (a)		58,000		119,088
Mitsuboshi Belting Co., Ltd.		31,000		228,029
Mitsui Engineering & Shipbuilding Co., Ltd.		189,000		331,716
Mitsui High-Tec, Inc.		11,600		80,662
Mitsui Home Co., Ltd.		17,000		70,651
Mitsui Matsushima Co., Ltd.		66,000		69,652
Mitsui Mining & Smelting Co., Ltd.		224,000		539,609
Mitsui Sugar Co., Ltd.		36,000		118,640
Mitsui-Soko Holdings Co., Ltd.		36,000		127,499
Mitsumi Electric Co., Ltd.		33,000		261,778
Mitsumura Printing Co., Ltd.		5,000		11,009
Mitsuuroko Holdings Co., Ltd.		15,300		70,308
Miura Co., Ltd. (a)		23,700		236,861
Miyaji Engineering Group, Inc. (a)		27,000		44,991
Miyazaki Bank, Ltd. (The)		86,000		268,374
Miyoshi Oil & Fat Co., Ltd.		40,000		45,598
Mizuno Corp.		34,000		166,349
Mochida Pharmaceutical Co., Ltd.		3,600		195,294
Monex Group, Inc.		73,600		174,029
Money Partners Group Co., Ltd. (a)		11,900		42,674
Monogatari Corp. (The)		1,700		53,057
MonotaRO Co., Ltd. (a)		10,200		204,631
MORESCO Corp.		2,500		38,848
Morinaga & Co., Ltd.		83,000		217,289
Morinaga Milk Industry Co., Ltd.		70,000		242,067
Japan—(Continued)
Morita Holdings Corp.		20,000		197,490
Morozoff, Ltd.		13,000		40,330
Mory Industries, Inc.		18,000		61,430
Moshi Moshi Hotline, Inc.		12,200		111,276
Mr Max Corp.		10,500		24,754
MTI, Ltd. (a)		4,200		44,045
Murakami Corp.		3,000		44,996
Musashi Seimitsu Industry Co., Ltd.		6,700		126,974
Musashino Bank, Ltd. (The)		12,100		399,398
Mutoh Holdings Co., Ltd. (a)		7,000		27,644
NAC Co., Ltd.		3,600		34,104
Nachi-Fujikoshi Corp.		53,000		326,302
Nafco Co., Ltd.		1,400		18,482
Nagaileben Co., Ltd.		5,600		91,107
Nagano Bank, Ltd. (The)		49,000		87,358
Nagano Keiki Co., Ltd.		4,200		24,240
Nagase & Co., Ltd.		1,500		17,952
Nagatanien Co., Ltd.		14,000		126,884
Nagawa Co., Ltd. (a)		3,400		79,389
Nakabayashi Co., Ltd.		24,000		41,477
Nakamuraya Co., Ltd.		26,000		101,340
Nakanishi, Inc.		1,600		67,888
Nakano Corp.		4,000		13,310
Nakayama Steel Works, Ltd. (a) (b)		63,000		42,261
Nakayamafuku Co., Ltd.		2,000		14,458
Namura Shipbuilding Co., Ltd.		18,956		203,169
Nanto Bank, Ltd. (The)		92,000		314,045
Narasaki Sangyo Co., Ltd.		4,000		10,632
Natori Co., Ltd.		2,600		28,365
NDS Co., Ltd.		27,000		68,713
NEC Capital Solutions, Ltd.		5,500		87,468
NEC Networks & System Integration Corp.		8,000		165,754
NET One Systems Co., Ltd. (a)		41,000		241,506
Neturen Co., Ltd.		8,500		56,513
New Japan Chemical Co., Ltd. (a) (b)		9,900		18,059
New Japan Radio Co., Ltd. (b)		6,000		23,846
Next Co., Ltd. (a)		7,200		58,538
Nexyz Corp.		1,300		6,575
Nice Holdings, Inc. (a)		40,000		63,301
Nichi-iko Pharmaceutical Co., Ltd.		13,200		205,111
Nichia Steel Works, Ltd.		13,000		36,436
Nichias Corp. (a)		33,000		188,028
Nichiban Co., Ltd.		14,000		48,847
Nichicon Corp.		21,700		170,068
Nichiden Corp.		4,000		79,701
Nichiha Corp.		7,500		74,066
Nichii Gakkan Co. (a)		20,800		165,217
Nichimo Co., Ltd.		16,000		26,161
Nichirei Corp.		95,000		430,952
Nichireki Co., Ltd. (a)		9,000		66,823
Nifco, Inc.		15,300		496,157
NIFTY Corp.		4,500		49,794
Nihon Chouzai Co., Ltd.		980		32,994
Nihon Dempa Kogyo Co., Ltd.		7,600		61,108
Nihon Eslead Corp.		2,700		27,472
Nihon Kagaku Sangyo Co., Ltd.		3,000		21,190
Nihon M&A Center, Inc.		10,900		330,699

See accompanying notes to financial statements.

MSF-23

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nihon Nohyaku Co., Ltd.		14,000	$	161,471
Nihon Parkerizing Co., Ltd.		15,800		360,802
Nihon Plast Co., Ltd.		2,500		26,193
Nihon Shokuhin Kako Co., Ltd.		3,000		9,464
Nihon Tokushu Toryo Co., Ltd.		2,200		14,274
Nihon Trim Co., Ltd. (a)		2,200		46,996
Nihon Unisys, Ltd.		18,100		161,524
Nihon Yamamura Glass Co., Ltd.		54,000		77,149
Nikkato Corp.		300		1,004
Nikkiso Co., Ltd.		19,700		182,724
Nikko Co., Ltd.		17,000		57,259
Nippon Air Conditioning Service Co., Ltd.		6,000		42,289
Nippon Beet Sugar Manufacturing Co., Ltd.		61,000		105,486
Nippon Carbide Industries Co., Inc. (a)		23,000		43,659
Nippon Carbon Co., Ltd.		48,000		91,020
Nippon Ceramic Co., Ltd. (a)		5,200		77,051
Nippon Chemi-Con Corp. (b)		56,000		159,787
Nippon Chemical Industrial Co., Ltd. (b)		43,000		113,424
Nippon Chemiphar Co., Ltd.		14,000		63,413
Nippon Chutetsukan KK		2,000		3,942
Nippon Coke & Engineering Co., Ltd.		71,000		66,473
Nippon Concrete Industries Co., Ltd. (a)		14,000		67,138
Nippon Conveyor Co., Ltd. (a)		24,000		51,365
Nippon Denko Co., Ltd. (b)		48,765		117,425
Nippon Densetsu Kogyo Co., Ltd.		12,500		167,160
Nippon Felt Co., Ltd.		8,600		38,252
Nippon Filcon Co., Ltd.		5,200		20,655
Nippon Fine Chemical Co., Ltd.		5,800		41,254
Nippon Flour Mills Co., Ltd.		40,000		177,829
Nippon Gas Co., Ltd.		14,200		319,460
Nippon Hume Corp.		7,000		53,058
Nippon Jogesuido Sekkei Co., Ltd. (a)		3,300		41,678
Nippon Kanzai Co., Ltd.		3,300		72,991
Nippon Kasei Chemical Co., Ltd.		18,000		21,202
Nippon Kinzoku Co., Ltd. (b)		29,000		34,715
Nippon Kodoshi Corp.		700		9,331
Nippon Koei Co., Ltd.		31,000		124,882
Nippon Konpo Unyu Soko Co., Ltd.		22,600		331,714
Nippon Koshuha Steel Co., Ltd. (b)		47,000		41,971
Nippon Light Metal Holdings Co., Ltd.		198,000		281,723
Nippon Parking Development Co., Ltd.		75,700		76,544
Nippon Pillar Packing Co., Ltd.		11,300		86,075
Nippon Piston Ring Co., Ltd.		32,000		65,587
Nippon Rietec Co., Ltd.		7,000		54,103
Nippon Road Co., Ltd. (The)		22,000		108,249
Nippon Seiki Co., Ltd.		15,000		338,251
Nippon Seiro Co., Ltd.		2,000		4,264
Nippon Seisen Co., Ltd. (a)		10,000		58,168
Nippon Sharyo, Ltd. (a)		22,000		64,757
Nippon Sheet Glass Co., Ltd. (a) (b)		330,000		310,675
Nippon Shinyaku Co., Ltd. (a)		13,000		419,894
Nippon Signal Co., Ltd.		20,700		217,854
Nippon Soda Co., Ltd.		47,000		257,408
Nippon Steel & Sumikin Bussan Corp.		42,960		148,100
Nippon Steel & Sumikin Texeng		19,000		89,245
Nippon Suisan Kaisha, Ltd. (b)		82,900		257,433
Nippon Synthetic Chemical Industry Co., Ltd. (The)		18,000		106,959
Japan—(Continued)
Nippon Thompson Co., Ltd.		27,000		131,943
Nippon Valqua Industries, Ltd.		47,000		125,441
Nippon Yakin Kogyo Co., Ltd. (a) (b)		54,000		110,915
Nipro Corp. (a)		38,800		335,908
Nishi-Nippon Railroad Co., Ltd.		36,000		146,520
Nishikawa Rubber Co., Ltd.		1,200		20,436
Nishimatsu Construction Co., Ltd.		91,000		371,609
Nishimatsuya Chain Co., Ltd. (a)		16,100		129,944
Nishio Rent All Co., Ltd.		4,400		145,168
Nissan Tokyo Sales Holdings Co., Ltd.		11,000		25,791
Nissei ASB Machine Co., Ltd.		2,100		51,683
Nissei Build Kogyo Co., Ltd.		22,000		53,660
Nissei Corp.		3,700		32,381
Nissei Plastic Industrial Co., Ltd.		7,100		73,591
Nissha Printing Co., Ltd.		8,700		144,449
Nisshin Fudosan Co.		18,400		74,973
Nisshin Oillio Group, Ltd. (The)		48,000		168,115
Nisshin Steel Holdings Co., Ltd. (a)		34,296		326,244
Nisshinbo Holdings, Inc.		47,000		486,833
Nissin Corp.		27,000		62,682
Nissin Electric Co., Ltd.		18,000		95,800
Nissin Kogyo Co., Ltd.		16,400		228,330
Nissui Pharmaceutical Co., Ltd.		6,000		62,897
Nitta Corp.		6,800		154,198
Nitta Gelatin, Inc.		1,400		8,807
Nittan Valve Co., Ltd.		6,300		16,872
Nittetsu Mining Co., Ltd.		25,000		88,232
Nitto Boseki Co., Ltd.		49,000		176,187
Nitto FC Co., Ltd.		4,500		25,159
Nitto Fuji Flour Milling Co., Ltd.		4,000		10,738
Nitto Kogyo Corp.		9,000		175,201
Nitto Kohki Co., Ltd.		4,700		84,855
Nitto Seiko Co., Ltd.		15,000		45,431
Nittoc Construction Co., Ltd.		13,550		57,208
Nittoku Engineering Co., Ltd.		7,100		78,236
Noevir Holdings Co., Ltd.		4,800		83,681
NOF Corp.		47,000		298,262
Nohmi Bosai, Ltd.		7,000		92,201
Nomura Co., Ltd.		21,000		164,120
Noritake Co., Ltd.		71,000		157,024
Noritsu Koki Co., Ltd.		4,000		22,146
Noritz Corp. (a)		10,700		175,194
North Pacific Bank, Ltd.		117,800		455,885
NS Solutions Corp.		5,100		136,873
NS United Kaiun Kaisha, Ltd.		41,000		116,748
NSD Co., Ltd.		9,700		142,080
Nuflare Technology, Inc.		800		30,226
Obara Group, Inc. (a)		5,600		248,625
Obayashi Road Corp.		10,000		63,731
Odelic Co., Ltd.		1,000		24,246
Oenon Holdings, Inc.		21,000		37,608
Ogaki Kyoritsu Bank, Ltd. (The)		154,000		465,377
Ohara, Inc.		4,700		22,254
Ohashi Technica, Inc.		4,600		60,380
Ohsho Food Service Corp.		3,600		130,454
Oiles Corp.		9,600		162,869
Oita Bank, Ltd. (The)		82,000		289,779

See accompanying notes to financial statements.

MSF-24

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Oizumi Corp.		2,900	$	21,651
Okabe Co., Ltd.		19,000		172,516
Okamoto Industries, Inc.		40,000		142,959
Okamoto Machine Tool Works, Ltd. (b)		14,000		15,641
Okamura Corp.		23,400		164,769
Okaya Electric Industries Co., Ltd.		8,900		29,862
Oki Electric Industry Co., Ltd.		227,000		435,686
Okinawa Cellular Telephone Co.		5,300		143,290
Okinawa Electric Power Co., Inc. (The)		6,500		205,251
OKK Corp. (a)		41,000		53,429
OKUMA Corp.		52,000		410,569
Okumura Corp.		63,000		283,242
Okura Industrial Co., Ltd.		30,000		88,074
Okuwa Co., Ltd.		11,000		84,461
Olympic Corp.		7,800		56,554
ONO Sokki Co., Ltd.		5,500		45,621
Onoken Co., Ltd. (a)		7,400		61,216
Onward Holdings Co., Ltd. (a)		49,000		294,835
Open House Co., Ltd.		1,100		21,441
OPT, Inc. (b)		4,700		28,447
Optex Co., Ltd.		5,200		83,659
Organo Corp.		18,000		71,634
Origin Electric Co., Ltd.		19,000		82,279
Osaka Organic Chemical Industry, Ltd.		8,500		36,037
Osaka Steel Co., Ltd.		7,500		127,791
OSAKA Titanium Technologies Co., Ltd. (a)		5,200		99,950
Osaki Electric Co., Ltd. (a)		11,000		75,569
OSG Corp.		23,800		384,377
Otsuka Kagu, Ltd.		5,500		45,939
OUG Holdings, Inc.		7,000		13,229
Outsourcing, Inc.		2,400		35,227
Oyo Corp. (a)		7,400		112,274
Pacific Industrial Co., Ltd.		17,200		133,875
Pacific Metals Co., Ltd. (b)		61,000		184,582
Pack Corp. (The)		7,000		132,109
Pal Co., Ltd.		5,300		145,515
Paltac Corp.		11,650		134,733
PanaHome Corp.		37,000		235,346
Panasonic Industrial Devices SUNX Co., Ltd.		11,200		73,028
Panasonic Information Systems		1,700		43,379
Paramount Bed Holdings Co., Ltd.		6,000		158,257
Parco Co., Ltd.		11,200		91,387
Paris Miki Holdings, Inc.		17,000		67,055
Pasco Corp.		11,000		31,042
Pasona Group, Inc.		9,000		40,222
Penta-Ocean Construction Co., Ltd. (a)		87,800		300,114
Pilot Corp.		4,900		280,711
Piolax, Inc.		4,200		179,474
Pioneer Corp. (a) (b)		92,300		176,202
Plenus Co., Ltd.		6,200		109,919
Press Kogyo Co., Ltd.		33,000		116,967
Pressance Corp.		2,600		81,015
Prestige International, Inc.		6,700		52,804
Prima Meat Packers, Ltd.		48,000		108,549
Pronexus, Inc.		12,300		76,495
Proto Corp.		6,400		92,241
PS Mitsubishi Construction Co., Ltd.		8,800		36,056
Japan—(Continued)
Qol Co., Ltd.		4,700		31,150
Raito Kogyo Co., Ltd.		18,200		157,269
Rasa Industries, Ltd. (b)		26,000		28,769
Relo Holdings, Inc.		3,400		241,398
Renaissance, Inc.		5,100		49,462
Rengo Co., Ltd. (a)		72,000		297,115
Renown, Inc. (b)		29,200		27,436
Resort Solution Co., Ltd.		4,000		7,794
Resorttrust, Inc. (a)		28,400		624,396
Rheon Automatic Machinery Co., Ltd.		5,000		21,909
Rhythm Watch Co., Ltd.		30,000		37,863
Riberesute Corp.		4,300		24,299
Ricoh Leasing Co., Ltd.		5,400		139,324
Right On Co., Ltd.		5,900		36,322
Riken Corp.		35,000		131,924
Riken Keiki Co., Ltd.		7,100		75,244
Riken Technos Corp.		15,000		55,243
Riken Vitamin Co., Ltd.		4,800		171,798
Ringer Hut Co., Ltd. (a)		2,800		45,295
Rion Co., Ltd.		2,200		25,182
Riso Kagaku Corp.		13,758		221,263
Riso Kyoiku Co., Ltd. (a) (b)		11,590		23,049
Rock Field Co., Ltd. (a)		4,400		71,581
Rohto Pharmaceutical Co., Ltd.		30,100		374,985
Rokko Butter Co., Ltd.		5,500		50,621
Roland DG Corp.		3,000		98,677
Round One Corp.		28,300		165,351
Royal Holdings Co., Ltd. (a)		9,500		132,236
Ryobi, Ltd.		44,000		119,223
Ryoden Trading Co., Ltd.		18,000		121,255
Ryosan Co., Ltd.		14,000		305,244
Ryoyo Electro Corp.		8,600		91,425
S Foods, Inc.		5,800		114,995
S&B Foods, Inc.		600		21,684
Sac’s Bar Holdings, Inc.		5,850		75,015
Saibu Gas Co., Ltd.		148,000		322,759
Saizeriya Co., Ltd. (a)		16,200		213,406
Sakai Chemical Industry Co., Ltd.		51,000		160,518
Sakai Heavy Industries, Ltd.		12,000		30,527
Sakai Moving Service Co., Ltd.		1,300		37,658
Sakai Ovex Co., Ltd.		16,000		23,383
Sakata INX Corp.		15,300		170,524
Sakata Seed Corp.		11,800		196,922
Sala Corp.		12,900		64,667
San Holdings, Inc.		2,700		40,675
San-A Co., Ltd.		8,800		296,242
San-Ai Oil Co., Ltd.		25,000		167,290
San-In Godo Bank, Ltd. (The)		57,000		429,079
Sanden Corp.		53,000		284,269
Sanei Architecture Planning Co., Ltd.		4,300		32,378
Sangetsu Co., Ltd.		10,600		255,845
Sanix, Inc. (a) (b)		11,100		36,885
Sanken Electric Co., Ltd. (a)		37,000		296,293
Sanki Engineering Co., Ltd.		25,000		167,370
Sanko Marketing Foods Co., Ltd.		3,100		23,321
Sanko Metal Industrial Co., Ltd.		10,000		20,913
Sankyo Frontier Co., Ltd.		2,000		15,133

See accompanying notes to financial statements.

MSF-25

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Sankyo Seiko Co., Ltd.		22,100	$	86,486
Sankyo Tateyama, Inc.		10,800		198,401
Sankyu, Inc.		85,000		346,618
Sanoh Industrial Co., Ltd.		10,100		63,600
Sanshin Electronics Co., Ltd.		13,900		95,058
Sanwa Holdings Corp.		64,000		445,972
Sanyo Chemical Industries, Ltd.		17,000		122,909
Sanyo Denki Co., Ltd.		16,000		106,719
Sanyo Electric Railway Co., Ltd.		13,000		47,702
Sanyo Housing Nagoya Co., Ltd. (a)		3,000		31,705
Sanyo Industries, Ltd.		13,000		21,992
Sanyo Shokai, Ltd.		73,000		177,021
Sanyo Special Steel Co., Ltd. (a)		42,000		140,409
Sapporo Holdings, Ltd.		101,000		429,124
Sata Construction Co., Ltd.		13,000		15,224
Sato Holdings Corp.		6,900		157,203
Sato Restaurant Systems Co., Ltd. (a)		4,800		37,309
Sato Shoji Corp.		6,500		40,701
Satori Electric Co., Ltd.		7,100		45,121
Sawada Holdings Co., Ltd. (a)		10,300		77,587
Saxa Holdings, Inc. (a)		24,000		49,948
SBS Holdings, Inc.		6,900		56,974
SCREEN Holdings Co., Ltd.		57,000		336,618
Scroll Corp.		15,700		37,150
SEC Carbon, Ltd.		7,000		18,565
Secom Joshinetsu Co., Ltd.		900		23,271
Seibu Electric Industry Co., Ltd.		12,000		48,578
Seika Corp.		28,000		63,531
Seikagaku Corp.		10,900		176,134
Seikitokyu Kogyo Co., Ltd. (a)		12,500		63,691
Seiko Holdings Corp. (a)		44,000		246,224
Seino Holdings Co., Ltd.		26,000		261,539
Seiren Co., Ltd.		21,300		165,026
Sekisui Jushi Corp.		14,700		196,409
Sekisui Plastics Co., Ltd.		24,000		91,669
Senko Co., Ltd. (a)		31,000		156,079
Senshu Electric Co., Ltd.		3,200		45,623
Senshu Ikeda Holdings, Inc.		84,000		379,857
Senshukai Co., Ltd. (a)		13,800		95,879
Septeni Holdings Co., Ltd. (a)		5,500		52,149
Seria Co., Ltd.		6,500		215,727
Shibaura Electronics Co., Ltd.		2,800		52,441
Shibaura Mechatronics Corp. (a)		18,000		53,259
Shibusawa Warehouse Co., Ltd. (The)		25,000		71,077
Shibuya Kogyo Co., Ltd.		8,900		171,571
Shidax Corp. (a)		9,600		43,625
Shiga Bank, Ltd. (The)		78,000		416,204
Shikibo, Ltd.		56,000		57,399
Shikoku Bank, Ltd. (The)		93,000		195,239
Shikoku Chemicals Corp.		18,000		123,089
Shima Seiki Manufacturing, Ltd.		10,700		194,658
Shimachu Co., Ltd.		20,500		498,069
SHIMANE BANK, Ltd. (The)		2,500		28,856
Shimizu Bank, Ltd. (The)		5,400		131,804
Shimojima Co., Ltd.		6,300		53,284
Shin Nippon Air Technologies Co., Ltd.		7,300		60,049
Shin-Etsu Polymer Co., Ltd.		22,600		93,051
Japan—(Continued)
Shin-Keisei Electric Railway Co., Ltd.		23,000		73,545
Shinagawa Refractories Co., Ltd.		27,000		60,445
Shindengen Electric Manufacturing Co., Ltd.		28,000		161,048
Shinkawa, Ltd. (b)		5,300		28,777
Shinko Electric Industries Co., Ltd.		24,700		168,093
Shinko Plantech Co., Ltd.		16,100		112,969
Shinko Shoji Co., Ltd.		7,700		76,875
Shinko Wire Co., Ltd.		12,000		17,406
Shinmaywa Industries, Ltd.		34,000		321,299
Shinnihon Corp.		14,000		55,210
Shinsho Corp.		14,000		31,708
Shinwa Co., Ltd.		3,900		42,330
Ship Healthcare Holdings, Inc.		11,500		261,302
Shiroki Corp.		31,000		85,250
Shizuki Electric Co., Inc.		8,000		38,317
Shizuoka Gas Co., Ltd.		21,300		133,312
Shobunsha Publications, Inc.		6,700		49,069
Shochiku Co., Ltd.		3,000		29,161
Shoei Foods Corp.		4,300		31,913
Shofu, Inc.		3,900		50,891
Shoko Co., Ltd. (a)		39,000		55,088
Showa Aircraft Industry Co., Ltd.		4,000		38,148
Showa Corp.		14,300		132,274
Showa Sangyo Co., Ltd.		34,000		136,227
Siix Corp. (a)		5,900		123,833
Sinanen Co., Ltd.		18,000		66,348
Sinfonia Technology Co., Ltd.		42,000		61,610
Sinko Industries, Ltd.		6,400		61,035
Sintokogio, Ltd.		19,300		131,631
SKY Perfect JSAT Holdings, Inc.		34,800		206,176
SMK Corp.		23,000		92,139
SMS Co., Ltd.		9,600		101,718
SNT Corp.		7,800		33,072
Soda Nikka Co., Ltd.		7,000		28,627
Sodick Co., Ltd.		16,800		135,507
Soft99 Corp. (a)		5,100		27,903
Softbank Technology Corp.		1,600		16,615
Software Service, Inc.		1,500		50,756
Sogo Medical Co., Ltd.		1,200		60,888
Soshin Electric Co., Ltd.		1,500		5,145
Sotoh Co., Ltd.		4,300		36,763
Space Co., Ltd.		5,800		55,771
Sparx Group Co., Ltd. (a)		35,900		60,419
SPK Corp.		2,500		43,098
Square Enix Holdings Co., Ltd.		3,200		66,515
SRA Holdings		3,700		44,481
Srg Takamiya Co., Ltd. (a)		5,200		47,957
ST Corp.		6,900		57,808
St. Marc Holdings Co., Ltd.		2,900		166,151
Star Micronics Co., Ltd.		12,600		159,604
Starts Corp., Inc.		5,200		68,308
Starzen Co., Ltd.		28,000		97,833
Stella Chemifa Corp.		5,600		61,498
Step Co., Ltd.		4,100		28,637
Studio Alice Co., Ltd.		2,900		39,555
Subaru Enterprise Co., Ltd.		1,000		3,778
Sugimoto & Co., Ltd.		3,800		38,067

See accompanying notes to financial statements.

MSF-26

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Sumida Corp.		6,300	$	42,989
Suminoe Textile Co., Ltd.		23,000		54,615
Sumitomo Bakelite Co., Ltd.		74,000		287,037
Sumitomo Densetsu Co., Ltd.		7,700		95,469
Sumitomo Mitsui Construction Co., Ltd. (b)		237,600		299,417
Sumitomo Osaka Cement Co., Ltd. (a)		150,000		428,428
Sumitomo Precision Products Co., Ltd. (a)		12,000		49,764
Sumitomo Real Estate Sales Co., Ltd.		5,960		133,736
Sumitomo Riko Co., Ltd.		12,200		91,896
Sumitomo Seika Chemicals Co., Ltd.		18,000		120,021
Sumitomo Warehouse Co., Ltd. (The)		45,000		241,708
Sun Frontier Fudousan Co., Ltd. (a)		7,600		69,723
Sun-Wa Technos Corp.		3,900		39,667
Suncall Corp.		11,000		61,334
SWCC Showa Holdings Co., Ltd. (a) (b)		116,000		97,451
Systena Corp.		10,800		77,234
T Hasegawa Co., Ltd.		8,700		122,177
T RAD Co., Ltd.		36,000		75,296
T&K Toka Co., Ltd. (a)		5,000		96,162
T-Gaia Corp.		8,400		83,016
Tabuchi Electric Co., Ltd. (a)		8,900		71,840
Tachi-S Co., Ltd. (a)		10,700		146,931
Tachibana Eletech Co., Ltd.		3,800		53,956
Tadano, Ltd.		28,000		346,803
Taihei Dengyo Kaisha, Ltd.		12,000		91,852
Taiheiyo Kouhatsu, Inc.		21,000		17,047
Taiho Kogyo Co., Ltd.		7,800		84,964
Taikisha, Ltd.		9,800		213,532
Taiko Bank, Ltd. (The)		41,000		75,163
Taiko Pharmaceutical Co., Ltd.		2,300		38,366
Taisei Lamick Co., Ltd. (a)		2,700		61,097
Taiyo Holdings Co., Ltd.		5,300		188,259
Taiyo Yuden Co., Ltd.		37,900		443,053
Takachiho Koheki Co., Ltd.		400		3,452
Takagi Securities Co., Ltd.		18,000		38,756
Takamatsu Construction Group Co., Ltd.		6,400		129,300
Takano Co., Ltd.		6,000		29,325
Takaoka Toko Co., Ltd.		5,365		77,845
Takara Holdings, Inc.		4,200		27,129
Takara Leben Co., Ltd.		29,900		129,138
Takara Printing Co., Ltd.		3,100		21,604
Takara Standard Co., Ltd.		43,000		311,471
Takasago International Corp.		38,000		171,100
Takasago Thermal Engineering Co., Ltd.		20,900		268,084
Takashima & Co., Ltd.		25,000		51,976
Takata Corp. (a)		7,400		89,642
Take And Give Needs Co., Ltd.		4,010		32,605
Takeei Corp.		8,200		64,508
Takeuchi Manufacturing Co., Ltd.		3,300		136,374
Takihyo Co., Ltd.		13,000		44,592
Takiron Co., Ltd.		21,000		93,359
Takisawa Machine Tool Co., Ltd.		35,000		61,929
Takuma Co., Ltd.		26,000		172,366
Tama Home Co., Ltd.		4,800		23,527
Tamron Co., Ltd.		7,100		140,445
Tamura Corp. (a)		26,000		93,409
Tanseisha Co., Ltd. (a)		9,100		61,392
Japan—(Continued)
Tatsuta Electric Wire and Cable Co., Ltd.		14,600		61,719
Tayca Corp.		17,000		61,609
TBK Co., Ltd.		8,000		44,977
Teac Corp. (a) (b)		40,000		19,229
TECHNO ASSOCIE Co., Ltd.		300		2,839
Techno Medica Co., Ltd.		2,400		48,978
Techno Ryowa, Ltd.		4,800		20,527
Teikoku Electric Manufacturing Co., Ltd.		5,800		63,380
Teikoku Sen-I Co., Ltd.		6,900		153,966
Teikoku Tsushin Kogyo Co., Ltd.		24,000		45,695
Ten Allied Co., Ltd. (b)		2,600		7,909
Tenma Corp.		6,200		81,930
Teraoka Seisakusho Co., Ltd.		200		682
Tigers Polymer Corp.		2,200		14,088
TKC Corp.		7,600		125,163
Toa Corp. / Hyogo		7,700		78,750
Toa Corp. / Tokyo		82,000		139,560
Toa Oil Co., Ltd. (a)		32,000		41,407
TOA ROAD Corp.		18,000		69,030
Toabo Corp.		34,000		21,398
Toagosei Co., Ltd.		74,000		291,915
Tobishima Corp. (a) (b)		62,200		144,536
Tobu Store Co., Ltd.		11,000		26,055
TOC Co., Ltd.		18,000		101,104
Tocalo Co., Ltd.		4,800		82,094
Tochigi Bank, Ltd. (The)		50,000		221,590
Toda Corp.		71,000		280,388
Toda Kogyo Corp. (b)		11,000		42,411
Toei Animation Co., Ltd. (a)		2,500		71,131
Toei Co., Ltd.		25,000		143,260
Toenec Corp.		20,000		94,060
Toho Bank, Ltd. (The)		77,000		259,142
Toho Co., Ltd.		20,000		74,204
Toho Holdings Co., Ltd. (a)		18,700		272,332
Toho Titanium Co., Ltd. (a) (b)		3,000		19,600
Toho Zinc Co., Ltd.		48,000		159,027
Tohoku Bank, Ltd. (The)		56,000		72,995
Tohokushinsha Film Corp.		4,800		34,150
Tohto Suisan Co., Ltd.		14,000		23,048
Tokai Carbon Co., Ltd.		63,000		183,709
Tokai Corp.		4,300		128,230
TOKAI Holdings Corp.		34,500		157,317
Tokai Lease Co., Ltd.		16,000		27,366
Tokai Rika Co., Ltd.		8,800		184,858
Token Corp.		2,760		111,576
Toko, Inc.		11,000		29,565
Tokushu Tokai Paper Co., Ltd.		36,000		82,591
Tokuyama Corp. (a)		106,000		214,638
Tokyo Dome Corp. (a)		62,000		272,725
Tokyo Electron Device, Ltd. (a)		2,400		30,533
Tokyo Energy & Systems, Inc.		8,000		57,688
Tokyo Individualized Educational Institute, Inc.		5,000		15,835
Tokyo Keiki, Inc.		21,000		48,418
Tokyo Ohka Kogyo Co., Ltd.		13,100		400,849
Tokyo Rakutenchi Co., Ltd.		17,000		72,038
Tokyo Rope Manufacturing Co., Ltd. (b)		46,000		90,469
Tokyo Sangyo Co., Ltd.		12,000		46,622

See accompanying notes to financial statements.

MSF-27

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Tokyo Seimitsu Co., Ltd.		13,800	$	277,880
Tokyo Steel Manufacturing Co., Ltd. (a)		33,300		205,039
Tokyo Tekko Co., Ltd.		17,000		78,170
Tokyo Theatres Co., Inc.		42,000		49,524
Tokyo TY Financial Group, Inc. (b)		9,724		267,903
Tokyu Recreation Co., Ltd.		6,000		33,490
Toli Corp.		30,000		60,496
Tomato Bank, Ltd.		62,000		91,094
Tomen Devices Corp.		1,500		22,663
Tomoe Corp.		12,500		46,492
Tomoe Engineering Co., Ltd.		2,100		30,049
Tomoegawa Co., Ltd.		12,000		19,427
Tomoku Co., Ltd.		37,000		87,027
TOMONY Holdings, Inc.		72,500		312,201
Tomy Co., Ltd.		24,400		128,512
Tonami Holdings Co., Ltd.		32,000		85,872
Toppan Forms Co., Ltd.		19,800		198,661
Topre Corp.		15,300		219,139
Topy Industries, Ltd.		91,000		179,933
Toridoll.corp		5,600		78,825
Torigoe Co., Ltd. (The)		9,200		58,900
Torii Pharmaceutical Co., Ltd.		3,600		87,812
Torishima Pump Manufacturing Co., Ltd. (a)		9,700		69,181
Tosei Corp. (a)		13,200		75,181
Toshiba Machine Co., Ltd.		42,000		166,708
Toshiba Plant Systems & Services Corp.		12,600		193,396
Toshiba TEC Corp.		13,000		89,577
Tosho Co., Ltd.		2,400		54,428
Tosho Printing Co., Ltd.		14,000		38,001
Totetsu Kogyo Co., Ltd.		11,700		267,218
Tottori Bank, Ltd. (The)		37,000		72,151
Toukei Computer Co., Ltd.		2,200		32,067
Towa Bank, Ltd. (The)		114,000		96,073
Towa Corp.		8,000		43,848
Towa Pharmaceutical Co., Ltd. (a)		2,800		123,799
Toyo Construction Co., Ltd.		25,499		109,139
Toyo Corp. (a)		9,600		80,884
Toyo Denki Seizo - Toyo Electric Manufacturing Co., Ltd.		16,000		52,719
Toyo Engineering Corp. (a)		34,000		124,356
Toyo Ink SC Holdings Co., Ltd.		65,000		320,236
Toyo Kanetsu KK (a)		48,000		97,781
Toyo Kohan Co., Ltd.		16,000		85,008
Toyo Machinery & Metal Co., Ltd.		3,000		11,155
Toyo Securities Co., Ltd.		23,000		65,728
Toyo Sugar Refining Co., Ltd.		9,000		7,485
Toyo Tanso Co., Ltd. (a)		4,300		70,256
Toyo Wharf & Warehouse Co., Ltd.		25,000		41,599
Toyobo Co., Ltd.		332,000		444,216
TPR Co., Ltd.		8,200		207,079
Trancom Co., Ltd.		2,300		92,649
Transcosmos, Inc.		8,100		133,720
Trusco Nakayama Corp.		7,200		185,700
Trust Tech, Inc.		1,500		22,503
TS Tech Co., Ltd.		3,400		79,634
TSI Holdings Co., Ltd.		28,205		166,262
Tsubakimoto Chain Co.		47,000		374,488
Japan—(Continued)
Tsubakimoto Kogyo Co., Ltd.		8,000		20,026
Tsudakoma Corp. (b)		16,000		21,441
Tsugami Corp. (a)		20,000		106,962
Tsukada Global Holdings, Inc. (a)		7,200		49,124
Tsukamoto Corp. Co., Ltd.		21,000		23,915
Tsukishima Kikai Co., Ltd. (a)		8,000		83,114
Tsukuba Bank, Ltd. (The)		34,500		104,788
Tsukui Corp.		7,700		65,468
Tsumura & Co. (a)		2,500		55,270
Tsurumi Manufacturing Co., Ltd.		10,000		159,152
Tsutsumi Jewelry Co., Ltd.		3,800		80,330
TTK Co., Ltd. (a)		4,000		15,742
TV Tokyo Holdings Corp.		3,700		83,798
TYK Corp.		6,000		10,839
Tyo, Inc.		9,600		14,401
U-Shin, Ltd. (a)		11,400		66,822
UACJ Corp. (a)		93,850		239,822
Ube Industries, Ltd.		111,000		165,849
Uchida Yoko Co., Ltd.		32,000		100,810
Ueki Corp.		11,000		24,247
UKC Holdings Corp.		4,300		60,615
Ulvac, Inc. (a) (b)		20,600		314,757
Uniden Corp.		25,000		47,189
Union Tool Co.		3,400		74,260
Unipres Corp.		13,900		227,989
United Arrows, Ltd. (a)		6,900		192,964
Unitika, Ltd. (b)		145,000		74,693
Universal Entertainment Corp. (a)		7,500		111,904
UNY Group Holdings Co., Ltd.		88,400		450,644
Usen Corp. (b)		35,900		99,141
Ushio, Inc.		36,300		379,717
UT Holdings Co., Ltd. (a)		14,500		61,543
Utoc Corp.		5,100		23,534
Valor Co., Ltd.		12,300		217,214
Village Vanguard Co., Ltd. (a)		3,400		38,187
Vital KSK Holdings, Inc. (a)		18,400		138,088
Vitec Co., Ltd.		3,700		31,676
VT Holdings Co., Ltd.		30,900		121,736
Wacoal Holdings Corp.		26,000		261,872
Wacom Co., Ltd. (a)		49,500		191,227
Wakachiku Construction Co., Ltd. (a)		46,000		78,689
Wakamoto Pharmaceutical Co., Ltd.		9,000		19,741
Wakita & Co., Ltd.		16,600		156,347
Warabeya Nichiyo Co., Ltd.		5,000		84,302
Watabe Wedding Corp. (b)		4,400		18,924
WATAMI Co., Ltd. (a)		7,600		70,607
Weathernews, Inc.		2,400		59,701
Welcia Holdings Co., Ltd.		3,200		95,190
Wellnet Corp.		2,700		47,398
West Holdings Corp. (a)		7,200		60,288
Wood One Co., Ltd.		19,000		42,971
Wowow, Inc.		900		37,261
Xebio Co., Ltd.		8,700		145,297
Y. A. C. Co., Ltd.		4,900		26,154
Yachiyo Industry Co., Ltd.		5,600		38,333
Yahagi Construction Co., Ltd.		12,000		94,594
Yaizu Suisankagaku Industry Co., Ltd.		4,400		38,166

See accompanying notes to financial statements.

MSF-28

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
YAMABIKO Corp.		3,200	$	138,156
Yamagata Bank, Ltd. (The) (a)		48,000		208,767
Yamaichi Electronics Co., Ltd. (a)		8,200		56,271
Yamanashi Chuo Bank, Ltd. (The)		79,000		319,791
Yamatane Corp.		34,000		48,768
Yamato Corp.		9,000		31,624
Yamato International, Inc.		6,700		23,145
Yamaya Corp. (a)		1,150		15,078
Yamazawa Co., Ltd.		1,000		13,772
Yamazen Corp.		19,500		137,911
Yaoko Co., Ltd.		2,600		149,493
Yashima Denki Co., Ltd. (a)		7,500		34,995
Yasuda Logistics Corp.		7,400		65,349
Yellow Hat, Ltd.		9,100		185,916
Yodogawa Steel Works, Ltd. (a)		38,000		141,438
Yokogawa Bridge Holdings Corp.		11,500		131,339
Yokohama Reito Co., Ltd.		17,800		118,858
Yokowo Co., Ltd.		7,900		44,362
Yomeishu Seizo Co., Ltd.		6,000		45,908
Yomiuri Land Co., Ltd. (a)		13,000		53,595
Yondenko Corp.		8,000		29,872
Yondoshi Holding, Inc. (a)		6,000		93,813
Yonekyu Corp.		800		11,970
Yonex Co., Ltd. (a)		5,900		63,075
Yorozu Corp. (a)		7,200		119,318
Yoshinoya Holdings Co., Ltd.		4,200		48,334
Yuasa Funashoku Co., Ltd.		8,000		20,446
Yuasa Trading Co., Ltd.		6,700		130,960
Yuken Kogyo Co., Ltd.		22,000		46,120
Yuki Gosei Kogyo Co., Ltd.		6,000		14,203
Yumeshin Holdings Co., Ltd. (a)		10,100		61,035
Yurtec Corp.		26,000		151,499
Yusen Logistics Co., Ltd.		7,100		77,895
Yushiro Chemical Industry Co., Ltd.		6,100		86,109
Zappallas, Inc.		4,900		24,192
Zenrin Co., Ltd.		10,200		116,891
Zensho Holdings Co., Ltd. (a)		35,300		290,709
ZERIA Pharmaceutical Co., Ltd.		8,800		146,079
Zojirushi Corp. (a)		15,000		93,312
Zuiko Corp. (a)		1,000		43,283
Zuken, Inc.		7,200		72,749
				154,331,348
Luxembourg—0.0%
Oriflame Cosmetics S.A. (a)		4,387		60,652
Netherlands—2.3%
Aalberts Industries NV		53,139		1,569,946
Accell Group		10,698		175,932
AMG Advanced Metallurgical Group NV (b)		12,258		99,715
Amsterdam Commodities NV		8,120		186,733
APERAM S.A. (a) (b)		33,328		975,632
Arcadis NV		32,441		970,119
ASM International NV		15,591		656,473
Ballast Nedam NV (b)		2,716		12,224
BE Semiconductor Industries NV		23,461		522,705
Netherlands—(Continued)
Beter Bed Holding NV (a)		7,490		155,748
BinckBank NV		39,299		334,912
Brack Capital Properties NV (b)		233		12,654
Brunel International NV (a)		12,600		206,497
Corbion NV (a)		19,955		330,764
Delta Lloyd NV		93,740		2,060,193
Exact Holding NV (a)		7,888		302,377
Fugro NV		4,189		86,405
Grontmij (a) (b)		37,446		159,149
Heijmans NV (a)		14,562		156,809
Hunter Douglas NV		2,423		101,176
KAS Bank NV		5,649		67,623
Kendrion NV		3,947		103,166
Koninklijke BAM Groep NV (a)		107,080		333,411
Koninklijke Ten Cate NV (a)		14,185		320,576
Koninklijke Wessanen NV		54,622		346,985
Macintosh Retail Group NV (b)		7,046		30,514
Mota-Engil Africa NV (a) (b)		3,596		31,147
Nederland Apparatenfabriek (a)		2,625		84,792
Nutreco NV (a)		25,410		1,367,853
Ordina NV (a) (b)		57,689		87,114
PostNL NV (b)		126,664		471,252
Royal Imtech NV (a) (b)		10,038		46,488
SBM Offshore NV (a) (b)		54,432		645,489
Sligro Food Group NV		11,098		419,663
SNS REAAL NV (a) (b) (c) (d)		105,329		0
Telegraaf Media Groep NV (b)		13,542		98,652
TKH Group NV		17,476		554,145
TNT Express NV		140,156		931,176
TomTom NV (a) (b)		34,636		229,517
USG People NV		43,376		489,212
Van Lanschot NV		45		947
				15,735,885
New Zealand—1.3%
a2 Milk Co., Ltd. (a) (b)		134,580		60,888
Abano Healthcare Group, Ltd.		880		5,277
Air New Zealand, Ltd.		194,012		373,066
Briscoe Group, Ltd.		13,123		30,410
Cavalier Corp., Ltd.		7,259		3,467
Chorus, Ltd. (a) (b)		106,254		220,626
Diligent Board Member Services, Inc. (a) (b)		19,249		78,591
Ebos Group, Ltd.		41,788		320,922
Fisher & Paykel Healthcare Corp., Ltd.		260,892		1,269,559
Freightways, Ltd.		81,878		370,440
Hallenstein Glasson Holdings, Ltd.		19,012		46,557
Heartland New Zealand, Ltd.		72,313		63,741
Infratil, Ltd.		301,704		706,033
Kathmandu Holdings, Ltd.		23,984		40,336
Mainfreight, Ltd.		40,292		498,952
Methven, Ltd.		19,898		17,538
Metlifecare, Ltd.		20,611		75,565
Michael Hill International, Ltd.		82,929		75,686
Millennium & Copthorne Hotels New Zealand, Ltd.		7,968		8,080
New Zealand Oil & Gas, Ltd.		164,080		80,591
New Zealand Refining Co., Ltd. (The) (b)		27,432		47,188

See accompanying notes to financial statements.

MSF-29

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
New Zealand—(Continued)
Nuplex Industries, Ltd.		105,582	$	244,575
NZX, Ltd.		114,554		104,555
Opus International Consultants, Ltd.		4,000		4,534
Pacific Edge, Ltd. (b)		17,353		11,485
PGG Wrightson, Ltd.		58,545		21,007
Pike River Coal Co., Ltd. (b) (c) (d)		82,575		0
Port of Tauranga, Ltd.		30,898		405,994
Pumpkin Patch, Ltd. (b)		31,660		5,142
Restaurant Brands New Zealand, Ltd.		55,682		159,231
Rubicon, Ltd. (b)		9,922		2,795
Ryman Healthcare, Ltd.		152,639		1,013,324
Sanford, Ltd.		314		1,172
Skellerup Holdings, Ltd.		29,759		32,963
Sky City Entertainment Group, Ltd.		283,721		857,056
Sky Network Television, Ltd.		114,579		539,505
Tower, Ltd.		59,836		100,320
Trade Me Group, Ltd.		64,691		184,187
TrustPower, Ltd.		13,980		86,092
Vector, Ltd.		151,308		329,116
Warehouse Group, Ltd. (The)		43,961		106,990
Xero, Ltd. (a) (b)		18,201		229,011
				8,832,567
Norway—0.9%
ABG Sundal Collier Holding ASA		130,019		84,614
AF Gruppen ASA		945		10,016
Akastor ASA (a)		3,345		9,695
American Shipping ASA		12,027		60,234
Archer, Ltd. (a) (b)		82,799		44,644
Atea ASA		22,644		233,945
Austevoll Seafood ASA		29,238		181,770
Bionor Pharma ASA (b)		16,875		5,191
Biotec Pharmacon ASA (a) (b)		10,494		24,779
Bonheur ASA		4,316		42,349
BW Offshore, Ltd.		108,665		109,208
Deep Sea Supply plc		40,102		28,176
Det Norske Oljeselskap ASA (a) (b)		29,953		159,186
DOF ASA (b)		21,760		43,476
Ekornes ASA		11,636		148,330
Electromagnetic GeoServices (a) (b)		59,116		31,337
Eltek ASA		122,435		190,168
Farstad Shipping ASA		6,040		40,987
Frontline, Ltd. (a) (b)		36,608		92,292
Ganger Rolf ASA		7,335		70,382
Golden Ocean Group, Ltd. (a)		173,259		109,010
Grieg Seafood ASA (b)		11,731		44,292
Hexagon Composites ASA		24,991		76,458
Hoegh LNG Holdings, Ltd. (a) (b)		12,362		135,251
Kongsberg Automotive ASA (b)		236,674		180,935
Kvaerner ASA		92,750		108,921
Leroy Seafood Group ASA		7,679		281,313
Nordic Semiconductor ASA (a) (b)		76,341		482,463
Norske Skogindustrier ASA (b)		101,549		52,252
Northern Offshore, Ltd.		32,781		18,115
Norwegian Air Shuttle A/S (a) (b)		4,766		176,209
Odfjell SE - A Shares (b)		1,949		7,532
Norway—(Continued)
Opera Software ASA (a)		21,316		269,509
Panoro Energy ASA (b)		64,409		13,991
PhotoCure ASA (b)		5,477		20,280
ProSafe SE (a)		51,314		156,996
Q-Free ASA (b)		24,256		32,004
REC Silicon ASA (a) (b)		630,934		148,879
REC Solar ASA (b)		10,877		148,867
Salmar ASA		8,438		143,919
Sevan Marine ASA		16,466		44,130
Siem Offshore, Inc. (a)		73,429		39,558
Solstad Offshore ASA		5,178		54,193
Songa Offshore (b)		121,279		24,022
SpareBank 1 SMN		40,946		319,019
Stolt-Nielsen, Ltd.		5,818		97,340
Tomra Systems ASA		59,552		458,512
TTS Group ASA (b)		18,359		11,684
Veidekke ASA		57,200		566,014
Wilh Wilhelmsen ASA (a)		21,003		129,161
Wilh Wilhelmsen Holding ASA		4,777		108,240
				6,069,848
Philippines—0.0%
Del Monte Pacific, Ltd. (b)		52,000		19,601
Portugal—0.5%
Altri SGPS S.A.		49,174		147,630
Banco BPI S.A. (a) (b)		181,563		222,344
Banco Comercial Portugues S.A. - Class R (a) (b)		10,046,492		790,007
Banco Espirito Santo S.A. (b) (c)		89,078		0
Mota-Engil SGPS S.A. (a)		40,942		130,040
NOS SGPS		101,535		642,766
Novabase SGPS S.A.		7,827		20,969
Portucel Empresa Produtora de Pasta e Papel S.A.		106,918		396,545
REN - Redes Energeticas Nacionais SGPS S.A.		58,852		171,239
Semapa-Sociedade de Investimento e Gestao		37,733		457,374
Sonae Industria SGPS S.A. (b)		2,595,000		20,078
Sonae SGPS S.A.		188,577		231,548
Teixeira Duarte S.A.		59,382		50,626
				3,281,166
Singapore—1.3%
Abterra, Ltd. (b)		51,720		21,084
Amtek Engineering, Ltd.		21,000		9,027
ASL Marine Holdings, Ltd.		105,000		34,481
Ausgroup, Ltd. (a) (b)		143,000		32,115
Baker Technology, Ltd.		166,000		31,180
Banyan Tree Holdings, Ltd. (a)		155,000		68,457
Biosensors International Group, Ltd. (a) (b)		473,000		208,770
Bonvests Holdings, Ltd.		18,000		18,331
Boustead Singapore, Ltd.		81,000		108,943
Breadtalk Group, Ltd.		37,000		43,292
Broadway Industrial Group, Ltd. (a) (b)		156,399		22,326
Bukit Sembawang Estates, Ltd.		72,000		274,567
Bund Center Investment, Ltd.		552,000		81,680

See accompanying notes to financial statements.

MSF-30

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Singapore—(Continued)
Centurion Corp., Ltd.		38,000	$	14,455
CH Offshore, Ltd.		157,000		61,061
China Aviation Oil Singapore Corp., Ltd.		153,600		77,650
China Merchants Holdings Pacific, Ltd.		112,000		82,398
Chip Eng Seng Corp., Ltd.		117,000		74,569
Chuan Hup Holdings, Ltd.		125,000		25,464
Cityspring Infrastructure Trust (a)		186,000		74,209
Cordlife Group, Ltd.		39,000		26,166
Cosco Corp. Singapore, Ltd. (a)		477,000		201,390
Creative Technology, Ltd.		22,600		32,902
CSC Holdings, Ltd.		284,000		10,850
CSE Global, Ltd.		197,000		89,977
Cw Group Holdings, Ltd.		106,000		30,943
CWT, Ltd.		81,000		97,717
Datapulse Technology, Ltd.		106,000		9,497
Delong Holdings, Ltd. (b)		91,000		16,144
DMX Technologies Group, Ltd.		186,000		22,213
Dyna-Mac Holdings, Ltd.		98,000		24,062
Elec & Eltek International Co., Ltd.		23,000		28,292
Eu Yan Sang International, Ltd.		90,000		49,884
Ezion Holdings, Ltd. (a)		375,000		317,921
Ezra Holdings, Ltd. (a)		345,070		136,927
Far East Orchard, Ltd.		74,044		93,337
First Sponsor Group, Ltd. (b)		8,628		8,139
FJ Benjamin Holdings, Ltd.		106,000		13,043
Food Empire Holdings, Ltd.		54,000		12,425
Fragrance Group, Ltd. (a)		915,000		148,336
Gallant Venture, Ltd. (b)		126,000		23,253
Geo Energy Resources, Ltd. (a) (b)		155,000		24,514
GK Goh Holdings, Ltd.		12,000		8,152
Global Premium Hotels, Ltd. (a)		73,200		19,325
GMG Global, Ltd.		2,022,000		94,058
GuocoLand, Ltd.		28,000		37,208
GuocoLeisure, Ltd.		188,000		126,610
Hanwell Holdings, Ltd. (b)		19,000		4,001
Healthway Medical Corp., Ltd. (b)		701,750		24,826
Hi-P International, Ltd.		125,000		68,742
Hiap Hoe, Ltd.		58,000		35,215
Hiap Seng Engineering, Ltd.		61,500		7,006
HLH Group, Ltd. (b)		1,066,000		10,333
Ho Bee Land, Ltd. (a)		87,000		127,102
Hong Fok Corp., Ltd.		133,400		82,697
Hong Leong Asia, Ltd.		41,000		40,205
Hotel Grand Central, Ltd.		1,000		997
Hour Glass, Ltd. (The)		129,000		62,220
HTL International Holdings, Ltd.		69,000		13,319
HupSteel, Ltd.		111,000		16,380
Hwa Hong Corp., Ltd.		138,000		34,346
Hyflux, Ltd. (a)		179,500		113,962
Indofood Agri Resources, Ltd.		152,000		82,575
Interra Resources, Ltd. (b)		103,000		12,679
IPC Corp., Ltd.		296,000		32,575
Jiutian Chemical Group, Ltd. (b)		649,000		26,936
K1 Ventures, Ltd.		404,000		57,002
Keppel Infrastructure Trust		160,000		128,641
Keppel Telecommunications & Transportation, Ltd.		44,000		48,940
Singapore—(Continued)
Koh Brothers Group, Ltd.		97,000		23,103
LCD Global Investments, Ltd.		174,000		40,055
Li Heng Chemical Fibre Technologies, Ltd. (b)		309,000		22,932
Lian Beng Group, Ltd.		123,000		56,138
Low Keng Huat Singapore, Ltd.		153,000		77,361
Lum Chang Holdings, Ltd.		115,000		31,692
Marco Polo Marine, Ltd.		51,000		10,572
Mercator Lines Singapore, Ltd. (b)		70,000		4,597
Mermaid Maritime plc		136,000		29,573
Metro Holdings, Ltd.		141,600		97,204
Mewah International, Inc. (a)		110,000		32,382
Midas Holdings, Ltd. (a)		452,000		85,076
Nam Cheong, Ltd. (a)		321,000		75,956
Neptune Orient Lines, Ltd. (a) (b)		17,000		10,745
NSL, Ltd.		15,000		18,113
OSIM International, Ltd. (a)		85,000		126,568
Otto Marine, Ltd. (a)		522,000		18,380
Overseas Union Enterprise, Ltd.		174,000		267,222
Oxley Holdings, Ltd.		155,000		59,627
Pan-United Corp., Ltd.		43,000		27,265
Penguin International, Ltd.		193,000		31,099
Petra Foods, Ltd.		66,000		189,127
Popular Holdings, Ltd.		192,000		32,615
QAF, Ltd.		130,040		94,650
Raffles Education Corp., Ltd.		470,374		118,570
Raffles Medical Group, Ltd.		50,077		146,927
Rickmers Maritime		110,000		23,235
Riverstone Holdings, Ltd.		20,000		14,707
Rotary Engineering, Ltd.		85,000		36,886
Roxy-Pacific Holdings, Ltd.		85,750		36,575
S I2I, Ltd. (b)		1,741,000		5,239
SBS Transit, Ltd.		40,500		50,735
Sheng Siong Group, Ltd.		191,000		99,228
SHS Holdings, Ltd.		47,000		8,121
Sim Lian Group, Ltd.		121,500		77,699
Sinarmas Land, Ltd.		735,000		323,574
Sing Holdings, Ltd.		82,000		18,894
Singapore Reinsurance Corp., Ltd.		1,000		243
Sino Grandness Food Industry Group, Ltd. (a) (b)		84,000		28,519
SMRT Corp., Ltd. (a)		175,000		208,521
Stamford Land Corp., Ltd.		278,000		116,418
Sunningdale Tech, Ltd.		303,000		38,347
SunVic Chemical Holdings, Ltd. (a) (b)		51,000		18,427
Super Group, Ltd. (a)		143,000		123,086
Swiber Holdings, Ltd. (a)		157,000		32,041
Swissco Holdings, Ltd. (a)		84,000		32,302
Thakral Corp., Ltd.		197,000		3,568
Tuan Sing Holdings, Ltd.		169,000		50,185
UMS Holdings, Ltd.		93,000		35,584
United Engineers, Ltd.		138,000		304,066
United Envirotech, Ltd. (a)		67,000		81,065
United Fiber System, Ltd. (b)		426,950		1,934
United Overseas Insurance, Ltd.		4,000		13,800
UOB-Kay Hian Holdings, Ltd.		143,987		164,789
UPP Holdings, Ltd.		46,000		7,796
Vard Holdings, Ltd. (a) (b)		203,000		91,827
Venture Corp., Ltd.		97,000		575,992

See accompanying notes to financial statements.

MSF-31

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Singapore—(Continued)
Vibrant Group, Ltd.		220,071	$	15,917
Vicom, Ltd.		2,000		9,429
Wee Hur Holdings, Ltd.		85,000		24,382
Wheelock Properties Singapore, Ltd.		58,000		76,980
Wing Tai Holdings, Ltd. (a)		159,621		196,920
Yeo Hiap Seng, Ltd.		19,712		25,885
YHI International, Ltd.		78,000		13,249
Yongnam Holdings, Ltd.		645,000		91,879
				8,903,636
Spain—2.0%
Abengoa S.A. (a)		20,975		53,731
Abengoa S.A. - B Shares (a)		135,030		292,852
Acciona S.A. (a) (b)		6,551		439,821
Acerinox S.A. (a)		64,877		969,862
Adveo Group International S.A. (b)		6,292		88,863
Almirall S.A. (a) (b)		17,526		289,670
Atresmedia Corp. de Medios de Comunicaion S.A. (a)		13,229		186,066
Azkoyen S.A. (b)		1,608		3,746
Baron de Ley (a) (b)		1,139		103,321
Bolsas y Mercados Espanoles S.A.		23,133		891,706
Caja de Ahorros del Mediterraneo (a) (b) (c) (d)		14,621		0
Cementos Portland Valderrivas S.A. (b)		1,935		8,889
Cie Automotive S.A. (a)		8,688		117,732
Construcciones y Auxiliar de Ferrocarriles S.A.		458		167,065
Deoleo S.A. (a) (b)		191,757		87,056
Dinamia Capital Privado Sociedad de Capital Riesgo S.A.		3,678		37,319
Distribuidora Internacional de Alimentacion S.A.		118,194		794,731
Duro Felguera S.A.		22,982		92,872
Ebro Foods S.A. (a)		23,798		392,176
Elecnor S.A.		11,262		115,565
Ence Energia y Celulosa S.A (a)		45,999		115,173
Ercros S.A. (b)		60,314		28,629
Faes Farma S.A.		154,898		319,967
Fluidra S.A. (b)		9,730		35,836
Fomento de Construcciones y Contratas S.A. (a) (b)		28,711		407,733
Gamesa Corp. Tecnologica S.A. (b)		46,649		420,192
Grupo Catalana Occidente S.A.		21,149		609,280
Grupo Ezentis S.A. (b)		39,717		33,783
Iberpapel Gestion S.A.		185		2,836
Indra Sistemas S.A. (a)		36,407		352,742
Inmobiliaria Colonial S.A. (b)		143,682		94,236
Jazztel plc (a) (b)		120,507		1,829,687
Laboratorios Farmaceuticos Rovi S.A.		6,104		75,342
Mediaset Espana Comunicacion S.A. (b)		46,514		580,906
Melia Hotels International S.A. (a)		15,550		165,808
Miquel y Costas & Miquel S.A.		4,480		173,294
NH Hoteles Group S.A. (b)		46,739		222,042
Obrascon Huarte Lain S.A. (a)		11,925		264,470
Papeles y Cartones de Europa S.A.		19,820		91,357
Pescanova S.A. (b) (c) (d)		7,446		0
Prim S.A.		3,013		22,930
Promotora de Informaciones S.A. (b)		209,868		64,667
Prosegur Cia de Seguridad S.A.		40,634		230,904
Spain—(Continued)
Realia Business S.A. (a) (b)		74,911		46,227
Sacyr Vallehermoso S.A. (a) (b)		87,671		298,503
Solaria Energia y Medio Ambiente S.A. (b)		19,439		16,326
Tecnicas Reunidas S.A.		10,017		439,389
Telecomunicaciones y Energia (b)		13,592		21,151
Tubacex S.A.		28,250		105,801
Tubos Reunidos S.A. (a)		21,752		44,364
Urbas Grupo Financiero S.A. (b)		887,506		15,909
Vidrala S.A. (a)		7,952		365,497
Viscofan S.A.		13,448		713,671
Vocento S.A. (b)		5,362		11,306
Zeltia S.A. (b)		72,263		233,025
				13,586,026
Sweden—3.7%
AAK AB (a)		11,380		606,835
Acando AB		32,705		55,534
AddNode Group AB		1,849		10,898
AddTech AB - B Shares (a)		30,232		411,892
AF AB - B Shares		24,002		387,916
Arise AB (b)		4,852		10,642
Atrium Ljungberg AB - B Shares		3,824		56,261
Avanza Bank Holding AB (a)		7,660		253,485
Axfood AB (a)		5,038		299,952
Axis Communications AB (a)		11,341		290,371
B&B Tools AB - B Shares		12,796		250,280
BE Group AB (b)		15,694		11,022
Beijer Alma AB		9,404		219,511
Beijer Electronics AB		5,229		34,762
Beijer Ref AB - B Shares		6,405		104,428
Betsson AB (b)		9,155		321,418
Bilia AB - A Shares		10,743		324,637
Billerud AB		89,835		1,287,168
BioGaia AB - B Shares		4,484		103,232
Biotage AB (a)		15,339		25,708
Bjoern Borg AB (b)		9,936		29,799
Bulten AB		2,144		18,344
Bure Equity AB		17,448		80,343
Byggmax Group AB		18,326		123,254
Castellum A.B.		46,395		723,717
Clas Ohlson AB - B Shares		19,724		340,929
Cloetta AB - B Shares (b)		77,922		225,880
Concentric AB		30,796		367,292
Concordia Maritime AB - B Shares (b)		4,217		6,976
Dios Fastigheter AB (a)		25,743		190,686
Doro AB		741		3,688
Duni AB		15,028		222,489
East Capital Explorer AB (b)		7,088		38,541
Eniro AB (a) (b)		55,843		51,301
Fabege AB		45,507		583,945
Fagerhult AB		6,390		112,712
Fastighets AB Balder - B Shares (b)		36,044		506,131
Gunnebo AB		12,816		61,819
Haldex AB		33,062		427,949
Hexpol AB (a)		5,925		555,049
HIQ International AB (a) (b)		32,278		169,049

See accompanying notes to financial statements.

MSF-32

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Sweden—(Continued)
HMS Networks AB		709	$	13,552
Holmen AB - B Shares		14,243		486,147
Hufvudstaden AB - A Shares		15,492		201,096
Industrial & Financial Systems		10,165		311,121
Indutrade AB		5,726		227,561
Intrum Justitia AB		21,993		650,534
JM AB (a)		23,748		752,864
KappAhl AB		29,980		160,547
Karolinska Development AB (a) (b)		7,514		12,764
Klovern AB - A Shares		11,418		12,008
Klovern AB - B Shares (b)		114,185		111,321
Know It AB		9,489		66,506
Kungsleden AB		43,816		316,137
Lagercrantz AB - B Shares		9,342		167,176
Lindab International AB (b)		18,765		157,883
Loomis AB - Class B		39,066		1,132,428
Medivir AB - B Shares (a) (b)		10,470		131,304
Mekonomen AB (a)		7,582		197,737
Modern Times Group MTG AB - B Shares		9,830		311,909
MQ Holding AB		9,112		40,282
Mycronic AB		46,878		148,371
NCC AB - A Shares		3,116		97,995
NCC AB - B Shares (a)		21,019		660,306
Nederman Holding AB		932		20,023
Net Entertainment NE AB - B Shares (b)		16,258		548,398
Net Insight AB (b)		143,837		56,763
New Wave Group AB - B Shares		15,773		77,136
Nibe Industrier AB - B Shares (a)		40,031		1,031,461
Nobia AB (a)		51,796		463,399
Nolato AB - B Shares		12,091		273,200
Nordnet AB - B Shares		33,249		120,259
OEM International AB - B Shares		498		7,026
Peab AB (a)		50,023		350,304
Pricer AB - B Shares (b)		32,212		25,935
Proact IT Group AB		4,203		42,321
Proffice AB - B Shares		23,058		61,214
Ratos AB - B Shares (a)		35,390		212,855
Rezidor Hotel Group AB (b)		37,700		137,551
Saab AB - Class B (a)		27,146		701,013
Sagax AB		14,540		82,069
SAS AB (a) (b)		41,924		81,737
Sectra AB - B Shares (b)		2,976		38,081
Semcon AB		5,540		34,927
SkiStar AB		7,836		88,016
SSAB AB - A Shares (a) (b)		45,510		262,846
SSAB AB - A Shares (b)		27,650		159,834
SSAB AB - B Shares (a) (b)		24,047		124,007
SSAB AB - B Shares (a) (b)		70,586		362,557
Sweco AB - B Shares		18,222		246,396
Swedish Orphan Biovitrum AB (b)		56,264		572,555
Systemair AB		4,286		57,574
TradeDoubler AB (a)		21,483		28,247
Transcom Worldwide AB (a) (b)		1,837		14,551
Transmode Holding AB (a)		2,253		21,240
Tribona AB		7,277		36,036
Unibet Group plc		16,402		1,032,082
Vitrolife AB		4,321		91,741
Sweden—(Continued)
Wallenstam AB - B Shares (a)		32,302		537,392
Wihlborgs Fastigheter AB		34,720		633,733
				24,907,873
Switzerland—4.4%
AFG Arbonia-Forster Holding AG (a) (b)		4,400		108,817
Allreal Holding AG (b)		3,390		467,473
Alpiq Holding AG (b)		28		2,535
APG SGA S.A.		647		187,950
Ascom Holding AG		17,215		263,480
Autoneum Holding AG (b)		2,052		347,129
Bachem Holding AG (b)		1,074		52,886
Bank Coop AG		2,772		118,671
Banque Cantonale de Geneve		375		80,738
Banque Cantonale Vaudoise		57		30,751
Basler Kantonalbank		130		8,373
Belimo Holding AG		215		499,584
Bell AG		56		137,878
Bellevue Group AG		2,584		37,173
Berner Kantonalbank AG (a)		1,858		339,094
BKW AG		3,918		116,064
Bobst Group AG		5,636		217,441
Bossard Holding AG (a) (b)		3,458		376,952
Bucher Industries AG (a)		3,522		877,066
Burckhardt Compression Holding AG		1,451		555,548
Burkhalter Holding AG		1,316		114,297
Calida Holding AG (b)		2,002		74,199
Carlo Gavazzi Holding AG		48		10,178
Cham Paper Holding AG (b)		113		27,391
Charles Voegele Holding AG (b)		4,263		54,018
Cicor Technologies (b)		644		23,009
Cie Financiere Tradition S.A.		530		22,483
Clariant AG (b)		36,782		617,656
Coltene Holding AG		1,138		72,073
Conzzeta AG (b)		66		224,708
Daetwyler Holding AG		3,203		410,570
Dufry AG (a) (b)		7,215		1,069,555
Edmond de Rothschild Suisse S.A.		3		46,092
EFG International AG (a) (b)		12,149		141,373
Emmi AG (b)		1,190		420,111
Energiedienst Holding AG		3,017		93,787
Feintool International Holding AG		554		56,609
Fenix Outdoor International AG (b)		384		17,701
Flughafen Zuerich AG		1,504		1,008,203
Forbo Holding AG (b)		819		819,185
GAM Holding AG (b)		57,233		1,029,347
Gategroup Holding AG (a) (b)		9,636		275,191
Georg Fischer AG (b)		2,362		1,486,133
Gurit Holding AG (a) (b)		292		112,899
Helvetia Holding AG		2,382		1,129,718
Highlight Communications AG (b)		7,829		31,472
Huber & Suhner AG		5,179		246,596
Implenia AG (b)		8,148		473,246
Inficon Holding AG (b)		777		240,903
Interroll Holding AG (b)		265		140,070
Intershop Holdings AG		492		176,201

See accompanying notes to financial statements.

MSF-33

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Switzerland—(Continued)
Jungfraubahn Holding AG		85	$	6,451
Kaba Holding AG - Class B (b)		1,080		544,572
Kardex AG (b)		2,548		118,515
Komax Holding AG (b)		1,485		215,259
Kudelski S.A.		13,221		160,565
Kuoni Reisen Holding AG (b)		767		231,673
LEM Holding S.A.		312		231,410
Liechtensteinische Landesbank AG		2,973		119,675
LifeWatch AG (b)		1,912		23,543
Logitech International S.A. (a)		84,871		1,147,978
Lonza Group AG (b)		10,961		1,235,274
Luzerner Kantonalbank AG (a)		1,489		525,312
MCH Group AG		831		54,162
Metall Zug AG		53		128,021
Meyer Burger Technology AG (a) (b)		24,493		158,030
Micronas Semiconductor Holding AG (b)		11,059		63,170
Mikron Holding AG (b)		474		3,361
Mobilezone Holding AG (b)		10,014		105,958
Mobimo Holding AG (b)		3,001		601,255
OC Oerlikon Corp. AG (b)		101,100		1,265,251
Orascom Development Holding AG (b)		5,250		95,031
Orell Fuessli Holding AG (b)		428		39,885
Orior AG (b)		1,802		99,505
Panalpina Welttransport Holding AG (a)		2,292		307,719
Phoenix Mecano AG		337		155,922
PSP Swiss Property AG (b)		2,635		226,883
Rieter Holding AG (b)		1,437		237,955
Romande Energie Holding S.A.		111		111,809
Schaffner Holding AG (b)		238		69,009
Schmolz & Bickenbach AG (b)		161,565		173,667
Schweiter Technologies AG		332		259,118
Siegfried Holding AG (b)		1,665		270,926
St. Galler Kantonalbank AG (a)		1,175		426,641
Straumann Holding AG		3,414		857,691
Swissquote Group Holding S.A.		3,968		124,519
Tamedia AG		904		115,388
Tecan Group AG		2,612		296,837
Temenos Group AG (b)		24,817		880,193
Tornos Holding AG (b)		3,719		21,435
U-Blox AG (b)		3,324		457,186
Valiant Holding		4,267		354,301
Valora Holding AG (b)		1,084		248,344
Vaudoise Assurances Holding S.A.		531		238,744
Vetropack Holding AG		88		140,183
Von Roll Holding AG (b)		7,038		9,619
Vontobel Holding AG (a)		6,679		251,478
VP Bank AG		1,844		157,617
Walliser Kantonalbank		116		83,431
Walter Meier AG (b)		872		35,830
Ypsomed Holding AG (b)		1,609		138,521
Zehnder Group AG		3,945		163,870
Zug Estates Holding AG (b)		73		91,311
Zuger Kantonalbank AG (a)		68		305,842
				29,876,422
United Arab Emirates—0.0%
Lamprell plc (b)		100,553		186,861
United Kingdom—21.7%
4imprint Group plc		6,953	$	87,305
888 Holdings plc		43,367		92,983
A.G.BARR plc		44,327		405,087
Acacia Mining plc		43,734		174,153
Acal plc		7,314		27,357
Afren plc (b)		251,096		180,354
Aga Rangemaster Group plc (b)		25,439		46,771
Air Partner plc		992		3,958
Alent plc		102,762		512,703
Amec Foster Wheeler plc		49,672		650,106
Amlin plc		227,509		1,682,986
Anglo Pacific Group plc		29,836		46,065
Anglo-Eastern Plantations		4,252		36,734
Anite plc		81,502		99,953
Ashmore Group plc (a)		84,430		366,045
Ashtead Group plc		113,981		2,015,095
Atrium European Real Estate, Ltd. (b)		114,274		565,430
Avon Rubber plc		12,019		143,118
Balfour Beatty plc (a)		231,851		759,164
Bank of Georgia Holdings plc		6,261		200,839
Barratt Developments plc		211,324		1,538,862
BBA Aviation plc		221,729		1,236,372
Beazley plc		386,682		1,713,133
Bellway plc		82,065		2,465,218
Berendsen plc		106,561		1,816,910
Berkeley Group Holdings plc		70,062		2,684,722
Betfair Group plc		16,616		404,979
Bioquell plc		5,000		7,483
Bloomsbury Publishing plc		25,349		63,998
Bodycote plc		122,371		1,227,845
Booker Group plc		415,681		1,059,060
Boot Henry plc		1,476		4,484
Bovis Homes Group plc		79,588		1,096,090
Braemar Shipping Services plc		4,402		28,135
Brammer plc		36,027		190,836
Brewin Dolphin Holdings plc		143,539		661,627
British Polythene Industries plc		10,947		112,841
Britvic plc		142,790		1,487,942
BTG plc (b)		150,041		1,846,678
Bwin.Party Digital Entertainment plc (a)		231,573		422,310
Cable & Wireless Communications plc		732,967		562,695
Cairn Energy plc (b)		165,216		453,526
Cape plc		61,478		227,958
Capital & Counties Properties plc (a)		107,134		604,318
Capital & Regional plc		80,929		66,193
Carclo plc		16,990		23,787
Carillion plc (a)		147,712		765,090
Carr’s Milling Industries plc		1,554		41,285
Castings plc		1,484		9,391
Catlin Group, Ltd.		174,373		1,813,226
Centamin plc		307,624		282,569
Centaur Media plc		92,526		91,974
Chemring Group plc		78,826		291,458
Chesnara plc		55,231		290,757
Chime Communications plc		23,457		103,382
Cineworld Group plc		61,490		395,544
Clarkson plc		4,513		133,213

See accompanying notes to financial statements.

MSF-34

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Close Brothers Group plc		58,401	$	1,346,850
Cobham plc		363,956		1,825,022
Colt Group S.A. (b)		208,005		430,279
Communisis plc		57,478		44,308
Computacenter plc		40,615		371,508
Connect Group plc		116,163		278,547
Consort Medical plc		24,997		336,381
Costain Group plc		21,151		92,185
Cranswick plc		24,566		528,332
Creston plc		5,272		10,598
CSR plc		116,351		1,546,751
Daily Mail & General Trust plc (a)		156,527		2,009,847
Dairy Crest Group plc		63,445		489,977
Darty plc		135,252		144,338
De La Rue plc		25,638		206,820
Debenhams plc		358,902		417,587
Dechra Pharmaceuticals plc		25,937		337,986
Development Securities plc		61,163		210,456
Devro plc		58,511		276,775
Dignity plc		22,395		666,148
Diploma plc		53,467		590,236
Dixons Carphone plc		188,802		1,359,865
Domino Printing Sciences plc		62,672		640,585
Domino’s Pizza Group plc		41,403		453,156
Drax Group plc		137,597		978,199
DS Smith plc		336,909		1,678,993
Dunelm Group plc		11,505		165,035
E2V Technologies plc		61,165		164,557
Electrocomponents plc		168,669		559,350
Elementis plc		196,653		795,848
EnQuest plc (b)		429,925		234,898
Enterprise Inns plc (b)		256,620		454,024
Essentra plc		78,989		893,071
Euromoney Institutional Investor plc		14,736		240,269
Evraz plc (a)		44,482		106,082
Exillon Energy plc (a) (b)		19,973		46,630
Fenner plc		100,550		335,485
Ferrexpo plc		36,701		30,241
Fidessa Group plc		20,495		758,292
Findel plc (b)		17,439		61,084
Firstgroup plc (b)		412,049		678,565
Fortune Oil plc (b)		575,627		85,362
Fuller Smith & Turner		7,667		111,608
Galliford Try plc		41,886		834,266
Gem Diamonds, Ltd. (b)		50,253		136,037
Genus plc		27,158		528,868
Go-Ahead Group plc		22,995		880,593
Greene King plc (a)		85,536		992,305
Greggs plc		37,510		425,800
Halfords Group plc		119,495		866,078
Halma plc (a)		130,691		1,393,256
Hansard Global plc		2,566		3,505
Hardy Oil & Gas plc (b)		14,946		14,696
Hays plc		644,027		1,442,661
Headlam Group plc		56,842		389,734
Helical Bar plc		65,404		390,277
Henderson Group plc		548,846		1,807,137
United Kingdom—(Continued)
Hikma Pharmaceuticals plc		82,141		2,518,992
Hill & Smith Holdings plc		46,114		416,794
Hilton Food Group plc		1,888		11,277
Hiscox, Ltd.		183,522		2,060,563
Hochschild Mining plc (a) (b)		49,761		68,089
Hogg Robinson Group plc		72,262		46,757
Home Retail Group plc		448,340		1,441,588
Homeserve plc		170,640		892,216
Hornby plc (b)		1,884		2,253
Howden Joinery Group plc		223,492		1,389,692
Hunting plc		34,598		282,623
Huntsworth plc		31,310		23,914
ICAP plc		149,517		1,042,905
IG Group Holdings plc		105,180		1,172,339
Imagination Technologies Group plc (b)		26,208		92,395
Inchcape plc		151,334		1,693,754
Informa plc		241,241		1,760,311
Inmarsat plc		79,615		986,625
Innovation Group plc		525,112		244,267
Intermediate Capital Group plc		32,693		232,763
International Personal Finance plc		83,965		580,837
Interserve plc		82,100		706,063
IP Group plc (b)		139,902		442,780
ITE Group plc		53,863		134,301
James Fisher & Sons plc		20,889		387,096
Jardine Lloyd Thompson Group plc		65,575		909,661
JD Sports Fashion plc		36,964		292,298
JD Wetherspoon plc		48,692		617,913
JKX Oil & Gas plc (b)		48,421		9,056
John Menzies plc		14,551		80,618
John Wood Group plc		122,821		1,129,633
Johnston Press plc (b)		4,425		11,333
Jupiter Fund Management plc		84,695		475,495
KAZ Minerals plc (a) (b)		44,157		175,662
Kcom Group plc		281,704		393,615
Keller Group plc		22,093		299,773
Kier Group plc		12,989		299,898
Ladbrokes plc		281,189		480,214
Laird plc		156,521		751,020
Lancashire Holdings, Ltd. (a)		50,563		438,250
Laura Ashley Holdings plc		25,157		11,592
Lavendon Group plc		44,306		119,094
Lonmin plc (b)		113,391		310,792
Lookers plc		122,220		245,426
Low & Bonar plc		37,972		29,672
LSL Property Services plc		4,671		21,660
Man Group plc		757,211		1,873,564
Marshalls plc		63,336		230,762
Marston’s plc		318,910		708,064
McBride plc (b)		96,041		119,724
Mears Group plc		51,685		301,352
Mecom Group plc (b)		42,085		93,105
Melrose Industries plc		325,983		1,341,318
Michael Page International plc (a)		65,403		415,268
Micro Focus International plc		69,631		1,165,567
Millennium & Copthorne Hotels plc		74,043		676,897
Mitchells & Butlers plc (b)		67,625		401,355

See accompanying notes to financial statements.

MSF-35

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Mitie Group plc (a)		94,015	$	405,485
Moneysupermarket.com Group plc		121,798		439,927
Morgan Advanced Materials plc		155,365		761,228
Morgan Sindall Group plc		17,569		169,427
Mothercare plc (b)		46,876		126,864
N Brown Group plc (a)		78,447		468,365
National Express Group plc		260,013		998,939
NCC Group plc		73,096		232,048
New World Resources plc - A Shares (b)		11,898		227
Northgate plc		45,161		427,238
Novae Group plc		22,502		208,758
Optos plc (b)		26,295		104,526
Oxford Biomedica plc (b)		67,707		5,592
Oxford Instruments plc (a)		13,946		275,480
Pace plc		170,988		917,353
PayPoint plc		24,349		339,719
Pendragon plc		294,775		150,875
Pennon Group plc		105,426		1,510,077
Persimmon plc (b)		2,361		57,755
Petra Diamonds, Ltd. (b)		147,321		442,670
Petropavlovsk plc (a) (b)		68,962		15,736
Phoenix Group Holdings (a)		35,981		462,536
Phoenix IT Group, Ltd.		21,830		45,274
Photo-Me International plc		27,274		59,929
Playtech plc		53,689		575,869
Premier Farnell plc		128,115		351,107
Premier Foods plc (a) (b)		329,141		163,107
Premier Oil plc		172,107		439,326
Punch Taverns plc (b)		16,132		30,619
PV Crystalox Solar plc (a) (b)		36,217		7,338
PZ Cussons plc (a)		95,810		454,435
QinetiQ Group plc		338,186		984,241
Quintain Estates & Development plc (b)		254,907		378,151
Rank Group plc		18,115		45,450
Rathbone Brothers plc		24,973		793,732
Raven Russia, Ltd. (b)		84,960		62,862
REA Holdings plc		1,120		6,136
Redrow plc		166,873		767,344
Regus plc		206,169		664,043
Renishaw plc		17,538		531,781
Renold plc (b)		64,766		58,298
Renovo Group plc (b)		13,825		3,065
Rentokil Initial plc		639,278		1,204,580
Restaurant Group plc (The)		119,275		1,216,614
Rexam plc		74,000		520,242
Ricardo plc		11,747		114,604
Rightmove plc		34,875		1,214,174
RM plc		43,283		101,543
Robert Walters plc		14,599		70,052
Rotork plc		28,630		1,030,258
RPC Group plc		92,930		720,045
RPS Group plc		111,368		358,909
Salamander Energy plc (b)		86,381		86,811
Savills plc		69,739		735,270
SDL plc (b)		38,231		245,570
Senior plc		172,051		805,225
Sepura plc		11,245		25,598
United Kingdom—(Continued)
Serco Group plc (a)		45,096		112,146
Severfield plc (b)		98,696		104,586
Shanks Group plc		168,746		261,112
SIG plc		166,769		452,870
Skyepharma plc (b)		7,067		36,809
Soco International plc (b)		50,968		238,452
Spectris plc		42,891		1,398,476
Speedy Hire plc		205,988		251,959
Spirax-Sarco Engineering plc		25,034		1,112,524
Spirent Communications plc		212,310		249,713
Spirit Pub Co. plc		253,343		410,829
Sportech plc (b)		20,264		19,781
St. Ives plc		36,663		108,275
St. Modwen Properties plc		110,240		658,412
Stagecoach Group plc		135,346		777,031
Sthree plc		35,906		164,630
Stobart Group, Ltd.		7,112		11,965
SuperGroup plc (b)		17,932		245,616
Synergy Health plc		30,931		1,003,593
Synthomer plc		163,534		597,871
TalkTalk Telecom Group plc (a)		188,301		884,795
Tate & Lyle plc		123,201		1,157,286
Ted Baker plc		6,962		238,914
Telecity Group plc (a)		58,426		732,143
Telecom Plus plc (a)		21,749		425,598
Thomas Cook Group plc (b)		485,971		956,796
Thorntons plc (a) (b)		25,294		35,043
Topps Tiles plc		106,295		187,107
Tribal Group plc		21,793		54,384
Trifast plc		6,100		10,230
Trinity Mirror plc (b)		174,518		442,481
TT electronics plc		79,682		128,004
Tullett Prebon plc		100,781		442,652
UBM PCL		110,444		824,304
Ultra Electronics Holdings plc		18,262		509,390
UNITE Group plc		93,231		675,522
UTV Media plc		54,341		147,354
Vectura Group plc (b)		199,135		395,438
Vedanta Resources plc		28,343		250,279
Vesuvius plc		108,451		753,493
Victrex plc		43,917		1,418,172
Vitec Group plc (The)		10,351		95,315
Volex plc (b)		20,438		21,936
Vp plc		1,199		11,680
WH Smith plc		85,603		1,786,009
William Hill plc		217,459		1,222,899
Wincanton plc (b)		37,122		93,752
WS Atkins plc		68,957		1,457,257
Xaar plc		18,088		108,627
Xchanging plc		144,207		346,090
XP Power, Ltd. (a)		3,554		77,376
Zeal Network SE (a)		1,676		79,580
				148,059,268
United States—0.0%
Kofax, Ltd. (b)		6,012		42,200

See accompanying notes to financial statements.

MSF-36

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
United States—(Continued)
Performance Sports Group, Ltd. (b)		8,035	$	146,204
				188,404
Total Common Stocks (Cost $572,001,302)				676,273,757
Rights—0.0%
Australia—0.0%
Alliance Resource Partners L.P., Expires 01/19/15 (b)		14,797		48
Boart Longyear, Ltd., Expires 01/19/15 (a) (b)		227,989		558
Peninsula Energy, Ltd. (b)		279,281		0
				606
Austria—0.0%
Intercell AG (b) (c) (d)		24,163		0
Hong Kong—0.0%
Kantone Holdings, Ltd., Expires 01/07/15 (b)		27,900		36
New Times Energy Corp., Ltd., Expires 01/22/15 (b)		102,100		737
Shenyin Wanguo HK, Ltd., Expires 01/08/15 (b)		57,500		29,660
				30,433
Spain—0.0%
Faes Farma S.A., Expires 01/02/15 (a) (b)		154,898		11,621
Sweden—0.0%
Karolinska Development AB (a) (b)		5,000		1
United Kingdom—0.0%
RPC Group plc, Expires 01/07/15 (b)		30,976		84,730
Total Rights (Cost $30,668)				127,391
Warrants—0.0%
France—0.0%
Peugeot S.A., Expires 04/29/17 (a) (b)		37,313		63,617
Hong Kong—0.0%
International Standard Resources Holdings, Ltd., Expires 11/27/15 (b)		124,666		836
Singapore—0.0%
Interra Resources, Ltd., Expires 12/08/15 (b)		10,300		62
SHS Holdings, Ltd., Expires 12/16/19 (b)		23,500		852
				914
Total Warrants (Cost $38,935)				65,367
Short-Term Investments—17.7%
Security Description	Shares/ Principal Amount*		Value
Mutual Fund—16.9%
State Street Navigator Securities Lending MET Portfolio (e)		115,054,907		115,054,907
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $5,029,910 on 01/02/15, collateralized by $5,130,000 U.S. Government Agency obligations with rates ranging from 0.160% - 2.125%, maturity dates ranging from 03/11/15 - 05/31/15, with a value of $5,133,800.		5,029,910		5,029,910
Total Short-Term Investments (Cost $120,084,817)				120,084,817
Total Investments—117.0% (Cost $692,155,722) (f)				796,551,332
Other assets and liabilities (net)—(17.0)%				(115,629,230	)
Net Assets—100.0%			$	680,922,102

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $109,848,968 and the collateral received consisted of cash in the amount of $115,054,907 and non-cash collateral with a value of $2,204,090. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent less than 0.05% of net assets.

(d) Illiquid security. As of December 31, 2014, these securities represent 0.0% of net assets.

(e) Represents investment of cash collateral received from securities lending transactions.

(f) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $701,065,795. The aggregate unrealized appreciation and depreciation of investments were $188,576,755 and $(93,091,218), respectively, resulting in net unrealized appreciation of $95,485,537 for federal income tax purposes.

See accompanying notes to financial statements.

MSF-37

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Ten Largest Industries as of December 31, 2014 (Unaudited)	% of Net Assets
Machinery		5.8
Hotels, Restaurants & Leisure		4.2
Banks		4.1
Real Estate Management & Development		3.9
Media		3.8
Metals & Mining		3.7
Construction & Engineering		3.7
Specialty Retail		3.5
Food Products		3.4
Electronic Equipment, Instruments & Components		3.2

See accompanying notes to financial statements.

MSF-38

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	30,639	$	35,633,888	$	42,773	$	35,707,300
Austria		4,663		6,094,110		0		6,098,773
Belgium		307,415		8,806,193		—		9,113,608
Cambodia		—		335,739		—		335,739
Canada		60,614,386		10,114		7,196		60,631,696
China		11,852		11,896		—		23,748
Denmark		—		11,473,675		—		11,473,675
Finland		—		16,226,751		10,518		16,237,269
France		—		27,535,835		0		27,535,835
Germany		—		35,422,958		—		35,422,958
Hong Kong		418,760		21,033,966		54,211		21,506,937
Ireland		593,217		10,206,746		—		10,799,963
Israel		25,025		5,645,777		—		5,670,802
Italy		403,557		21,272,340		0		21,675,897
Japan		150,761		154,180,587		—		154,331,348
Luxembourg		—		60,652		—		60,652
Netherlands		31,147		15,704,738		0		15,735,885
New Zealand		8,080		8,824,487		0		8,832,567
Norway		—		6,069,848		—		6,069,848
Philippines		—		19,601		—		19,601
Portugal		—		3,281,166		0		3,281,166
Singapore		152,973		8,750,663		—		8,903,636
Spain		—		13,586,026		0		13,586,026
Sweden		125,872		24,782,001		—		24,907,873
Switzerland		46,092		29,830,330		—		29,876,422
United Arab Emirates		—		186,861		—		186,861
United Kingdom		—		148,059,268		—		148,059,268
United States		146,204		42,200		—		188,404
Total Common Stocks		63,070,643		613,088,416		114,698		676,273,757
Rights
Australia		606		—		—		606
Austria		—		—		0		0
Hong Kong		30,433		—		—		30,433
Spain		11,621		—		—		11,621
Sweden		—		1		—		1
United Kingdom		84,730		—		—		84,730
Total Rights		127,390		1		—		127,391
Total Warrants*		65,367		—		—		65,367

See accompanying notes to financial statements.

MSF-39

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Short-Term Investments
Mutual Fund	$	115,054,907	$	—		$	—	$	115,054,907
Repurchase Agreement		—		5,029,910			—		5,029,910
Total Short-Term Investments		115,054,907		5,029,910			—		120,084,817
Total Investments	$	178,318,307	$	618,118,327		$	114,698	$	796,551,332
Collateral for Securities Loaned (Liability)	$	—	$	(115,054,907	)	$	—	$	(115,054,907	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $902,561 were due to the discontinuation of a systematic fair valuation model factor. Transfers from Level 1 to Level 2 in the amount of $578,674 were due to the application of a systematic fair valuation model factor.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Purchases		Sales			Transfers in to Level 3		Transfers out of Level 3			Balance as of December 31, 2014		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at December 31, 2014
Common Stocks
Australia	$	24,817	$	(319,741	)	$	190,956		$	—	$	(2,818	)	$	149,559	$	—		$	42,773	$	(110,074	)
Belgium		137,117		—			—			—		—			—		(137,117	)		—		—
Canada		—		—			(140,407	)		137,853		—			9,750		—			7,196		(140,407	)
Finland		—		—			(19,731	)							30,249					10,518		(19,731	)
Hong Kong		51,560		(39,454	)		8,339			119,487		(71,368	)		—		(14,353	)		54,211		(69,036	)
France		—		(56,659	)		65,015			—		(8,356	)		—		—			—		—
Japan		107,568		—			(16,452	)				(91,116	)		—		—			—		—
Greece				(396,098	)		396,098													—
Portugal		—		142,866			(218,510	)		—		(334,497	)		410,141		—			—		—
Total	$	321,062	$	(669,086	)	$	265,308		$	257,340	$	(508,155	)	$	599,699	$	(151,470	)	$	114,698	$	(339,248	)

Common stocks in the amount of $599,699 were transferred into Level 3 due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

Common stocks in the amount of $(151,470) were transferred out of Level 3 due to the resumption of trading activity which resulted in the availability of significant observable inputs.

See accompanying notes to financial statements.

MSF-40

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	796,551,332
Cash denominated in foreign currencies (c)		817,373
Receivable for:
Investments sold		372,555
Fund shares sold		181,839
Dividends		982,158
Prepaid expenses		1,889
Total Assets		798,907,146
Liabilities
Collateral for securities loaned		115,054,907
Payables for:
Investments purchased		1,995,705
Fund shares redeemed		78,059
Accrued expenses:
Management fees		461,058
Distribution and service fees		15,621
Deferred trustees’ fees		63,842
Other expenses		315,852
Total Liabilities		117,985,044
Net Assets	$	680,922,102
Net assets consist of:
Paid in surplus	$	456,619,052
Undistributed net investment income		4,564,470
Accumulated net realized gain		115,373,443
Unrealized appreciation on investments and foreign currency transactions		104,365,137
Net Assets	$	680,922,102
Net Assets
Class A	$	606,419,447
Class B		74,502,655
Capital Shares Outstanding*
Class A		40,874,125
Class B		5,045,628
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.84
Class B		14.77

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $692,155,722.

(b) Includes securities loaned at value of $109,848,968.

(c) Identified cost of cash denominated in foreign currencies was $819,391.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	19,133,773
Interest		943
Securities lending income		1,264,286
Total investment income		20,399,002
Expenses
Management fees		6,440,401
Administration fees		19,000
Custodian and accounting fees		987,747
Distribution and service fees—Class B		194,688
Audit and tax services		63,583
Legal		30,014
Trustees’ fees and expenses		38,592
Shareholder reporting		68,330
Insurance		4,997
Miscellaneous		151,544
Total expenses		7,998,896
Less management fee waiver		(50,000	)
Net expenses		7,948,896
Net Investment Income		12,450,106
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		120,788,214
Futures contracts		(1,532,592	)
Foreign currency transactions		(402,802	)
Net realized gain		118,852,820
Net change in unrealized depreciation on:
Investments		(168,918,000	)
Foreign currency transactions		(56,767	)
Net change in unrealized depreciation		(168,974,767	)
Net realized and unrealized loss		(50,121,947	)
Net Decrease in Net Assets From Operations	$	(37,671,841	)

(a) Net of foreign withholding taxes of $1,680,545.

See accompanying notes to financial statements.

MSF-41

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	12,450,106		$	16,465,101
Net realized gain		118,852,820			35,576,671
Net change in unrealized appreciation (depreciation)		(168,974,767	)		171,335,640
Increase (decrease) in net assets from operations		(37,671,841	)		223,377,412
From Distributions to Shareholders
Net investment income
Class A		(19,590,503	)		(16,583,025	)
Class B		(1,558,960	)		(1,219,147	)
Net realized capital gains
Class A		(30,600,469	)		(23,007,574	)
Class B		(2,714,425	)		(1,906,054	)
Total distributions		(54,464,357	)		(42,715,800	)
Increase (decrease) in net assets from capital share transactions		(221,399,926	)		36,860,137
Total increase (decrease) in net assets		(313,536,124	)		217,521,749
Net Assets
Beginning of period		994,458,226			776,936,477
End of period	$	680,922,102		$	994,458,226
Undistributed net investment income
End of period	$	4,564,470		$	10,016,566

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		2,245,230		$	34,872,137			4,884,609		$	71,182,005
Reinvestments		3,121,329			50,190,972			2,902,536			39,590,599
Redemptions		(18,770,202	)		(309,191,634	)		(5,021,741	)		(76,955,031	)
Net increase (decrease)		(13,403,643	)	$	(224,128,525	)		2,765,404		$	33,817,573
Class B
Sales		1,231,126		$	19,736,361			1,118,126		$	16,478,798
Reinvestments		266,587			4,273,385			229,794			3,125,201
Redemptions		(1,293,322	)		(21,281,147	)		(1,110,043	)		(16,561,435	)
Net increase		204,391		$	2,728,599			237,877		$	3,042,564
Increase (decrease) derived from capital shares transactions				$	(221,399,926	)				$	36,860,137

See accompanying notes to financial statements.

MSF-42

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	16.83		$	13.85		$	13.25		$	16.68		$	14.54
Income (Loss) from Investment Operations
Net investment income (a)		0.26			0.28			0.27			0.29			0.20
Net realized and unrealized gain (loss) on investments		(1.28	)		3.42			2.04			(2.77	)		3.00
Total from investment operations		(1.02	)		3.70			2.31			(2.48	)		3.20
Less Distributions
Distributions from net investment income		(0.38	)		(0.30	)		(0.36	)		(0.35	)		(0.25	)
Distributions from net realized capital gains		(0.59	)		(0.42	)		(1.35	)		(0.60	)		(0.81	)
Total distributions		(0.97	)		(0.72	)		(1.71	)		(0.95	)		(1.06	)
Net Asset Value, End of Period	$	14.84		$	16.83		$	13.85		$	13.25		$	16.68
Total Return (%) (b)		(6.50	)		27.94			18.25			(16.08	)		22.93
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98			0.95			0.98			1.02			1.01
Net ratio of expenses to average net assets (%) (c)		0.97			0.94			0.98			1.02			1.01
Ratio of net investment income to average net assets (%)		1.58			1.86			2.06			1.86			1.38
Portfolio turnover rate (%)		10			12			12			25			13
Net assets, end of period (in millions)	$	606.4		$	913.3		$	713.4		$	578.9		$	697.0
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	16.75		$	13.79		$	13.20		$	16.62		$	14.50
Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.24			0.24			0.26			0.16
Net realized and unrealized gain (loss) on investments		(1.26	)		3.41			2.02			(2.77	)		2.98
Total from investment operations		(1.05	)		3.65			2.26			(2.51	)		3.14
Less Distributions
Distributions from net investment income		(0.34	)		(0.27	)		(0.32	)		(0.31	)		(0.21	)
Distributions from net realized capital gains		(0.59	)		(0.42	)		(1.35	)		(0.60	)		(0.81	)
Total distributions		(0.93	)		(0.69	)		(1.67	)		(0.91	)		(1.02	)
Net Asset Value, End of Period	$	14.77		$	16.75		$	13.79		$	13.20		$	16.62
Total Return (%) (b)		(6.69	)		27.60			17.90			(16.25	)		22.59
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.23			1.20			1.23			1.27			1.26
Net ratio of expenses to average net assets (%) (c)		1.22			1.19			1.23			1.27			1.26
Ratio of net investment income to average net assets (%)		1.32			1.58			1.81			1.69			1.12
Portfolio turnover rate (%)		10			12			12			25			13
Net assets, end of period (in millions)	$	74.5		$	81.1		$	63.5		$	56.7		$	43.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-43

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Met/Dimensional International Small Company Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-44

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-45

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, partnership basis adjustments and passive foreign investment companies (PFICs). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $5,029,910, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MSF-46

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 10, 2014 through April 29, 2014, the Portfolio had bought and sold $234,278,816 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized losses in the amount of $1,532,592 which are shown under Net realized loss on futures contracts in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these 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.

MSF-47

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	81,198,643	$	0	$	344,047,221

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average daily net assets
$6,440,401		0.850	%	Of the first $100 million
		0.800	%	On amounts in excess of $100 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Dimensional Fund Advisors LP is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 through April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average daily net assets
0.050%	Of the first $100 million

An identical expense agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B Shares. Under the Distribution and Service Plan, the Class B Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

MSF-48

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$25,651,476	$	17,802,172	$	28,812,881	$	24,913,628	$	54,464,357	$	42,715,800

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$14,886,478	$	114,021,681	$	95,458,729	$	—	$	224,366,888

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before re-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-49

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Met/Dimensional International Small Company Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Met/Dimensional International Small Company Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Met/Dimensional International Small Company Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-50

Metropolitan Series Fund

Trustees and Officers

Management of The Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**

MSF-51

Metropolitan Series Fund

Trustees and Officers—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-52

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-53

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MSF-54

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Met/Dimensional International Small Company Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Dimensional Fund Advisors LP regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board also took into account that the Portfolio outperformed its benchmark, the MSCI World ex USA Small Cap Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were below the Expense Group median and Sub-advised Expense Universe median and were equal to the Expense Universe median. The Board noted that the Portfolio’s total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board also noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board further noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board also considered that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-55

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the MetLife Asset Allocation 20 Portfolio returned 4.73% and 4.47%, respectively. The Portfolio’s benchmark, the Dow Jones Conservative Index¹, returned 3.86%.

MARKET ENVIRONMENT / CONDITIONS

After a sharp weather-related contraction in the first quarter, the U.S. economy turned the corner and ended 2014 on a strong note, with the majority of leading economic indicators pointing to continued strength. U.S. Gross Domestic Product (GDP) grew healthily in the second and third quarters, the strongest two quarters of expansion since 2003. Solid economic growth domestically, combined with the Federal Reserve Bank’s (the “Fed”) accommodative stance in respect to interest rates, provided ample support for the U.S. stock market, which delivered another strong year of performance in 2014. Economic growth around the world became increasingly divergent in 2014. While the U.S. economy was on the rise, renewed concerns over economic growth in Europe and Asia weighed on the equity market outside the U.S. Furthermore, geopolitical tension in Eastern Europe and Iraq added to short-term volatility. As the Fed finally wound down its quantitative easing program as planned, the European Central Bank initiated an easing strategy, and the Bank of Japan increased its asset purchasing program. In November, China cut interest rates unexpectedly, stepping up a campaign to prop up growth in the world’s second-largest economy as it headed toward its slowest growth in nearly a quarter century. As other central banks moved towards further stimulus, the U.S. dollar rallied strongly, which further dented the returns of international stocks in U.S. dollar terms.

The U.S. stock market, as measured by the S&P 500 Index, was the bright spot in the global equity market, advancing 13.7% over the twelve month period. Small cap stocks, represented by the S&P Small Cap 600 Index, trailed their large cap counterparts at 5.8%, despite an outperformance in the fourth quarter. Energy stocks were the bottom performing sector and the only sector that produced a negative return for the year, driven by plummeting oil prices as a result of increased production in the U.S. and a slower demand worldwide. On the other side of the spectrum, the Utilities sector delivered the best results, as investors were hungry for yields in an extended low interest rate environment. The Health Care sector followed closely behind, gaining on strong earnings reports and forward guidance. Technology stocks performed strongly as well, with semiconductor manufacturers and software firms benefitting from order expansions and merger activities. The equity markets outside the U.S., however, ended the year in negative territory in both the developed world and emerging markets. The MSCI EAFE Index and MSCI Emerging Markets Index declined 4.9% and 2.2% in U.S. dollar terms, respectively.

Contrary to many investors’ expectations of rising yields in the U.S., Treasury yields declined across the maturity spectrum in 2014. The 10-year Treasury yield dropped to 2.17% at the end of the year. As a result, the bond market rallied over the course of the past year. The yield curve continued to flatten with yields on the long end of the curve coming down significantly more than yields on the short end. While Investment Grade credit outperformed Treasuries, the High Yield sector underperformed. For the twelve month period, the Barclays U.S. Aggregate Bond Index advanced 6.0%. The Barclays Corporate High Yield Index was up 2.5%. As yields across the world declined due to further monetary easing implemented by a number of central banks, bond markets outside the U.S. on average delivered strong returns in local currency terms. However, the positive local returns were erased by the depreciation of many currencies against the U.S. dollar. The Barclays Global Aggregate ex-U.S. Index lost 3.1% in U.S. dollar terms for the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The MetLife Asset Allocation 20 Portfolio invested in underlying portfolios of the Met Investors Series Trust and the Metropolitan Series Fund to maintain a broad asset allocation of approximately 20% to equities and 80% to fixed income.

Over the twelve month period, the Portfolio outpaced the Dow Jones Conservative Index driven largely by the Portfolio’s domestic orientation relative to the index, particularly on the fixed income side, as the U.S. markets performed substantially better than most other markets.

Among all the fixed income underlying portfolios, the BlackRock Bond Income Portfolio produced the largest positive contribution to the allocation portfolio’s relative performance. The portfolio outperformed the Barclays U.S. Aggregate Bond Index due largely to its yield curve positioning. Yields on the long end of the U.S. yield curve declined significantly as the curve flattened throughout the year; bonds with a long maturity delivered remarkable returns in 2014. The portfolio benefited from an overweight to longer dated bonds. Additionally, the portfolio’s holdings in securitized assets added value as investors’ demand for yield boosted the returns of this sector. The Met/Templeton International Bond Portfolio also contributed positively. Despite a modest detraction from its defensive interest rate position, the portfolio significantly benefited from a sizable underweight to the euro and the Japanese yen, as both currencies experienced a large depreciation against the U.S. dollar. Conversely, the PIMCO Inflation Protected Bond Portfolio detracted from the allocation portfolio’s relative result due to the underperformance of the Treasury Inflation Protected Securities sector, as inflation expectations moderated over the course of the year. The Met/Franklin Low Duration Total Return Portfolio was another performance detractor, driven by the portfolio’s mandate of focusing on short duration bonds, which underperformed long duration bonds over the year.

The domestic equity portfolios in aggregate produced a modestly negative contribution. Underperformance was observed in a number of portfolios across the market cap range. Within the large cap space,

MSF-1

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

the Jennison Growth Portfolio and T. Rowe Price Large Cap Growth Portfolio detracted from performance. Both portfolios were negatively impacted by unfavorable stock selection in the Technology and Consumer sectors. In the midcap arena, the Met/Artisan Mid Cap Value Portfolio was a noticeable detractor. The portfolio substantially underperformed its benchmark, the Russell Mid Cap Value Index, driven largely by its Energy sector holdings. An overweight position in the sector as well as stock selection within the sector weighed heavily on results. The portfolio’s holdings in a number of oil & gas exploration and production companies and drillers were among the largest decliners within the Energy sector as stock prices of these companies were most impacted by plunging oil prices. In the small cap space, the Neuberger Berman Genesis Portfolio trailed its benchmark, largely attributable to a lack of exposure in real estate investment trusts (“REITs”), which enjoyed a strong return in 2014. The team generally does not invest in REITs as these companies do not meet the team’s investment criteria: strong cash flow generating capabilities, the ability to finance their own growth, and high barriers to entry.

Within the equity portfolios that invest outside the U.S., the Clarion Global Real Estate Portfolio was the top performance contributor as the REIT industry surged in the past year. The Clarion portfolio serves as a good diversifier in the underlying portfolio line-up, especially to balance off the other portfolios whose managers don’t invest in REITs. Since being added to the allocation portfolio in the beginning of May, the Met/Artisan International Portfolio also contributed positively, benefiting from a minimal exposure to the Energy sector in addition to healthy stock selection in the Technology and Health Care sectors. Conversely, the MFS Research International Portfolio somewhat hindered the allocation portfolio’s relative result due to its weak stock selection in the Industrials, Consumer Discretionary, and Financials sectors.

Investment Committee

MetLife Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES CONSERVATIVE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
MetLife Asset Allocation 20 Portfolio
Class A		4.73		6.47		5.48
Class B		4.47		6.21		5.23
Dow Jones Conservative Index		3.86		4.88		4.92

¹ The Dow Jones Conservative Index is a total returns index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk combination will have 20% of the risk of an all equity portfolio.

² Inception date of the Class A and Class B shares is 5/2/05. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
PIMCO Total Return Portfolio (Class A)		18.1
Western Asset Management U.S. Government Portfolio (Class A)		15.0
BlackRock Bond Income Portfolio (Class A)		12.5
JPMorgan Core Bond Portfolio (Class A)		10.5
PIMCO Inflation Protected Bond Portfolio (Class A)		9.0
Met/Franklin Low Duration Total Return Portfolio (Class A)		6.0
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		3.0
Met/Eaton Vance Floating Rate Portfolio (Class A)		2.0
Met/Templeton International Bond Portfolio (Class A)		2.0
Invesco Comstock Portfolio (Class A)		2.0

MSF-3

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

MetLife Asset Allocation 20 Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)(b)	Actual		0.64	%	$	1,000.00	$	1,008.70	$	3.24
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.98	$	3.26
Class B(a)(b)	Actual		0.89	%	$	1,000.00	$	1,007.90	$	4.50
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.72	$	4.53

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects an expense limitation agreement between MetLife Advisers, LLC and the Portfolio as described in Note 5 of the Notes to Financial Statements.

^(b) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Schedule of Investments as of December 31, 2014

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		694,151	$	6,990,101
BlackRock Bond Income Portfolio (Class A) (a)		795,559		88,283,196
BlackRock Capital Appreciation Portfolio (Class A) (a)		169,815		6,994,675
BlackRock High Yield Portfolio (Class A) (b)		429,244		3,524,094
BlackRock Large Cap Value Portfolio (Class A) (a)		706,632		6,988,592
Clarion Global Real Estate Portfolio (Class A) (b)		561,676		6,981,634
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		214,573		3,506,116
Harris Oakmark International Portfolio (Class A) (b)		435,775		6,946,248
Invesco Comstock Portfolio (Class A) (b)		885,505		13,982,117
Jennison Growth Portfolio (Class A) (a)		429,945		6,978,003
JPMorgan Core Bond Portfolio (Class A) (b)		7,082,405		74,152,775
JPMorgan Small Cap Value Portfolio (Class A) (b)		193,835		3,506,470
Lord Abbett Bond Debenture Portfolio (Class A) (b)		270,206		3,526,190
Met/Artisan International Portfolio (Class A) (b) (c)		691,103		6,938,677
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		12,889		3,503,176
Met/Eaton Vance Floating Rate Portfolio (Class A) (b)		1,368,590		14,110,167
Met/Franklin Low Duration Total Return Portfolio (Class A) (b)		4,243,403		42,306,723
Met/Templeton International Bond Portfolio (Class A) (b)		1,240,424		14,041,600
MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio) (Class A) (b)		171,003		3,507,270
MFS Emerging Markets Equity Portfolio (Class A) (b)		182,583		1,756,445
MFS Research International Portfolio (Class A) (b)		477,026		5,213,892
MFS Value Portfolio (Class A) (a)		759,925		13,967,430
Neuberger Berman Genesis Portfolio (Class A) (a)		387,457		7,001,348
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		6,276,891		63,271,056
PIMCO Total Return Portfolio (Class A) (b)		10,511,749		127,087,048
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		283,220		7,012,523
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		388,867		13,975,866
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		1,576,094		21,166,947
Western Asset Management U.S. Government Portfolio (Class A) (a)		8,739,893		105,840,104
WMC Core Equity Opportunities Portfolio (Class A) (a)		323,362		13,946,596
Affiliated Investment Companies—(Continued)
WMC Large Cap Research Portfolio (Class A) (b)		481,809		6,981,419
Total Mutual Funds (Cost $680,790,193)				703,988,498
Total Investments—100.0% (Cost $680,790,193) (d)				703,988,498
Other assets and liabilities (net)—0.0%				(282,348	)
Net Assets—100.0%			$	703,706,150

(a) A Portfolio of Metropolitan Series Fund. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(b) A Portfolio of Met Investors Series Trust. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(c) Non-income producing security.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $684,148,460. The aggregate unrealized appreciation and depreciation of investments were $27,788,616 and $(7,948,578), respectively, resulting in net unrealized appreciation of $19,840,038 for federal income tax purposes.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	703,988,498	$	—	$	—	$	703,988,498
Total Investments	$	703,988,498	$	—	$	—	$	703,988,498

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Affiliated investments at value (a)	$	703,988,498
Receivable for:
Investments sold		57,984
Fund shares sold		205,107
Due from investment adviser		11,781
Total Assets		704,263,370
Liabilities
Payables for:
Fund shares redeemed		263,090
Accrued expenses:
Management fees		55,637
Distribution and service fees		139,403
Deferred trustees’ fees		63,842
Other expenses		35,248
Total Liabilities		557,220
Net Assets	$	703,706,150
Net assets consist of:
Paid in surplus	$	648,229,655
Undistributed net investment income		14,325,756
Accumulated net realized gain		17,952,434
Unrealized appreciation on affiliated investments		23,198,305
Net Assets	$	703,706,150
Net Assets
Class A	$	50,069,457
Class B		653,636,693
Capital Shares Outstanding*
Class A		4,319,018
Class B		56,802,910
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.59
Class B		11.51

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $680,790,193.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Affiliated Underlying Portfolios	$	15,722,502
Total investment income		15,722,502
Expenses
Management fees		650,652
Administration fees		22,220
Custodian and accounting fees		25,030
Distribution and service fees—Class B		1,624,893
Audit and tax services		38,335
Legal		30,014
Trustees’ fees and expenses		38,591
Miscellaneous		7,242
Total expenses		2,436,977
Less expenses reimbursed by the Adviser		(111,213	)
Net expenses		2,325,764
Net Investment Income		13,396,738
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		15,285,035
Capital gain distributions from Affiliated Underlying Portfolios		7,445,038
Net realized gain		22,730,073
Net change in unrealized depreciation on affiliated investments		(5,339,689	)
Net realized and unrealized gain		17,390,384
Net Increase in Net Assets From Operations	$	30,787,122

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	13,396,738		$	18,884,748
Net realized gain		22,730,073			39,019,916
Net change in unrealized depreciation		(5,339,689	)		(26,985,702	)
Increase in net assets from operations		30,787,122			30,918,962
From Distributions to Shareholders
Net investment income
Class A		(2,053,611	)		(1,669,825	)
Class B		(24,345,939	)		(20,320,447	)
Net realized capital gains
Class A		(2,078,453	)		(252,309	)
Class B		(26,396,677	)		(3,326,264	)
Total distributions		(54,874,680	)		(25,568,845	)
Increase (decrease) in net assets from capital share transactions		23,536,074			(78,957,486	)
Total decrease in net assets		(551,484	)		(73,607,369	)
Net Assets
Beginning of period		704,257,634			777,865,003
End of period	$	703,706,150		$	704,257,634
Undistributed net investment income
End of period	$	14,325,756		$	26,235,354

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		743,506		$	8,684,348			1,010,238		$	12,089,640
Reinvestments		367,949			4,132,064			162,755			1,922,134
Redemptions		(982,643	)		(11,475,936	)		(1,579,390	)		(18,842,708	)
Net increase (decrease)		128,812		$	1,340,476			(406,397	)	$	(4,830,934	)
Class B
Sales		10,113,496		$	115,990,094			5,676,456		$	67,480,408
Reinvestments		4,546,830			50,742,616			2,012,486			23,646,711
Redemptions		(12,486,605	)		(144,537,112	)		(14,002,275	)		(165,253,671	)
Net increase (decrease)		2,173,721		$	22,195,598			(6,313,333	)	$	(74,126,552	)
Increase (decrease) derived from capital shares transactions				$	23,536,074					$	(78,957,486	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.05		$	11.94		$	11.60		$	11.51		$	10.87
Income (Loss) from Investment Operations
Net investment income (a)		0.25			0.33			0.30			0.33			0.33
Net realized and unrealized gain on investments		0.29			0.20			0.77			0.07			0.77
Total from investment operations		0.54			0.53			1.07			0.40			1.10
Less Distributions
Distributions from net investment income		(0.50	)		(0.36	)		(0.41	)		(0.31	)		(0.46	)
Distributions from net realized capital gains		(0.50	)		(0.06	)		(0.32	)		0.00			0.00
Total distributions		(1.00	)		(0.42	)		(0.73	)		(0.31	)		(0.46	)
Net Asset Value, End of Period	$	11.59		$	12.05		$	11.94		$	11.60		$	11.51
Total Return (%) (b)		4.73			4.50			9.49			3.48			10.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.12			0.11			0.11			0.11			0.11
Net ratio of expenses to average net assets (%) (c)(d)		0.10			0.10			0.10			0.10			0.10
Ratio of net investment income to average net assets (%) (e)		2.17			2.73			2.58			2.84			2.97
Portfolio turnover rate (%)		16			18			9			33			21
Net assets, end of period (in millions)	$	50.1		$	50.5		$	54.9		$	48.7		$	45.7
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.97		$	11.86		$	11.53		$	11.44		$	10.81
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.29			0.27			0.29			0.30
Net realized and unrealized gain on investments		0.28			0.22			0.76			0.08			0.77
Total from investment operations		0.50			0.51			1.03			0.37			1.07
Less Distributions
Distributions from net investment income		(0.46	)		(0.34	)		(0.38	)		(0.28	)		(0.44	)
Distributions from net realized capital gains		(0.50	)		(0.06	)		(0.32	)		0.00			0.00
Total distributions		(0.96	)		(0.40	)		(0.70	)		(0.28	)		(0.44	)
Net Asset Value, End of Period	$	11.51		$	11.97		$	11.86		$	11.53		$	11.44
Total Return (%) (b)		4.47			4.29			9.18			3.25			10.05
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.37			0.36			0.36			0.36			0.36
Net ratio of expenses to average net assets (%) (c)(d)		0.35			0.35			0.35			0.35			0.35
Ratio of net investment income to average net assets (%) (e)		1.89			2.49			2.35			2.49			2.68
Portfolio turnover rate (%)		16			18			9			33			21
Net assets, end of period (in millions)	$	653.6		$	653.8		$	723.0		$	634.3		$	562.4

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(d) Includes the effects of expenses reimbursed by the Adviser (see Note 5 of the Notes to Financial Statements).

(e) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Asset Allocation 20 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers, LLC (“MetLife Advisers”), an affiliate of MetLife, Inc., or its affiliates (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Asset Allocation Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions from Underlying Portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

3. Certain Risks

Market Risk: In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and

MSF-10

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

counterparty risk”). The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the year ended December 31, 2014 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	110,023,056	$	0	$	120,447,926

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Asset Allocation Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Asset Allocation Portfolio. For providing investment management services to the Asset Allocation Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$650,652		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to MetLife Advisers, the Asset Allocation Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in the Underlying Portfolios.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Expense Limitation Agreement - Pursuant to an expense agreement relating to each class of the Asset Allocation Portfolio, MetLife Advisers has contractually agreed, from April 28, 2014 to April 26, 2015, to waive a portion of its advisory fees or pay a portion of the other operating expenses (not including acquired fund fees and expenses, brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio’s then-current fiscal year). For the Asset Allocation Portfolio, this subsidy, and identical subsidies in effect in earlier periods, are subject to the obligation of each class of the Asset Allocation Portfolio to repay MetLife Advisers in future years, if any, when a class’ expenses fall

MSF-11

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the extent that the charge does not cause the total expenses in such subsequent year to exceed the class’ stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Asset Allocation Portfolio is obligated to repay any expense paid by MetLife Advisers more than five years after the end of the fiscal year in which such expense was incurred. The expense limits (annual rates as a percentage of each class of the Asset Allocation Portfolio’s net average daily net assets) in effect from April 28, 2014 to April 26, 2015 are 0.10% and 0.35% for Class A and B, respectively.

As of December 31, 2014, the amount of expenses deferred in 2010 subject to repayment until December 31, 2015 was $71,127. The amount of expenses deferred in 2011 subject to repayment until December 31, 2016 was $38,237. The amount of expenses deferred in 2012 subject to repayment until December 31, 2017 was $74,663. The amount of expenses deferred in 2013 subject to repayment until December 31, 2018 was $61,885. The amount of expenses deferred in 2014 subject to repayment until December 31, 2019 was $111,213.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the year ended December 31, 2014 is shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an active employee of MetLife or its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Asset Allocation Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2014 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
Baillie Gifford International Stock		674,662		153,637		(134,148	)		694,151
BlackRock Bond Income		819,606		68,823		(92,870	)		795,559
BlackRock Capital Appreciation		187,852		35,280		(53,317	)		169,815
BlackRock High Yield		558,310		101,450		(230,516	)		429,244
BlackRock Large Cap Value		591,358		308,443		(193,169	)		706,632
Clarion Global Real Estate		636,517		81,095		(155,936	)		561,676
Goldman Sachs Mid Cap Value		200,123		78,184		(63,734	)		214,573
Harris Oakmark International		371,169		146,946		(82,340	)		435,775
Invesco Comstock		975,148		162,568		(252,211	)		885,505
Jennison Growth		539,041		129,797		(238,893	)		429,945
JPMorgan Core Bond		5,870,256		1,826,449		(614,300	)		7,082,405
JPMorgan Small Cap Value		177,607		71,756		(55,528	)		193,835
Lord Abbett Bond Debenture		365,350		52,179		(147,323	)		270,206
Met/Artisan International		—		768,900		(77,797	)		691,103
Met/Artisan Mid Cap Value		13,233		2,403		(2,747	)		12,889
Met/Eaton Vance Floating Rate		1,327,385		128,214		(87,009	)		1,368,590

MSF-12

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2013			Shares purchased		Shares sold			Number of shares held at December 31, 2014
Met/Franklin Low Duration Total Return		4,198,867			338,349		(293,813	)		4,243,403
Met/Templeton International Bond		1,206,952			150,923		(117,451	)		1,240,424
MetLife Small Cap Value (formerly, Third Avenue Small Cap Value)		506,729			125,293		(461,019	)		171,003
MFS Emerging Markets Equity		170,443			53,485		(41,345	)		182,583
MFS Research International		443,928			105,560		(72,462	)		477,026
MFS Value		801,107			163,775		(204,957	)		759,925
Neuberger Berman Genesis		391,139			81,325		(85,007	)		387,457
PIMCO Inflation Protected Bond		7,032,253			631,942		(1,387,304	)		6,276,891
PIMCO Total Return		11,231,865			825,586		(1,545,702	)		10,511,749
T. Rowe Price Large Cap Growth		347,982			87,410		(152,172	)		283,220
T. Rowe Price Large Cap Value		508,477			66,506		(186,116	)		388,867
Western Asset Management Strategic Bond Opportunities		1,364,300			341,615		(129,821	)		1,576,094
Western Asset Management U.S. Government		8,784,176			640,576		(684,859	)		8,739,893
WMC Core Equity Opportunities		380,528			79,767		(136,933	)		323,362
WMC Large Cap Research		—			571,449		(89,640	)		481,809
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Underlying Portfolios			Capital Gain Distributions from Underlying Portfolios		Dividend Income from Underlying Portfolios			Ending Value as of December 31, 2014
Baillie Gifford International Stock	$	253,560		$	—	$	94,944		$	6,990,101
BlackRock Bond Income		353,650			—		2,986,268			88,283,196
BlackRock Capital Appreciation		534,416			—		4,477			6,994,675
BlackRock High Yield		(40,528	)		214,091		291,607			3,524,094
BlackRock Large Cap Value		157,595			1,611,807		88,456			6,988,592
Clarion Global Real Estate		199,561			—		127,597			6,981,634
Goldman Sachs Mid Cap Value		47,267			613,745		27,215			3,506,116
Harris Oakmark International		330,636			632,153		171,886			6,946,248
Invesco Comstock		1,428,884			—		161,387			13,982,117
Jennison Growth		915,185			452,001		22,230			6,978,003
JPMorgan Core Bond		(101,932	)		327,825		1,017,388			74,152,775
JPMorgan Small Cap Value		100,242			405,779		37,076			3,506,470
Lord Abbett Bond Debenture		49,943			128,393		275,425			3,526,190
Met/Artisan International		18,974			—		—			6,938,677
Met/Artisan Mid Cap Value		257,264			—		24,715			3,503,176
Met/Eaton Vance Floating Rate		44,057			57,975		490,854			14,110,167
Met/Franklin Low Duration Total Return		6,619			—		926,522			42,306,723
Met/Templeton International Bond		51,391			—		654,113			14,041,600
MetLife Small Cap Value (formerly, Third Avenue Small Cap Value)		2,464,166			413,690		28,749			3,507,270
MFS Emerging Markets Equity		(7,560	)		—		18,299			1,756,445
MFS Research International		157,063			—		123,836			5,213,892
MFS Value		1,390,325			656,407		235,257			13,967,430
Neuberger Berman Genesis		432,875			—		26,575			7,001,348
PIMCO Inflation Protected Bond		(1,345,017	)		—		1,258,380			63,271,056
PIMCO Total Return		1,841,309			—		3,314,568			127,087,048
T. Rowe Price Large Cap Growth		1,486,017			584,797		5,121			7,012,523
T. Rowe Price Large Cap Value		1,953,141			—		245,248			13,975,866
Western Asset Management Strategic Bond Opportunities		197,586			—		959,076			21,166,947
Western Asset Management U.S. Government		180,181			—		1,992,575			105,840,104
WMC Core Equity Opportunities		1,826,748			1,346,375		112,658			13,946,596
WMC Large Cap Research		101,417			—		—			6,981,419
	$	15,285,035		$	7,445,038	$	15,722,502		$	703,988,498

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

MSF-13

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income				Long-Term Capital Gain				Total
2014		2013		2014		2013		2014		2013
$	27,307,125	$	21,990,272	$	27,567,555	$	3,578,573	$	54,874,680	$	25,568,845

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$	14,506,337	$	21,193,960	$	19,840,040	$	—	$	55,540,337

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As of December 31, 2014, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-14

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MetLife Asset Allocation 20 Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of MetLife Asset Allocation 20 Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the transfer agent. 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 MetLife Asset Allocation 20 Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-15

Metropolitan Series Fund

Trustees and Officers

Management of The Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**

MSF-16

Metropolitan Series Fund

Trustees and Officers—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-17

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with MetLife Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser that the Adviser had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its investment management activities, trading practices, financial condition, relevant personnel matters and compliance program, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser regularly review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments.

The Board further considered the provision of investment advisory services by the Adviser to the Asset Allocation Portfolios (i.e., MetLife Asset Allocation 20 Portfolio, MetLife Asset Allocation 40 Portfolio, MetLife Asset Allocation 60 Portfolio, MetLife Asset Allocation 80 Portfolio and MetLife Asset Allocation 100 Portfolio) and the American Funds of Funds (i.e., American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio). With respect to the Asset Allocation Portfolios, the Board noted that the Adviser has hired an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and to investments

MSF-18

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

in other Portfolios of the Trusts (the “Underlying Portfolios”), which may assist the Adviser with the selection of Underlying Portfolios for inclusion in each Asset Allocation Portfolio. Additionally, the Board considered that a committee, consisting of investment professionals from across the Adviser, meets periodically to review the asset allocations and discuss the performance of the Asset Allocation Portfolios and the American Funds of Funds.

The Board further considered and found that the advisory fee to be paid to the Adviser with respect to each Asset Allocation Portfolio and American Fund of Funds was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the Underlying Portfolios in which the Portfolio invests.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance. The Board focused particular attention on Portfolios with less favorable performance records.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”) and a narrower group of peer funds (“Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report.

The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board further considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Portfolios, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board considered the effective fees under the Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MSF-19

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

MetLife Asset Allocation 20 Portfolio (formerly, MetLife Conservative Allocation Portfolio). The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreement with the Adviser regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed both the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Conservative AA Broad Index, for the one-year period ended October 31, 2014 and outperformed the Conservative AA Broad Index for the three- and five-year periods ended October 31, 2014. The Board also took into account that the Portfolio outperformed its other benchmark, the Dow Jones Conservative Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance, including prevailing market conditions.

The Board considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median and Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-20

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the MetLife Asset Allocation 40 Portfolio returned 5.16% and 4.93%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Conservative Index¹, returned 4.78%.

MARKET ENVIRONMENT / CONDITIONS

After a sharp weather-related contraction in the first quarter, the U.S. economy turned the corner and ended 2014 on a strong note, with the majority of leading economic indicators pointing to continued strength. U.S. Gross Domestic Product (GDP) grew healthily in the second and third quarters, the strongest two quarters of expansion since 2003. Solid economic growth domestically, combined with the Federal Reserve Bank’s (the “Fed”) accommodative stance in respect to interest rates, provided ample support for the U.S. stock market, which delivered another strong year of performance in 2014. Economic growth around the world became increasingly divergent in 2014. While the U.S. economy was on the rise, renewed concerns over economic growth in Europe and Asia weighed on the equity market outside the U.S. Furthermore, geopolitical tension in Eastern Europe and Iraq added to short-term volatility. As the Fed finally wound down its quantitative easing program as planned, the European Central Bank initiated an easing strategy, and the Bank of Japan increased its asset purchasing program. In November, China cut interest rates unexpectedly, stepping up a campaign to prop up growth in the world’s second-largest economy as it headed toward its slowest growth in nearly a quarter century. As other central banks moved towards further stimulus, the U.S. dollar rallied strongly, which further dented the returns of international stocks in U.S. dollar terms.

The U.S. stock market, as measured by the S&P 500 Index, was the bright spot in the global equity market, advancing 13.7% over the twelve month period. Small cap stocks, represented by the S&P Small Cap 600 Index, trailed their large cap counterparts at 5.8%, despite an outperformance in the fourth quarter. Energy stocks were the bottom performing sector and the only sector that produced a negative return for the year, driven by plummeting oil prices as a result of increased production in the U.S. and a slower demand worldwide. On the other side of the spectrum, the Utilities sector delivered the best results, as investors were hungry for yields in an extended low interest rate environment. The Health Care sector followed closely behind, gaining on strong earnings reports and forward guidance. Technology stocks performed strongly as well, with semiconductor manufacturers and software firms benefitting from order expansions and merger activities. The equity markets outside the U.S., however, ended the year in negative territory in both the developed world and emerging markets. The MSCI EAFE Index and MSCI Emerging Markets Index declined 4.9% and 2.2% in U.S. dollar terms, respectively.

Contrary to many investors’ expectations of rising yields in the U.S., Treasury yields declined across the maturity spectrum in 2014. The 10-year Treasury yield dropped to 2.17% at the end of the year. As a result, the bond market rallied over the course of the past year. The yield curve continued to flatten with yields on the long end of the curve coming down significantly more than yields on the short end. While Investment Grade credit outperformed Treasuries, the High Yield sector underperformed. For the twelve month period, the Barclays U.S. Aggregate Bond Index advanced 6.0%. The Barclays Corporate High Yield Index was up 2.5%. As yields across the world declined due to further monetary easing implemented by a number of central banks, bond markets outside the U.S. on average delivered strong returns in local currency terms. However, the positive local returns were erased by the depreciation of many currencies against the U.S. dollar. The Barclays Global Aggregate ex-U.S. Index lost 3.1% in U.S. dollar terms for the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The MetLife Asset Allocation 40 Portfolio invested in underlying portfolios of the Met Investors Series Trust and the Metropolitan Series Fund to maintain a broad asset allocation of approximately 40% to equities and 60% to fixed income.

Over the twelve month period, the Portfolio outpaced the Dow Jones Moderately Conservative Index driven largely by the Portfolio’s domestic orientation relative to the index as the U.S. markets performed substantially better than most other markets.

Among all the fixed income underlying portfolios, the BlackRock Bond Income Portfolio produced the largest positive contribution to the allocation portfolio’s relative performance. The portfolio outperformed the Barclays U.S. Aggregate Bond Index due largely to its yield curve positioning. Yields on the long end of the U.S. yield curve declined significantly as the curve flattened throughout the year; bonds with a long maturity delivered remarkable returns in 2014. The portfolio benefited from an overweight to longer dated bonds. Additionally, the portfolio’s holdings in securitized assets added value as investors’ demand for yield boosted the returns of this sector. The Met/Templeton International Bond Portfolio also contributed positively. Despite a modest detraction from its defensive interest rate position, the portfolio significantly benefited from a sizable underweight to the euro and the Japanese yen, as both currencies experienced a large depreciation against the U.S. dollar. Conversely, the PIMCO Inflation Protected Bond Portfolio detracted from the allocation portfolio’s relative result due to the underperformance of the Treasury Inflation Protected Securities sector, as inflation expectations moderated over the course of the year. The Met/Franklin Low Duration Total Return Portfolio was another performance detractor, driven by the portfolio’s mandate of focusing on short duration bonds, which underperformed long duration bonds over the year.

The domestic equity portfolios in aggregate produced a positive contribution. The ClearBridge Aggressive Growth Portfolio considerably outpaced its benchmark. Strong stock selection in the Health Care, Technology, and Consumer Discretionary sectors generated sizable

MSF-1

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

contributions to relative performance. An overweight to the Health Care sector further enhanced return. The T. Rowe Price Large Cap Value Portfolio and WMC Large Cap Research Portfolio also contributed positively. For the T. Rowe Price Large Cap Value Portfolio, solid stock selection in the Industrials sector more than compensated for a negative impact from an underweight position to the Technology sector. More specifically, within the Industrials sector, the portfolio’s holding in Southwest Airlines generated a significant contribution as the price of the stock soared more than 100% in the past year. The WMC Large Cap Research Portfolio benefited from healthy stock selection in the Health Care and Materials sectors. Conversely, the Neuberger Berman Genesis Portfolio detracted from the allocation’s relative result, largely driven by a lack of exposure in real estate investment trusts (“REITs”), which enjoyed a strong return in 2014. The team generally does not invest in REITs as these companies do not meet the team’s investment criteria: strong cash flow generating capabilities, the ability to finance their own growth, and high barriers to entry. The Met/Artisan Mid Cap Value Portfolio also trailed its benchmark index driven largely by the Energy sector where both an overweight position and unfavorable stock selection weighed heavily on results. The portfolio’s holdings in a number of oil & gas exploration and production companies and drilling companies were among the largest decliners within the Energy sector as stock prices of these companies were most impacted by plunging oil prices.

Within the equity portfolios that invest outside the U.S., the Van Eck Global Natural Resources Portfolio produced a large detraction to the allocation portfolio’s relative performance as the Energy sector sold off due to plummeting oil prices. The MFS Research International Portfolio also hindered the allocation portfolio’s relative result to some extent due to its weak stock selection in the Industrials, Consumer Discretionary, and Financials sectors. Conversely, the Clarion Global Real Estate Portfolio aided the relative performance of the allocation portfolio as the REIT industry surged in the past year. The Clarion portfolio serves as a good diversifier in the underlying portfolio line-up, especially to balance off the other portfolios whose managers don’t invest in REITs. Since being added to the allocation portfolio in the beginning of May, the Met/Artisan International Portfolio also contributed positively, benefiting from a minimal exposure to the Energy sector in addition to healthy stock selection in the Technology and Health Care sectors.

Investment Committee

MetLife Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY CONSERVATIVE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
MetLife Asset Allocation 40 Portfolio
Class A		5.16		8.14		6.08
Class B		4.93		7.89		5.81
Dow Jones Moderately Conservative Index		4.78		7.03		5.74

¹ The Dow Jones Moderately Conservative Index is a total returns index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk combination will have 40% of the risk of an all equity portfolio.

² Inception date of the Class A and Class B shares is 5/2/05. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
PIMCO Total Return Portfolio (Class A)		14.1
BlackRock Bond Income Portfolio (Class A)		9.6
Western Asset Management U.S. Government Portfolio (Class A)		9.0
JPMorgan Core Bond Portfolio (Class A)		8.6
PIMCO Inflation Protected Bond Portfolio (Class A)		6.0
Met/Franklin Low Duration Total Return Portfolio (Class A)		4.0
MFS Value Portfolio (Class A)		3.5
T. Rowe Price Large Cap Value Portfolio (Class A)		3.5
WMC Core Equity Opportunities Portfolio (Class A)		3.5
Invesco Comstock Portfolio (Class A)		3.0

MSF-3

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

MetLife Asset Allocation 40 Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.66	%	$	1,000.00	$	1,007.10	$	3.34
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.88	$	3.36
Class B(a)	Actual		0.91	%	$	1,000.00	$	1,006.40	$	4.60
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.62	$	4.63

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Schedule of Investments as of December 31, 2014

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		16,663,364	$	167,800,073
BlackRock Bond Income Portfolio (Class A) (a)		7,261,961		805,859,867
BlackRock Capital Appreciation Portfolio (Class A) (a)		4,095,624		168,698,756
BlackRock High Yield Portfolio (Class A) (b)		5,145,360		42,243,409
BlackRock Large Cap Value Portfolio (Class A) (a)		17,043,410		168,559,322
Clarion Global Real Estate Portfolio (Class A) (b)		6,787,848		84,372,956
ClearBridge Aggressive Growth Portfolio (Class A) (b)		5,262,299		84,038,908
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		2,583,508		42,214,513
Harris Oakmark International Portfolio (Class A) (b)		13,047,619		207,979,045
Invesco Comstock Portfolio (Class A) (b)		16,019,661		252,950,455
Invesco Small Cap Growth Portfolio (Class A) (b)		6,445,844		126,467,465
Jennison Growth Portfolio (Class A) (a)		7,775,525		126,196,776
JPMorgan Core Bond Portfolio (Class A) (b)		68,737,222		719,678,710
JPMorgan Small Cap Value Portfolio (Class A) (b)		4,667,169		84,429,089
Lord Abbett Bond Debenture Portfolio (Class A) (b)		3,255,431		42,483,376
Met/Artisan International Portfolio (Class A) (b) (c)		8,263,325		82,963,780
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		155,288		42,205,680
Met/Eaton Vance Floating Rate Portfolio (Class A) (b)		16,466,536		169,769,985
Met/Franklin Low Duration Total Return Portfolio (Class A) (b)		33,991,005		338,890,317
Met/Templeton International Bond Portfolio (Class A) (b)		22,292,246		252,348,230
MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio) (Class A) (b)		4,118,035		84,460,904
MFS Emerging Markets Equity Portfolio (Class A) (b)		8,201,306		78,896,561
MFS Research International Portfolio (Class A) (b)		11,282,085		123,313,187
MFS Value Portfolio (Class A) (a)		16,048,262		294,967,062
Neuberger Berman Genesis Portfolio (Class A) (a)		4,663,646		84,272,081
Oppenheimer Global Equity Portfolio (Class A) (b)		2,054,951		41,797,711
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		49,719,666		501,174,230
PIMCO Total Return Portfolio (Class A) (b)		98,215,823		1,187,429,295
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		8,531,107		211,230,214
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		8,202,897		294,812,117
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		3,369,713		42,188,806
Affiliated Investment Companies—(Continued)
Van Eck Global Natural Resources Portfolio (Class A) (a)		6,212,917		70,330,218
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		12,649,858		169,887,588
Western Asset Management U.S. Government Portfolio (Class A) (a)		62,892,871		761,632,664
WMC Core Equity Opportunities Portfolio (Class A) (a)		6,833,966		294,748,966
WMC Large Cap Research Portfolio (Class A) (b)		11,612,157		168,260,148
Total Mutual Funds (Cost $7,683,904,663)				8,419,552,464
Total Investments—100.0% (Cost $7,683,904,663) (d)				8,419,552,464
Other assets and liabilities (net)—0.0%				(2,380,160	)
Net Assets—100.0%			$	8,417,172,304

(a) A Portfolio of Metropolitan Series Fund. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(b) A Portfolio of Met Investors Series Trust. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(c) Non-income producing security.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $7,733,326,940. The aggregate unrealized appreciation and depreciation of investments were $763,993,275 and $(77,767,751), respectively, resulting in net unrealized appreciation of $686,225,524 for federal income tax purposes.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1- unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	8,419,552,464	$	—	$	—	$	8,419,552,464
Total Investments	$	8,419,552,464	$	—	$	—	$	8,419,552,464

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Affiliated investments at value (a)	$	8,419,552,464
Receivable for:
Investments sold		2,289,543
Fund shares sold		73,829
Total Assets		8,421,915,836
Liabilities
Payables for:
Fund shares redeemed		2,363,372
Accrued expenses:
Management fees		391,637
Distribution and service fees		1,774,913
Deferred trustees’ fees		170,653
Other expenses		42,957
Total Liabilities		4,743,532
Net Assets	$	8,417,172,304
Net assets consist of:
Paid in surplus	$	7,273,781,788
Undistributed net investment income		20,885,060
Accumulated net realized gain		386,857,655
Unrealized appreciation on affiliated investments		735,647,801
Net Assets	$	8,417,172,304
Net Assets
Class A	$	112,910,149
Class B		8,304,262,155
Capital Shares Outstanding*
Class A		8,860,639
Class B		657,214,653
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.74
Class B		12.64

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $7,683,904,663.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Affiliated Underlying Portfolios	$	35,781,623
Total investment income		35,781,623
Expenses
Management fees		3,649,375
Administration fees		22,580
Custodian and accounting fees		24,951
Distribution and service fees—Class B		16,091,146
Audit and tax services		54,815
Legal		74,237
Trustees’ fees and expenses		34,295
Miscellaneous		8,491
Total expenses		19,959,890
Net Investment Income		15,821,733
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		441,664,043
Capital gain distributions from Affiliated Underlying Portfolios		37,894,526
Net realized gain		479,558,569
Net change in unrealized depreciation on affiliated investments		(149,304,304	)
Net realized and unrealized gain		330,254,265
Net Increase in Net Assets From Operations	$	346,075,998

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	15,821,733		$	37,223,856
Net realized gain		479,558,569			85,696,460
Net change in unrealized appreciation (depreciation)		(149,304,304	)		59,784,094
Increase in net assets from operations		346,075,998			182,704,410
From Distributions to Shareholders
Net investment income
Class A		(3,378,136	)		(2,796,845	)
Class B		(47,144,461	)		(41,855,943	)
Net realized capital gains
Class A		(3,987,034	)		(1,053,884	)
Class B		(60,578,097	)		(17,273,881	)
Total distributions		(115,087,728	)		(62,980,553	)
Increase (decrease) in net assets from capital share transactions		6,400,075,922			(48,986,259	)
Total increase in net assets		6,631,064,192			70,737,598
Net Assets
Beginning of period		1,786,108,112			1,715,370,514
End of period	$	8,417,172,304		$	1,786,108,112
Undistributed net investment income
End of period	$	20,885,060		$	50,366,350

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		1,248,024		$	15,816,049			1,772,088		$	22,163,090
Shares issued through acquisition (a)		118,331			1,450,736			0			0
Reinvestments		602,715			7,365,170			317,717			3,850,729
Redemptions		(1,401,100	)		(17,765,133	)		(1,815,178	)		(22,693,095	)
Net increase		567,970		$	6,866,822			274,627		$	3,320,724
Class B
Sales		8,492,611		$	106,596,008			8,148,498		$	101,089,311
Shares issued through acquisition (a)		596,895,609			7,270,188,523			0			0
Reinvestments		8,873,357			107,722,558			4,911,115			59,129,824
Redemptions		(87,261,113	)		(1,091,297,989	)		(17,141,715	)		(212,526,118	)
Net increase (decrease)		527,000,464		$	6,393,209,100			(4,082,102	)	$	(52,306,983	)
Increase (decrease) derived from capital shares transactions				$	6,400,075,922					$	(48,986,259	)

(a) See Note 9 of Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.99		$	12.14		$	11.25		$	11.36		$	10.54
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.29			0.28			0.29			0.28
Net realized and unrealized gain (loss) on investments		0.40			1.04			1.02			(0.14	)		0.94
Total from investment operations		0.64			1.33			1.30			0.15			1.22
Less Distributions
Distributions from net investment income		(0.41	)		(0.35	)		(0.37	)		(0.26	)		(0.40	)
Distributions from net realized capital gains		(0.48	)		(0.13	)		(0.04	)		0.00			0.00
Total distributions		(0.89	)		(0.48	)		(0.41	)		(0.26	)		(0.40	)
Net Asset Value, End of Period	$	12.74		$	12.99		$	12.14		$	11.25		$	11.36
Total Return (%) (b)		5.16			11.20			11.74			1.27			11.78
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.06			0.08			0.08			0.08			0.10
Net ratio of expenses to average net assets (%) (c)		0.06			0.08			0.08			0.08			0.10
Ratio of net investment income to average net assets (%) (d)		1.92			2.31			2.37			2.50			2.64
Portfolio turnover rate (%)		15			15			10			32			16
Net assets, end of period (in millions)	$	112.9		$	107.7		$	97.3		$	84.8		$	86.2
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.89		$	12.05		$	11.17		$	11.28		$	10.47
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.26			0.25			0.24			0.25
Net realized and unrealized gain (loss) on investments		0.57			1.03			1.01			(0.11	)		0.94
Total from investment operations		0.60			1.29			1.26			0.13			1.19
Less Distributions
Distributions from net investment income		(0.37	)		(0.32	)		(0.34	)		(0.24	)		(0.38	)
Distributions from net realized capital gains		(0.48	)		(0.13	)		(0.04	)		0.00			0.00
Total distributions		(0.85	)		(0.45	)		(0.38	)		(0.24	)		(0.38	)
Net Asset Value, End of Period	$	12.64		$	12.89		$	12.05		$	11.17		$	11.28
Total Return (%) (b)		4.93			10.92			11.46			1.05			11.53
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.31			0.33			0.33			0.33			0.35
Net ratio of expenses to average net assets (%) (c)		0.31			0.33			0.33			0.33			0.35
Ratio of net investment income to average net assets (%) (d)		0.21			2.10			2.16			2.16			2.31
Portfolio turnover rate (%)		15			15			10			32			16
Net assets, end of period (in millions)	$	8,304.3		$	1,678.4		$	1,618.0		$	1,498.6		$	1,364.2

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(d) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Asset Allocation 40 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers, LLC (“MetLife Advisers”), an affiliate of MetLife, Inc., or its affiliates (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Asset Allocation Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions from Underlying Portfolios and merger adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

3. Certain Risks

Market Risk: In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and

MSF-10

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

counterparty risk”). The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	976,912,099	$	0	$	1,909,828,081

With respect to the Portfolio’s mergers with Met Investors Series Trust MetLife Defensive Strategy Portfolio and Met Investors Series Trust MetLife Moderate Strategy Portfolio (see Note 9) on April 25, 2014, the Portfolio acquired long-term equity securities with a cost of $6,602,941,434 that are not included in the above non-U.S. Government purchases.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Asset Allocation Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Asset Allocation Portfolio. For providing investment management services to the Asset Allocation Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$3,649,375		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to MetLife Advisers, the Asset Allocation Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in the Underlying Portfolios.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

MSF-11

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the year ended December 31, 2014 is shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an active employee of MetLife or its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Asset Allocation Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2014 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
Baillie Gifford International Stock		3,499,409		14,167,880		(1,003,925	)		16,663,364
BlackRock Bond Income		1,557,182		6,134,087		(429,308	)		7,261,961
BlackRock Capital Appreciation		990,300		5,163,313		(2,057,989	)		4,095,624
BlackRock High Yield		1,422,298		14,518,819		(10,795,757	)		5,145,360
BlackRock Large Cap Value		3,065,295		30,291,204		(16,313,089	)		17,043,410
Clarion Global Real Estate		1,568,400		10,719,423		(5,499,975	)		6,787,848
ClearBridge Aggressive Growth		1,380,024		8,594,239		(4,711,964	)		5,262,299
Frontier Mid Cap Growth		—		550,384		(550,384	)		—
Goldman Sachs Mid Cap Value		1,039,162		4,525,661		(2,981,315	)		2,583,508
Harris Oakmark International		2,389,106		11,855,953		(1,197,440	)		13,047,619
Invesco Comstock		3,805,416		17,625,781		(5,411,536	)		16,019,661
Invesco Small Cap Growth		1,807,941		6,796,147		(2,158,244	)		6,445,844
Jennison Growth		1,762,477		10,548,644		(4,535,596	)		7,775,525
JPMorgan Core Bond		11,007,462		61,642,005		(3,912,245	)		68,737,222
JPMorgan Small Cap Value		461,918		4,686,468		(481,217	)		4,667,169
Lord Abbett Bond Debenture		930,138		4,096,830		(1,771,537	)		3,255,431
Met/Artisan International		—		8,920,071		(656,746	)		8,263,325
Met/Artisan Mid Cap Value		68,472		236,968		(150,152	)		155,288
Met/Dimensional International Small Company		—		2,996,408		(2,996,408	)		—
Met/Eaton Vance Floating Rate		3,342,055		14,442,689		(1,318,208	)		16,466,536
Met/Franklin Low Duration Total Return		7,018,649		27,935,321		(962,965	)		33,991,005
Met/Templeton International Bond		4,520,341		18,699,898		(927,993	)		22,292,246
MetLife Small Cap Value (formerly, Third Avenue Small Cap Value)		1,315,291		4,962,689		(2,159,945	)		4,118,035
MFS Emerging Markets Equity		1,687,237		8,539,825		(2,025,756	)		8,201,306
MFS Research International		2,284,354		13,742,573		(4,744,842	)		11,282,085
MFS Value		4,694,365		21,611,803		(10,257,906	)		16,048,262
Neuberger Berman Genesis		1,015,597		6,233,640		(2,585,591	)		4,663,646
Oppenheimer Global Equity		—		2,246,304		(191,353	)		2,054,951
PIMCO Inflation Protected Bond		11,939,482		39,090,406		(1,310,222	)		49,719,666
PIMCO Total Return		22,207,312		97,059,969		(21,051,458	)		98,215,823
T. Rowe Price Large Cap Growth		1,893,047		8,205,484		(1,567,424	)		8,531,107
T. Rowe Price Large Cap Value		2,576,002		9,464,441		(3,837,546	)		8,202,897
T. Rowe Price Mid Cap Growth		1,503,974		4,475,173		(2,609,434	)		3,369,713

MSF-12

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
Van Eck Global Natural Resources		1,263,823		5,463,220		(514,126	)		6,212,917
Western Asset Management Strategic Bond Opportunities		2,116,592		11,136,553		(603,287	)		12,649,858
Western Asset Management U.S. Government *		13,089,672		52,044,106		(2,240,907	)		62,892,871
WMC Core Equity Opportunities		1,293,728		6,563,374		(1,023,136	)		6,833,966
WMC Large Cap Research		—		13,794,132		(2,181,975	)		11,612,157

* The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of December 31, 2014. The most recent Annual Report of the Underlying Portfolio is available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

Underlying Portfolio	Net Realized Gain/(Loss) on sales of Underlying Portfolios			Capital Gain Distributions from Underlying Portfolios		Dividend Income from Underlying Portfolios		Ending Value as of December 31, 2014
Baillie Gifford International Stock	$	1,430,824		$	—	$	487,470	$	167,800,073
BlackRock Bond Income		3,722,831			—		5,836,116		805,859,867
BlackRock Capital Appreciation		17,693,417			—		22,243		168,698,756
BlackRock High Yield		3,044,723			551,211		750,789		42,243,409
BlackRock Large Cap Value		(3,856,344	)		8,293,127		455,128		168,559,322
Clarion Global Real Estate		22,270,224			—		327,492		84,372,956
ClearBridge Aggressive Growth		26,034,791			—		55,026		84,038,908
Frontier Mid Cap Growth		1,348,631			—		—		—
Goldman Sachs Mid Cap Value		11,659,852			3,154,797		139,891		42,214,513
Harris Oakmark International		6,506,010			4,063,733		1,104,949		207,979,045
Invesco Comstock		46,461,498			—		622,856		252,950,455
Invesco Small Cap Growth		13,276,298			3,885,209		—		126,467,465
Jennison Growth		15,161,854			1,389,935		68,357		126,196,776
JPMorgan Core Bond		(518,136	)		641,744		1,991,619		719,678,710
JPMorgan Small Cap Value		644,856			1,040,323		95,055		84,429,089
Lord Abbett Bond Debenture		(124,246	)		331,312		710,717		42,483,376
Met/Artisan International		163,594			—		—		82,963,780
Met/Artisan Mid Cap Value		20,945,658			—		127,279		42,205,680
Met/Dimensional International Small Company		7,263,059			—		—		—
Met/Eaton Vance Floating Rate		443,032			149,068		1,262,104		169,769,985
Met/Franklin Low Duration Total Return		(53,219	)		—		1,589,568		338,890,317
Met/Templeton International Bond		1,344,346			—		2,526,412		252,348,230
MetLife Small Cap Value (formerly, Third Avenue Small Cap Value)		15,728,609			1,065,453		74,042		84,460,904
MFS Emerging Markets Equity		9,092,712			—		187,828		78,896,561
MFS Research International		12,789,137			—		638,352		123,313,187
MFS Value		77,170,326			3,805,093		1,363,752		294,967,062
Neuberger Berman Genesis		14,593,108			—		68,324		84,272,081
Oppenheimer Global Equity		147,483			—		—		41,797,711
PIMCO Inflation Protected Bond		(216,839	)		—		2,247,549		501,174,230
PIMCO Total Return		18,061,046			—		6,714,037		1,187,429,295
T. Rowe Price Large Cap Growth		18,641,507			3,033,222		26,561		211,230,214
T. Rowe Price Large Cap Value		46,058,696			—		1,234,344		294,812,117
T. Rowe Price Mid Cap Growth		12,103,233			1,675,109		—		42,188,806
Van Eck Global Natural Resources		2,795,947			283,856		91,370		70,330,218
Western Asset Management Strategic Bond Opportunities		822,552			—		1,517,178		169,887,588
Western Asset Management U.S. Government		(290,807	)		—		3,066,055		761,632,664
WMC Core Equity Opportunities		17,078,645			4,531,334		379,160		294,748,966
WMC Large Cap Research		2,225,135			—		—		168,260,148
	$	441,664,043		$	37,894,526	$	35,781,623	$	8,419,552,464

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

MSF-13

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$52,413,626	$	44,793,771	$	62,674,102	$	18,186,782	$	115,087,728	$	62,980,553

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$23,586,962	$	433,748,682	$	686,225,524	$	—	$	1,143,561,168

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As of December 31, 2014, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Acquisition

At the close of business on April 25, 2014, the Portfolio, with aggregate Class A and Class B net assets of $110,043,214 and $1,648,206,168, respectively, acquired all the assets and liabilities of both MetLife Defensive Strategy Portfolio of the Met Investors Series Trust (“MetLife Defensive Strategy”) and MetLife Moderate Strategy Portfolio of the Met Investors Series Trust (“MetLife Moderate Strategy”).

The acquisitions were accomplished by a tax-free exchange of shares of the Portfolio in the following amounts:

Portfolio	Share Class		Shares Prior to Acquisition		Value of Shares Issued by Portfolio		Shares Issued By Portfolio
MetLife Defensive Strategy		Class A		2,596	$	26,376		2,151
MetLife Defensive Strategy		Class B		239,308,576		2,419,426,306		198,639,270
MetLife Moderate Strategy		Class A		127,474		1,424,360		116,180
MetLife Moderate Strategy		Class B		435,277,824		4,850,762,217		398,256,339

Each shareholder of MetLife Defensive Strategy and MetLife Moderate Strategy received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 25, 2014. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by the MetLife Defensive Strategy and MetLife Moderate Strategy Portfolios may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. All costs associated with the merger were borne by the shareholders of the Portfolios.

MetLife Defensive Strategy’s net assets on April 25, 2014 were $26,376 and $2,419,426,306 for Class A and B shares, respectively, including investments valued at $2,420,095,150 with a cost basis of $2,283,459,843. MetLife Moderate Strategy’s net assets on April 25, 2014 were $1,424,360 and $4,850,762,217 for Class A and Class B shares, respectively, including investments valued at $4,853,371,562 with a cost basis of $4,319,481,591. For financial reporting purposes, assets received, liabilities assumed, and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from MetLife Defensive Strategy and MetLife Moderate Strategy Portfolios were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of the Portfolio immediately after the acquisition were $9,029,888,641, which included $136,635,307 and $533,889,971 of acquired unrealized appreciation on investments from MetLife Defensive Strategy and MetLife Moderate Strategy, respectively.

MSF-14

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Assuming the acquisition had been completed on January 1, 2014, the Portfolio’s pro-forma results of operations for the year ended December 31, 2014 are as follows:

Net Investment income	$	154,153,884	(a)
Net realized and unrealized gain on investments		269,770,459	(b)
Net increase in net assets from operations	$	423,924,343

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of MetLife Defensive Strategy and MetLife Moderate Strategy that have been included in the Portfolio’s Statement of Operations since April 25, 2014.

(a) $15,821,733 net investment income as reported plus $49,602,970 from MetLife Defensive Strategy pre-merger net investment income, plus $88,380,787 from MetLife Moderate Strategy pre-merger net investment income, plus $240,411 in lower net advisory fees, plus $107,983 of pro-forma eliminated other expenses.

(b) $735,647,801 unrealized appreciation as reported minus $1,218,019,715 pro-forma December 31, 2013 unrealized appreciation, plus $479,558,569 net realized gain as reported, plus $74,144,708 and $198,439,096 in net realized gain from MetLife Defensive Strategy and MetLife Moderate Strategy pre-merger, respectively.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MetLife Asset Allocation 40 Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of MetLife Asset Allocation 40 Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the transfer agent. 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 MetLife Asset Allocation 40 Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-16

Metropolitan Series Fund

Trustees and Officers

Management of The Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**

MSF-17

Metropolitan Series Fund

Trustees and Officers—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-18

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with MetLife Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser that the Adviser had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its investment management activities, trading practices, financial condition, relevant personnel matters and compliance program, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser regularly review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments.

The Board further considered the provision of investment advisory services by the Adviser to the Asset Allocation Portfolios (i.e., MetLife Asset Allocation 20 Portfolio, MetLife Asset Allocation 40 Portfolio, MetLife Asset Allocation 60 Portfolio, MetLife Asset Allocation 80 Portfolio and MetLife Asset Allocation 100 Portfolio) and the American Funds of Funds (i.e., American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio). With respect to the Asset Allocation Portfolios, the Board noted that the Adviser has hired an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and to investments

MSF-19

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

in other Portfolios of the Trusts (the “Underlying Portfolios”), which may assist the Adviser with the selection of Underlying Portfolios for inclusion in each Asset Allocation Portfolio. Additionally, the Board considered that a committee, consisting of investment professionals from across the Adviser, meets periodically to review the asset allocations and discuss the performance of the Asset Allocation Portfolios and the American Funds of Funds.

The Board further considered and found that the advisory fee to be paid to the Adviser with respect to each Asset Allocation Portfolio and American Fund of Funds was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the Underlying Portfolios in which the Portfolio invests.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance. The Board focused particular attention on Portfolios with less favorable performance records.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”) and a narrower group of peer funds (“Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report.

The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board further considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Portfolios, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board considered the effective fees under the Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MSF-20

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

MetLife Asset Allocation 40 Portfolio (formerly, MetLife Conservative to Moderate Allocation Portfolio). The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreement with the Adviser regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed both the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Conservative to Moderate AA Broad Index, for the one-year period ended October 31, 2014 and outperformed the Conservative to Moderate AA Broad Index for the three- and five-year periods ended October 31, 2014. In addition, the Board noted that the Portfolio outperformed its other benchmark, the Dow Jones Moderately Conservative Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size.

MSF-21

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the MetLife Asset Allocation 60 Portfolio returned 5.29% and 5.05%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

MARKET ENVIRONMENT / CONDITIONS

After a sharp weather-related contraction in the first quarter, the U.S. economy turned the corner and ended 2014 on a strong note, with the majority of leading economic indicators pointing to continued strength. U.S. Gross Domestic Product (GDP) grew healthily in the second and third quarters, the strongest two quarters of expansion since 2003. Solid economic growth domestically, combined with the Federal Reserve Bank’s (the “Fed”) accommodative stance in respect to interest rates, provided ample support for the U.S. stock market, which delivered another strong year of performance in 2014. Economic growth around the world became increasingly divergent in 2014. While the U.S. economy was on the rise, renewed concerns over economic growth in Europe and Asia weighed on the equity market outside the U.S. Furthermore, geopolitical tension in Eastern Europe and Iraq added to short-term volatility. As the Fed finally wound down its quantitative easing program as planned, the European Central Bank initiated an easing strategy, and the Bank of Japan increased its asset purchasing program. In November, China cut interest rates unexpectedly, stepping up a campaign to prop up growth in the world’s second-largest economy as it headed toward its slowest growth in nearly a quarter century. As other central banks moved towards further stimulus, the U.S. dollar rallied strongly, which further dented the returns of international stocks in U.S. dollar terms.

The U.S. stock market, as measured by the S&P 500 Index, was the bright spot in the global equity market, advancing 13.7% over the twelve month period. Small cap stocks, represented by the S&P Small Cap 600 Index, trailed their large cap counterparts at 5.8%, despite an outperformance in the fourth quarter. Energy stocks were the bottom performing sector and the only sector that produced a negative return for the year, driven by plummeting oil prices as a result of increased production in the U.S. and a slower demand worldwide. On the other side of the spectrum, the Utilities sector delivered the best results, as investors were hungry for yields in an extended low interest rate environment. The Health Care sector followed closely behind, gaining on strong earnings reports and forward guidance. Technology stocks performed strongly as well, with semiconductor manufacturers and software firms benefitting from order expansions and merger activities. The equity markets outside the U.S., however, ended the year in negative territory in both the developed world and emerging markets. The MSCI EAFE Index and MSCI Emerging Markets Index declined 4.9% and 2.2% in U.S. dollar terms, respectively.

Contrary to many investors’ expectations of rising yields in the U.S., Treasury yields declined across the maturity spectrum in 2014. The 10-year Treasury yield dropped to 2.17% at the end of the year. As a result, the bond market rallied over the course of the past year. The yield curve continued to flatten with yields on the long end of the curve coming down significantly more than yields on the short end. While Investment Grade credit outperformed Treasuries, the High Yield sector underperformed. For the twelve month period, the Barclays U.S. Aggregate Bond index advanced 6.0%. The Barclays Corporate High Yield Index was up 2.5%. As yields across the world declined due to further monetary easing implemented by a number of central banks, bond markets outside the U.S. on average delivered strong returns in local currency terms. However, the positive local returns were erased by the depreciation of many currencies against the U.S. dollar. The Barclays Global Aggregate ex-U.S. Index lost 3.1% in U.S. dollar terms for the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The MetLife Asset Allocation 60 Portfolio invested in underlying portfolios of the Met Investors Series Trust and the Metropolitan Series Fund to maintain a broad asset allocation of approximately 60% to equities and 40% to fixed income.

Over the twelve month period, the Portfolio performed relatively in line with the Dow Jones Moderate Index. While the Portfolio’s domestic orientation relative to the index proved to be beneficial as the U.S. markets performed better than most other markets, security selection in a number of underlying portfolios along with expenses weighed on relative results.

The domestic equity portfolios in aggregate produced a positive contribution. The ClearBridge Aggressive Growth Portfolio considerably outpaced its benchmark. Strong stock selection in the Health Care, Technology, and Consumer Discretionary sectors generated sizable contributions to relative performance. An overweight to the Health Care sector further enhanced return. The T. Rowe Price Large Cap Value Portfolio and WMC Large Cap Research Portfolio also contributed positively. For the T. Rowe Price Large Cap Value Portfolio, solid stock selection in the Industrials sector more than compensated for a negative impact from an underweight position to the Technology sector. More specifically, within the Industrials sector, the portfolio’s holding in Southwest Airlines generated a significant contribution as the price of the stock soared more than 100% in the past year. The WMC Large Cap Research Portfolio benefited from healthy stock selection in the Health Care and Materials sectors. Conversely, the Neuberger Berman Genesis Portfolio detracted from the allocation portfolio’s relative result, largely driven by a lack of exposure in real estate investment trusts (“REITs”), which enjoyed a strong return in 2014. The team generally does not invest in REITs as these companies do not meet the team’s investment criteria: strong cash flow generating capabilities, the ability to finance their own growth, and high barriers to entry. The Met/Artisan Mid Cap Value Portfolio also trailed its benchmark index driven largely by the Energy sector where both an overweight position and unfavorable stock selection weighed heavily on results. The portfolio’s holdings in a

MSF-1

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

number of oil & gas exploration and production companies and drilling companies were among the largest decliners within the Energy sector as stock prices of these companies were most impacted by plunging oil prices.

Within the equity portfolios that invest outside the U.S., the Van Eck Global Natural Resources Portfolio produced a large detraction to the allocation portfolio’s relative performance as the Energy sector sold off due to plummeting oil prices. The MFS Research International Portfolio also hindered the allocation portfolio’s relative result to some extent due to its weak stock selection in the Industrials, Consumer Discretionary, and Financials sectors. The MFS Emerging Markets Portfolio was another performance detractor. Despite a positive contribution from an underweight position to the Energy and Materials sector, stock selection in a number of sectors hampered the relative performance. Conversely, the Clarion Global Real Estate Portfolio aided the relative performance of the allocation portfolio as the REIT industry surged in the past year. The Clarion portfolio serves as a good diversifier in the underlying portfolio line-up, especially to balance off the other portfolios whose managers don’t invest in REITs. Since being added to the allocation portfolio in the beginning of May, the Met/Artisan International Portfolio also contributed positively, benefiting from a minimal exposure to the Energy sector in addition to healthy stock selection in the Technology and Health Care sectors.

Among all the fixed income underlying portfolios, the BlackRock Bond Income Portfolio produced the largest positive contribution to the allocation portfolio’s relative performance. The portfolio outperformed the Barclays U.S. Aggregate Bond Index due largely to its yield curve positioning. Yields on the long end of the U.S. yield curve declined significantly as the curve flattened throughout the year; bonds with a long maturity delivered remarkable returns in 2014. The portfolio benefited from an overweight to longer dated bonds. Additionally, the portfolio’s holdings in securitized assets added value as investors’ demand for yield boosted the returns of this sector. The Met/Templeton International Bond Portfolio also contributed positively. Despite a modest detraction from its defensive interest rate position, the portfolio significantly benefited from a sizable underweight to the euro and the Japanese yen, as both currencies experienced a large depreciation against the U.S. dollar. Conversely, the PIMCO Inflation Protected Bond Portfolio detracted from the allocation portfolio’s relative result due to the underperformance of the Treasury Inflation Protected Securities sector, as inflation expectations moderated over the course of the year. The Met/Franklin Low Duration Total Return Portfolio was another performance detractor, driven by the portfolio’s mandate of focusing on short duration bonds, which underperformed long duration bonds over the year.

Investment Committee

MetLife Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
MetLife Asset Allocation 60 Portfolio
Class A		5.29		9.65		6.47
Class B		5.05		9.39		6.21
Dow Jones Moderate Index		5.35		8.92		6.87

¹ The Dow Jones Moderate Index is a total returns index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class A and Class B shares is 5/2/05. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
PIMCO Total Return Portfolio (Class A)		8.0
BlackRock Bond Income Portfolio (Class A)		6.5
JPMorgan Core Bond Portfolio (Class A)		5.5
Western Asset Management U.S. Government Portfolio (Class A)		5.0
MFS Value Portfolio (Class A)		4.6
T. Rowe Price Large Cap Value Portfolio (Class A)		4.1
WMC Core Equity Opportunities Portfolio (Class A)		4.1
BlackRock Large Cap Value Portfolio (Class A)		3.6
Invesco Comstock Portfolio (Class A)		3.6
Jennison Growth Portfolio (Class A)		3.6

MSF-3

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

MetLife Asset Allocation 60 Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.68	%	$	1,000.00	$	1,005.20	$	3.44
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.78	$	3.47
Class B(a)	Actual		0.93	%	$	1,000.00	$	1,004.50	$	4.70
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.52	$	4.74

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Schedule of Investments as of December 31, 2014

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		40,371,694	$	406,542,957
BlackRock Bond Income Portfolio (Class A) (a)		9,656,362		1,071,566,452
BlackRock Capital Appreciation Portfolio (Class A) (a)		12,284,829		506,012,109
BlackRock High Yield Portfolio (Class A) (b)		11,981,367		98,367,021
BlackRock Large Cap Value Portfolio (Class A) (a)		59,755,727		590,984,144
Clarion Global Real Estate Portfolio (Class A) (b)		26,943,803		334,911,477
ClearBridge Aggressive Growth Portfolio (Class A) (b)		31,566,793		504,121,678
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		5,187,761		84,768,016
Harris Oakmark International Portfolio (Class A) (b)		30,304,290		483,050,376
Invesco Comstock Portfolio (Class A) (b)		37,280,225		588,654,746
Invesco Small Cap Growth Portfolio (Class A) (b)		17,210,807		337,676,027
Jennison Growth Portfolio (Class A) (a)		36,050,742		585,103,550
JPMorgan Core Bond Portfolio (Class A) (b)		86,347,118		904,054,322
JPMorgan Small Cap Value Portfolio (Class A) (b)		9,473,130		171,368,927
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		5,764,191		84,733,607
Lord Abbett Bond Debenture Portfolio (Class A) (b)		8,897,334		116,110,205
Met/Artisan International Portfolio (Class A) (b) (c)		31,859,594		319,870,322
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		616,033		167,431,573
Met/Dimensional International Small Company Portfolio (Class A) (a)		10,408,592		154,463,502
Met/Eaton Vance Floating Rate Portfolio (Class A) (b)		31,866,281		328,541,361
Met/Franklin Low Duration Total Return Portfolio (Class A) (b)		49,100,578		489,532,763
Met/Templeton International Bond Portfolio (Class A) (b)		43,125,365		488,179,129
MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio) (Class A) (b)		10,267,739		210,591,331
MFS Emerging Markets Equity Portfolio (Class A) (b)		27,540,483		264,939,449
MFS Research International Portfolio (Class A) (b)		28,966,078		316,599,235
MFS Value Portfolio (Class A) (a)		41,233,752		757,876,365
Neuberger Berman Genesis Portfolio (Class A) (a)		13,965,922		252,364,211
Oppenheimer Global Equity Portfolio (Class A) (b)		4,009,453		81,552,264
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		48,046,122		484,304,909
PIMCO Total Return Portfolio (Class A) (b)		109,492,403		1,323,763,150
Affiliated Investment Companies—(Continued)
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		20,330,575		503,385,035
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		18,758,082		674,165,482
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		13,516,410		169,225,450
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		10,860,366		254,132,560
Van Eck Global Natural Resources Portfolio (Class A) (a)		23,863,380		270,133,465
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		14,471,654		194,354,320
Western Asset Management U.S. Government Portfolio (Class A) (a)		67,570,527		818,279,084
WMC Core Equity Opportunities Portfolio (Class A) (a)		15,574,285		671,718,920
WMC Large Cap Research Portfolio (Class A) (b)		29,055,659		421,016,496
Total Mutual Funds (Cost $14,371,601,517)				16,484,445,990
Total Investments—100.0% (Cost $14,371,601,517) (d)				16,484,445,990
Other assets and liabilities (net)—0.0%				(4,328,949	)
Net Assets—100.0%			$	16,480,117,041

(a) A Portfolio of Metropolitan Series Fund. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(b) A Portfolio of Met Investors Series Trust. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(c) Non-income producing security.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $14,531,398,103. The aggregate unrealized appreciation and depreciation of investments were $2,096,051,514 and $(143,003,627), respectively, resulting in net unrealized appreciation of $1,953,047,887 for federal income tax purposes.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	16,484,445,990	$	—	$	—	$	16,484,445,990
Total Investments	$	16,484,445,990	$	—	$	—	$	16,484,445,990

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Affiliated investments at value (a)	$	16,484,445,990
Receivable for:
Investments sold		3,107,275
Fund shares sold		405,028
Total Assets		16,487,958,293
Liabilities
Payables for:
Fund shares redeemed		3,512,302
Accrued expenses:
Management fees		734,192
Distribution and service fees		3,436,794
Deferred trustees’ fees		117,248
Other expenses		40,716
Total Liabilities		7,841,252
Net Assets	$	16,480,117,041
Net assets consist of:
Paid in surplus	$	13,424,046,454
Undistributed net investment income		84,165,656
Accumulated net realized gain		859,060,458
Unrealized appreciation on affiliated investments		2,112,844,473
Net Assets	$	16,480,117,041
Net Assets
Class A	$	352,992,725
Class B		16,127,124,316
Capital Shares Outstanding*
Class A		26,003,882
Class B		1,193,224,893
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.57
Class B		13.52

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $14,371,601,517.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Affiliated Underlying Portfolios	$	95,400,348
Total investment income		95,400,348
Expenses
Management fees		7,015,220
Administration fees		22,400
Custodian and accounting fees		24,991
Distribution and service fees—Class B		32,340,604
Audit and tax services		46,575
Legal		57,914
Trustees’ fees and expenses		36,444
Miscellaneous		11,569
Total expenses		39,555,717
Net Investment Income		55,844,631
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		918,584,154
Capital gain distributions from Affiliated Underlying Portfolios		199,603,934
Net realized gain		1,118,188,088
Net change in unrealized depreciation on affiliated investments		(395,614,488	)
Net realized and unrealized gain		722,573,600
Net Increase in Net Assets From Operations	$	778,418,231

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	55,844,631		$	93,435,102
Net realized gain		1,118,188,088			258,647,093
Net change in unrealized appreciation (depreciation)		(395,614,488	)		542,145,252
Increase in net assets from operations		778,418,231			894,227,447
From Distributions to Shareholders
Net investment income
Class A		(7,722,496	)		(6,579,578	)
Class B		(110,873,673	)		(98,876,180	)
Net realized capital gains
Class A		(12,992,250	)		(2,396,846	)
Class B		(208,131,280	)		(40,341,482	)
Total distributions		(339,719,699	)		(148,194,086	)
Increase (decrease) in net assets from capital share transactions		10,289,071,405			(68,950,282	)
Total increase in net assets		10,727,769,937			677,083,079
Net Assets
Beginning of period		5,752,347,104			5,075,264,025
End of period	$	16,480,117,041		$	5,752,347,104
Undistributed net investment income
End of period	$	84,165,656		$	118,231,029

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		2,498,122		$	33,731,626			3,759,163		$	47,811,309
Shares issued through acquisition (a)		270,939			3,514,078			0			0
Reinvestments		1,605,794			20,714,746			738,193			8,976,424
Redemptions		(2,501,403	)		(33,700,936	)		(3,300,963	)		(42,156,876	)
Net increase		1,873,452		$	24,259,514			1,196,393		$	14,630,857
Class B
Sales		27,652,134		$	364,958,919			14,696,439		$	187,617,520
Shares issued through acquisition (a)		854,334,141			11,046,540,441			0			0
Reinvestments		24,786,710			319,004,953			11,477,136			139,217,662
Redemptions		(109,596,527	)		(1,465,692,422	)		(32,218,569	)		(410,416,321	)
Net increase (decrease)		797,176,458		$	10,264,811,891			(6,044,994	)	$	(83,581,139	)
Increase (decrease) derived from capital shares transactions				$	10,289,071,405					$	(68,950,282	)

(a) See Note 9 of Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.74		$	11.98		$	10.83		$	11.14		$	10.09
Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.25			0.23			0.22			0.20
Net realized and unrealized gain (loss) on investments		0.48			1.89			1.21			(0.34	)		1.14
Total from investment operations		0.69			2.14			1.44			(0.12	)		1.34
Less Distributions
Distributions from net investment income		(0.32	)		(0.28	)		(0.29	)		(0.19	)		(0.29	)
Distributions from net realized capital gains		(0.54	)		(0.10	)		0.00			0.00			0.00
Total distributions		(0.86	)		(0.38	)		(0.29	)		(0.19	)		(0.29	)
Net Asset Value, End of Period	$	13.57		$	13.74		$	11.98		$	10.83		$	11.14
Total Return (%) (b)		5.29			18.29			13.47			(1.14	)		13.47
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.05			0.06			0.06			0.06			0.06
Net ratio of expenses to average net assets (%) (c)		0.05			0.06			0.06			0.06			0.06
Ratio of net investment income to average net assets (%) (d)		1.58			1.95			2.03			1.99			1.95
Portfolio turnover rate (%)		16			15			11			41			14
Net assets, end of period (in millions)	$	353.0		$	331.6		$	274.8		$	239.0		$	233.4
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.69		$	11.94		$	10.79		$	11.10		$	10.06
Income (Loss) from Investment Operations
Net investment income (a)		0.05			0.22			0.21			0.19			0.17
Net realized and unrealized gain (loss) on investments		0.61			1.88			1.20			(0.33	)		1.14
Total from investment operations		0.66			2.10			1.41			(0.14	)		1.31
Less Distributions
Distributions from net investment income		(0.29	)		(0.25	)		(0.26	)		(0.17	)		(0.27	)
Distributions from net realized capital gains		(0.54	)		(0.10	)		0.00			0.00			0.00
Total distributions		(0.83	)		(0.35	)		(0.26	)		(0.17	)		(0.27	)
Net Asset Value, End of Period	$	13.52		$	13.69		$	11.94		$	10.79		$	11.10
Total Return (%) (b)		5.05			17.98			13.24			(1.37	)		13.17
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.30			0.31			0.31			0.31			0.31
Net ratio of expenses to average net assets (%) (c)		0.30			0.31			0.31			0.31			0.31
Ratio of net investment income to average net assets (%) (d)		0.39			1.71			1.81			1.74			1.64
Portfolio turnover rate (%)		16			15			11			41			14
Net assets, end of period (in millions)	$	16,127.1		$	5,420.8		$	4,800.4		$	4,461.4		$	4,219.7

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(d) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Asset Allocation 60 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers, LLC (“MetLife Advisers”), an affiliate of MetLife, Inc., or its affiliates (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Asset Allocation Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions from Underlying Portfolios and merger adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

3. Certain Risks

Market Risk: In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and

MSF-10

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

counterparty risk”). The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the year ended December 31, 2014 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	2,201,850,809	$	0	$	3,046,832,074

With respect to the Portfolio’s merger with Met Investors Series Trust MetLife Balanced Strategy Portfolio (see Note 9) on April 25, 2014, the Portfolio acquired long-term securities with a cost of $9,509,489,354 that are not included in the above non-U.S. Government purchases value.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Asset Allocation Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Asset Allocation Portfolio. For providing investment management services to the Asset Allocation Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$7,015,220		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to MetLife Advisers, the Asset Allocation Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in the Underlying Portfolios.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

MSF-11

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the year ended December 31, 2014 is shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an active employee of MetLife or its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Asset Allocation Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2014 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
Baillie Gifford International Stock		16,757,595		33,202,180		(9,588,081	)		40,371,694
BlackRock Bond Income		3,281,051		6,561,662		(186,351	)		9,656,362
BlackRock Capital Appreciation*		3,995,975		9,653,649		(1,364,795	)		12,284,829
BlackRock High Yield		3,831,483		8,779,257		(629,373	)		11,981,367
BlackRock Large Cap Value*		19,948,238		56,543,459		(16,735,970	)		59,755,727
Clarion Global Real Estate		9,567,506		19,973,029		(2,596,732	)		26,943,803
ClearBridge Aggressive Growth		11,521,236		23,479,287		(3,433,730	)		31,566,793
Goldman Sachs Mid Cap Value		3,368,370		16,150,226		(14,330,835	)		5,187,761
Harris Oakmark International		9,251,039		28,052,984		(6,999,733	)		30,304,290
Invesco Comstock		17,359,089		31,630,982		(11,709,846	)		37,280,225
Invesco Small Cap Growth		7,437,714		22,418,359		(12,645,266	)		17,210,807
Jennison Growth		14,108,871		29,076,192		(7,134,321	)		36,050,742
JPMorgan Core Bond*		23,892,401		64,152,923		(1,698,206	)		86,347,118
JPMorgan Small Cap Value*		2,998,775		7,073,081		(598,726	)		9,473,130
Loomis Sayles Small Cap Growth		3,632,397		2,468,706		(336,912	)		5,764,191
Lord Abbett Bond Debenture		2,924,363		6,484,635		(511,664	)		8,897,334
Met/Artisan International*		—		32,091,957		(232,363	)		31,859,594
Met/Artisan Mid Cap Value		222,153		426,556		(32,676	)		616,033
Met/Dimensional International Small Company		3,557,396		14,093,729		(7,242,533	)		10,408,592
Met/Eaton Vance Floating Rate*		10,367,598		21,941,190		(442,507	)		31,866,281
Met/Franklin Low Duration Total Return*		16,341,675		33,233,362		(474,459	)		49,100,578
Met/Templeton International Bond*		14,024,109		30,355,077		(1,253,821	)		43,125,365
MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)		7,180,783		8,947,666		(5,860,710	)		10,267,739
MFS Emerging Markets Equity		9,200,408		22,647,619		(4,307,544	)		27,540,483
MFS Research International		11,054,527		29,578,901		(11,667,350	)		28,966,078
MFS Value		17,028,061		42,306,174		(18,100,483	)		41,233,752
Neuberger Berman Genesis		5,028,181		9,689,392		(751,651	)		13,965,922
Oppenheimer Global Equity		—		4,038,574		(29,121	)		4,009,453
PIMCO Inflation Protected Bond		16,046,401		33,187,621		(1,187,900	)		48,046,122
PIMCO Total Return		41,095,101		76,223,744		(7,826,442	)		109,492,403
T. Rowe Price Large Cap Growth		9,094,824		19,364,140		(8,128,389	)		20,330,575

MSF-12

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
T. Rowe Price Large Cap Value		7,839,091		16,033,506		(5,114,515	)		18,758,082
T. Rowe Price Mid Cap Growth		4,918,420		20,477,054		(11,879,064	)		13,516,410
T. Rowe Price Small Cap Growth		1,283,538		10,258,323		(681,495	)		10,860,366
Van Eck Global Natural Resources*		8,009,776		17,727,359		(1,873,755	)		23,863,380
Western Asset Management Strategic Bond Opportunities		2,833,312		11,763,069		(124,727	)		14,471,654
Western Asset Management U.S. Government*		22,624,854		45,839,113		(893,440	)		67,570,527
WMC Core Equity Opportunities		7,023,969		15,388,295		(6,837,979	)		15,574,285
WMC Large Cap Research		—		30,985,993		(1,930,334	)		29,055,659

* The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of December 31, 2014. The most recent Annual Report of the Underlying Portfolio is available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

Underlying Portfolio	Net Realized Gain/(Loss) on sales of Underlying Portfolios			Capital Gain Distributions from Underlying Portfolios		Dividend Income from Underlying Portfolios		Ending Value as of December 31, 2014
Baillie Gifford International Stock	$	9,472,981		$	—	$	2,425,130	$	406,542,957
BlackRock Bond Income		352,419			—		12,582,516		1,071,566,452
BlackRock Capital Appreciation		14,061,720			—		91,999		506,012,109
BlackRock High Yield		890,531			1,541,632		2,099,808		98,367,021
BlackRock Large Cap Value		(1,338,052	)		55,507,233		3,046,247		590,984,144
Clarion Global Real Estate		(3,669,478	)		—		2,084,141		334,911,477
ClearBridge Aggressive Growth		32,060,752			—		481,803		504,121,678
Goldman Sachs Mid Cap Value		46,293,179			10,529,324		466,897		84,768,016
Harris Oakmark International		34,896,329			16,071,778		4,369,998		483,050,376
Invesco Comstock		96,889,695			—		2,900,019		588,654,746
Invesco Small Cap Growth		69,232,868			16,285,825		—		337,676,027
Jennison Growth		44,362,550			11,574,369		569,231		585,103,550
JPMorgan Core Bond		(251,286	)		1,392,497		4,321,541		904,054,322
JPMorgan Small Cap Value		851,705			6,928,647		633,074		171,368,927
Loomis Sayles Small Cap Growth		1,439,510			6,570,196		—		84,733,607
Lord Abbett Bond Debenture		465,569			1,078,369		2,313,276		116,110,205
Met/Artisan International		10,707			—		—		319,870,322
Met/Artisan Mid Cap Value		5,250,505			—		423,339		167,431,573
Met/Dimensional International Small Company		31,900,637			1,997,115		1,278,558		154,463,502
Met/Eaton Vance Floating Rate		131,156			468,143		3,963,605		328,541,361
Met/Franklin Low Duration Total Return		(30,280	)		—		3,724,877		489,532,763
Met/Templeton International Bond		1,814,672			—		7,941,742		488,179,129
MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)		45,446,339			5,933,506		412,340		210,591,331
MFS Emerging Markets Equity		20,814,252			—		1,054,187		264,939,449
MFS Research International		31,233,392			—		3,137,172		316,599,235
MFS Value		149,499,700			14,016,276		5,023,459		757,876,365
Neuberger Berman Genesis		5,890,336			—		339,743		252,364,211
Oppenheimer Global Equity		5,415			—		—		81,552,264
PIMCO Inflation Protected Bond		(758,241	)		—		3,017,727		484,304,909
PIMCO Total Return		5,006,370			—		12,593,377		1,323,763,150
T. Rowe Price Large Cap Growth		66,078,156			15,073,755		131,995		503,385,035
T. Rowe Price Large Cap Value		81,278,369			—		3,837,486		674,165,482
T. Rowe Price Mid Cap Growth		49,670,568			5,571,663		—		169,225,450
T. Rowe Price Small Cap Growth		2,413,820			2,173,956		4,875		254,132,560
Van Eck Global Natural Resources		10,288,068			1,861,493		599,193		270,133,465
Western Asset Management Strategic Bond Opportunities		155,554			—		2,117,190		194,354,320
Western Asset Management U.S. Government		(97,708	)		—		5,319,567		818,279,084
WMC Core Equity Opportunities		64,231,930			25,028,157		2,094,236		671,718,920
WMC Large Cap Research		2,339,445			—		—		421,016,496
	$	918,584,154		$	199,603,934	$	95,400,348	$	16,484,445,990

MSF-13

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2014		2013		2014		2013		2014		2013
$	123,142,634	$	105,455,758	$	216,577,065	$	42,738,328	$	339,719,699	$	148,194,086

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$	87,172,559	$	1,015,967,392	$	1,953,047,887	$	—	$	3,056,187,838

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As of December 31, 2014, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Acquisition

At the close of business on April 25, 2014, the Portfolio, with aggregate Class A and Class B net assets of $335,269,853 and $5,341,696,130, respectively, acquired all of the assets and liabilities of MetLife Balanced Strategy Portfolio of the Met Investors Series Trust (“MetLife Balanced Strategy”).

The acquisition was accomplished by a tax-free exchange of 270,939 Class A shares of the Portfolio (valued at $3,514,078) for 296,996 Class A shares of MetLife Balanced Strategy and 854,334,141 Class B shares of the Portfolio (valued at $11,046,540,441) for 936,790,443 Class B shares of MetLife Balanced Strategy. Each shareholder of MetLife Balanced Strategy received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 25, 2014. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by MetLife Balanced Strategy may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. All costs associated with the merger were borne by the shareholders of the Portfolio.

MetLife Balanced Strategy’s net assets on April 25, 2014, were $3,514,078 and $11,046,540,441 for Class A and Class B shares, respectively, including investments valued at $11,052,624,568 with a cost basis of $9,509,489,354. For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from MetLife Balanced Strategy were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of the Portfolio immediately after the acquisition were $16,727,020,502, which included $1,543,135,214 of acquired unrealized appreciation.

Assuming the acquisition had been completed on January 1, 2014, the Portfolio’s pro-forma results of operations for the year ended December 31, 2014 are as follows:

Net investment income	$	228,457,836	(a)
Net realized and unrealized gain on investments	$	611,797,014	(b)
Net increase in net assets from operations	$	840,254,850

MSF-14

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of MetLife Balanced Strategy that have been included in the Portfolio’s Statement of Operations since April 25, 2014.

(a) $55,844,631 net investment income as reported, plus $172,432,275 from MetLife Balanced Strategy pre-merger net investment income, plus $120,205 in lower advisory fees, plus $60,725 of pro-forma eliminated other expenses.

(b) $2,112,844,473 unrealized appreciation as reported, minus $3,161,050,146 pro-forma December 31, 2013 unrealized Appreciation, plus $1,118,188,088 net realized gain as reported, plus $541,814,599 in net realized gain from MetLife Balanced Strategy pre-merger.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MetLife Asset Allocation 60 Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of MetLife Asset Allocation 60 Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the transfer agent. 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 MetLife Asset Allocation 60 Portfolio of the Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-16

Metropolitan Series Fund

Trustees and Officers

Management of The Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**

MSF-17

Metropolitan Series Fund

Trustees and Officers—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-18

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with MetLife Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser that the Adviser had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its investment management activities, trading practices, financial condition, relevant personnel matters and compliance program, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser regularly review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments.

The Board further considered the provision of investment advisory services by the Adviser to the Asset Allocation Portfolios (i.e., MetLife Asset Allocation 20 Portfolio, MetLife Asset Allocation 40 Portfolio, MetLife Asset Allocation 60 Portfolio, MetLife Asset Allocation 80 Portfolio and MetLife Asset Allocation 100 Portfolio) and the American Funds of Funds (i.e., American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio). With respect to the Asset Allocation Portfolios, the Board noted that the Adviser has hired an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and to investments

MSF-19

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

in other Portfolios of the Trusts (the “Underlying Portfolios”), which may assist the Adviser with the selection of Underlying Portfolios for inclusion in each Asset Allocation Portfolio. Additionally, the Board considered that a committee, consisting of investment professionals from across the Adviser, meets periodically to review the asset allocations and discuss the performance of the Asset Allocation Portfolios and the American Funds of Funds.

The Board further considered and found that the advisory fee to be paid to the Adviser with respect to each Asset Allocation Portfolio and American Fund of Funds was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the Underlying Portfolios in which the Portfolio invests.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance. The Board focused particular attention on Portfolios with less favorable performance records.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”) and a narrower group of peer funds (“Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report.

The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board further considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Portfolios, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board considered the effective fees under the Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MSF-20

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

MetLife Asset Allocation 60 Portfolio (formerly, MetLife Moderate Allocation Portfolio). The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreement with the Adviser regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed both the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Moderate AA Broad Index, for the one-year period ended October 31, 2014 and outperformed the Moderate AA Broad Index for the three- and five-year periods ended October 31, 2014. The Board also noted that the Portfolio outperformed its other benchmark, the Dow Jones Moderate Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size.

MSF-21

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the MetLife Asset Allocation 80 Portfolio returned 5.53% and 5.23%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Aggressive Index¹, returned 5.90%.

MARKET ENVIRONMENT / CONDITIONS

After a sharp weather-related contraction in the first quarter, the U.S. economy turned the corner and ended 2014 on a strong note, with the majority of leading economic indicators pointing to continued strength. U.S. Gross Domestic Product (GDP) grew healthily in the second and third quarters, the strongest two quarters of expansion since 2003. Solid economic growth domestically, combined with the Federal Reserve Bank’s (the “Fed”) accommodative stance in respect to interest rates, provided ample support for the U.S. stock market, which delivered another strong year of performance in 2014. Economic growth around the world became increasingly divergent in 2014. While the U.S. economy was on the rise, renewed concerns over economic growth in Europe and Asia weighed on the equity market outside the U.S. Furthermore, geopolitical tension in Eastern Europe and Iraq added to short-term volatility. As the Fed finally wound down its quantitative easing program as planned, the European Central Bank initiated an easing strategy, and the Bank of Japan increased its asset purchasing program. In November, China cut interest rates unexpectedly, stepping up a campaign to prop up growth in the world’s second-largest economy as it headed toward its slowest growth in nearly a quarter century. As other central banks moved towards further stimulus, the U.S. dollar rallied strongly, which further dented the returns of international stocks in U.S. dollar terms.

The U.S. stock market, as measured by the S&P 500 Index, was the bright spot in the global equity market, advancing 13.7% over the twelve month period. Small cap stocks, represented by the S&P Small Cap 600 Index, trailed their large cap counterparts at 5.8%, despite an outperformance in the fourth quarter. Energy stocks were the bottom performing sector and the only sector that produced a negative return for the year, driven by plummeting oil prices as a result of increased production in the U.S. and a slower demand worldwide. On the other side of the spectrum, the Utilities sector delivered the best results, as investors were hungry for yields in an extended low interest rate environment. The Health Care sector followed closely behind, gaining on strong earnings reports and forward guidance. Technology stocks performed strongly as well, with semiconductor manufacturers and software firms benefitting from order expansions and merger activities. The equity markets outside the U.S., however, ended the year in negative territory in both the developed world and emerging markets. The MSCI EAFE Index and MSCI Emerging Markets Index declined 4.9% and 2.2% in U.S. dollar terms, respectively.

Contrary to many investors’ expectations of rising yields in the U.S., Treasury yields declined across the maturity spectrum in 2014. The 10-year Treasury yield dropped to 2.17% at the end of the year. As a result, the bond market rallied over the course of the past year. The yield curve continued to flatten with yields on the long end of the curve coming down significantly more than yields on the short end. While Investment Grade credit outperformed Treasuries, the High Yield sector underperformed. For the twelve month period, the Barclays U.S. Aggregate Bond Index advanced 6.0%. The Barclays Corporate High Yield Index was up 2.5%. As yields across the world declined due to further monetary easing implemented by a number of central banks, bond markets outside the U.S. on average delivered strong returns in local currency terms. However, the positive local returns were erased by the depreciation of many currencies against the U.S. dollar. The Barclays Global Aggregate ex-U.S. Index lost 3.1% in U.S. dollar terms for the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The MetLife Asset Allocation 80 Portfolio invested in underlying portfolios of the Met Investors Series Trust and the Metropolitan Series Fund to maintain a broad asset allocation of approximately 80% to equities and 20% to fixed income.

Over the twelve month period, the Portfolio modestly underperformed the Dow Jones Moderately Aggressive Index. While the Portfolio’s domestic orientation on the equity side relative to the index proved to be beneficial as the U.S. markets performed better than most other markets, security selection in a number of underlying portfolios along with expenses weighed on relative results.

The domestic equity portfolios in aggregate produced a positive contribution. The ClearBridge Aggressive Growth Portfolio considerably outpaced its benchmark. Strong stock selection in the Health Care, Technology, and Consumer Discretionary sectors generated sizable contributions to relative performance. An overweight to the Health Care sector further enhanced return. The T. Rowe Price Large Cap Value Portfolio and WMC Large Cap Research Portfolio also contributed positively. For the T. Rowe Price Large Cap Value Portfolio, solid stock selection in the Industrials sector more than compensated for a negative impact from an underweight position to the Technology sector. More specifically, within the Industrials sector, the portfolio’s holding in Southwest Airlines generated a significant contribution as the price of the stock soared more than 100% in the past year. The WMC Large Cap Research Portfolio benefited from healthy stock selection in the Health Care and Materials sectors. Conversely, the Jennison Growth Portfolio detracted from the allocation portfolio’s relative result. Underperformance was primarily attributable to weak stock selection in the Technology and Consumer Discretionary sectors. The Loomis Sayles Small Cap Growth Portfolio was another performance detractor. Stock selection in the Information Technology sector was particularly weak. An overweight position to the Energy sector further dampened the relative performance. The Morgan Stanley Mid Cap Growth Portfolio trailed its benchmark index as well, driven largely by stock selection in the Technology sector. A number of holdings in the internet and

MSF-1

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

software space, which enjoyed strong returns in 2013, struggled during the growth sell-off in the spring of 2014, and therefore hampered the portfolio’s relative performance.

Within the equity portfolios that invest outside the U.S., the Van Eck Global Natural Resources Portfolio produced a large detraction to the allocation portfolio’s relative performance as the Energy sector sold off due to plummeting oil prices. The MFS Research International Portfolio also hindered the allocation portfolio’s relative result to some extent due to its weak stock selection in the Industrials, Consumer Discretionary, and Financials sectors. The MFS Emerging Markets Portfolio was another performance detractor. Despite a positive contribution from an underweight position to the Energy and Materials sector, stock selection in a number of sectors hampered the relative performance. Conversely, the Clarion Global Real Estate Portfolio aided the relative performance of the allocation portfolio as the real estate investment trust (“REIT”) industry surged in the past year. The Clarion portfolio serves as a good diversifier in the underlying portfolio line-up, especially to balance off the other portfolios whose managers don’t invest in REITs. Since being added to the allocation portfolio in the beginning of May, the Met/Artisan International Portfolio also contributed positively, benefiting from a minimal exposure to the Energy sector in addition to healthy stock selection in the Technology and Health Care sectors.

Among all the fixed income underlying portfolios, the Met/Templeton International Bond Portfolio produced the largest positive contribution to the allocation portfolio’s relative performance. The portfolio significantly benefited from a sizable underweight to the euro and the Japanese yen, as both currencies experienced a large depreciation against the U.S. dollar. The BlackRock Bond Income Portfolio also contributed positively. The portfolio outperformed the Barclays U.S. Aggregate Bond Index due largely to its yield curve positioning. Yields on the long end of the U.S. yield curve declined significantly as the curve flattened throughout the year; bonds with a long maturity delivered remarkable returns in 2014. The portfolio benefited from an overweight to longer dated bonds. Additionally, the portfolio’s holdings in securitized assets added value as investors’ demand for yield boosted the returns of this sector. Conversely, the PIMCO Inflation Protected Bond Portfolio detracted from the allocation portfolio’s relative result due to the underperformance of the Treasury Inflation Protected Securities sector, as inflation expectations moderated over the course of the year.

Investment Committee

MetLife Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY AGGRESSIVE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
MetLife Asset Allocation 80 Portfolio
Class A		5.53		11.02		6.74
Class B		5.23		10.75		6.47
Dow Jones Moderately Aggressive Index		5.90		10.60		7.80

¹ The Dow Jones Moderately Aggressive Index is a total returns index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk combination will have 80% of the risk of an all equity portfolio.

² Inception date of the Class A and Class B shares is 5/2/05. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
MFS Value Portfolio (Class A)		5.1
Jennison Growth Portfolio (Class A)		5.1
T. Rowe Price Large Cap Value Portfolio (Class A)		4.6
WMC Core Equity Opportunities Portfolio (Class A)		4.6
Invesco Comstock Portfolio (Class A)		4.6
ClearBridge Aggressive Growth Portfolio (Class A)		4.6
T. Rowe Price Large Cap Growth Portfolio (Class A)		4.6
Harris Oakmark International Portfolio (Class A)		3.9
BlackRock Capital Appreciation Portfolio (Class A)		3.6
BlackRock Large Cap Value Portfolio (Class A)		3.6

MSF-3

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

MetLife Asset Allocation 80 Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.74	%	$	1,000.00	$	1,002.00	$	3.73
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.48	$	3.77
Class B(a)	Actual		0.99	%	$	1,000.00	$	1,000.00	$	4.99
	Hypothetical*		0.99	%	$	1,000.00	$	1,020.22	$	5.04

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Schedule of Investments as of December 31, 2014

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		42,715,394	$	430,144,017
BlackRock Bond Income Portfolio (Class A) (a)		3,341,608		370,818,261
BlackRock Capital Appreciation Portfolio (Class A) (a)		10,861,435		447,382,489
BlackRock High Yield Portfolio (Class A) (b)		7,394,358		60,707,676
BlackRock Large Cap Value Portfolio (Class A) (a)		45,207,131		447,098,531
Clarion Global Real Estate Portfolio (Class A) (b)		30,622,053		380,632,123
ClearBridge Aggressive Growth Portfolio (Class A) (b)		35,843,178		572,415,551
Frontier Mid Cap Growth Portfolio (Class A) (a)		1,707,100		63,640,681
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		11,803,747		192,873,231
Harris Oakmark International Portfolio (Class A) (b)		30,480,871		485,865,090
Invesco Comstock Portfolio (Class A) (b)		36,259,939		572,544,432
Invesco Mid Cap Value Portfolio (Class A) (b)		3,133,964		63,807,504
Invesco Small Cap Growth Portfolio (Class A) (b)		19,526,083		383,101,741
Jennison Growth Portfolio (Class A) (a)		38,956,276		632,260,358
JPMorgan Core Bond Portfolio (Class A) (b)		35,313,087		369,728,017
JPMorgan Small Cap Value Portfolio (Class A) (b)		10,783,161		195,067,384
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		13,157,347		193,412,994
Lord Abbett Bond Debenture Portfolio (Class A) (b)		14,272,422		186,255,101
Met/Artisan International Portfolio (Class A) (b) (c)		30,008,134		301,281,666
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		453,311		123,205,493
Met/Dimensional International Small Company Portfolio (Class A) (a)		15,594,645		231,424,529
Met/Eaton Vance Floating Rate Portfolio (Class A) (b)		11,850,275		122,176,339
Met/Templeton International Bond Portfolio (Class A) (b)		31,941,703		361,580,082
MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio) (Class A) (b)		9,309,940		190,946,879
MFS Emerging Markets Equity Portfolio (Class A) (b)		29,801,955		286,694,811
MFS Research International Portfolio (Class A) (b)		32,667,549		357,056,307
MFS Value Portfolio (Class A) (a)		34,787,212		639,388,954
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b)		3,802,474		62,778,838
Neuberger Berman Genesis Portfolio (Class A) (a)		7,048,210		127,361,159
Oppenheimer Global Equity Portfolio (Class A) (b)		6,016,507		122,375,763
Affiliated Investment Companies—(Continued)
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		17,687,177		178,286,741
PIMCO Total Return Portfolio (Class A) (b)		35,737,417		432,065,369
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		23,082,429		571,520,935
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		15,990,367		574,693,794
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		10,254,499		128,386,323
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		8,228,480		192,546,429
Van Eck Global Natural Resources Portfolio (Class A) (a)		26,821,984		303,624,861
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		9,055,632		121,617,133
WMC Core Equity Opportunities Portfolio (Class A) (a)		13,276,452		572,613,382
WMC Large Cap Research Portfolio (Class A) (b)		26,456,001		383,347,451
Total Mutual Funds (Cost $10,245,361,291)				12,432,728,419
Total Investments—100.0% (Cost $10,245,361,291) (d)				12,432,728,419
Other assets and liabilities (net)—0.0%				(3,322,079	)
Net Assets—100.0%			$	12,429,406,340

(a) A Portfolio of Metropolitan Series Fund. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(b) A Portfolio of Met Investors Series Trust. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(c) Non-income producing security.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $10,453,478,338. The aggregate unrealized appreciation and depreciation of investments were $2,282,922,432 and $(303,672,351), respectively, resulting in net unrealized appreciation of $1,979,250,081 for federal income tax purposes.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	12,432,728,419	$	—	$	—	$	12,432,728,419
Total Investments	$	12,432,728,419	$	—	$	—	$	12,432,728,419

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Affiliated investments at value (a)	$	12,432,728,419
Receivable for:
Investments sold		7,882,512
Fund shares sold		121,185
Total Assets		12,440,732,116
Liabilities
Payables for:
Fund shares redeemed		8,003,697
Accrued expenses:
Management fees		561,765
Distribution and service fees		2,565,648
Deferred trustees’ fees		154,011
Other expenses		40,655
Total Liabilities		11,325,776
Net Assets	$	12,429,406,340
Net assets consist of:
Paid in surplus	$	9,867,846,855
Undistributed net investment income		39,198,224
Accumulated net realized gain		334,994,133
Unrealized appreciation on affiliated investments		2,187,367,128
Net Assets	$	12,429,406,340
Net Assets
Class A	$	395,447,680
Class B		12,033,958,660
Capital Shares Outstanding*
Class A		26,504,310
Class B		809,640,626
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.92
Class B		14.86

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $10,245,361,291.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Affiliated Underlying Portfolios	$	46,526,343
Total investment income		46,526,343
Expenses
Management fees		5,234,792
Administration fees		22,400
Custodian and accounting fees		24,991
Distribution and service fees—Class B		23,336,897
Audit and tax services		46,478
Legal		55,522
Trustees’ fees and expenses		32,010
Miscellaneous		9,194
Total expenses		28,762,284
Net Investment Income		17,764,059
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		778,449,617
Capital gain distributions from Affiliated Underlying Portfolios		146,003,912
Net realized gain		924,453,529
Net change in unrealized depreciation on affiliated investments		(300,355,707	)
Net realized and unrealized gain		624,097,822
Net Increase in Net Assets From Operations	$	641,861,881

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	17,764,059		$	45,618,891
Net realized gain		924,453,529			149,936,947
Net change in unrealized appreciation (depreciation)		(300,355,707	)		488,271,654
Increase in net assets from operations		641,861,881			683,827,492
From Distributions to Shareholders
Net investment income
Class A		(6,892,559	)		(5,386,470	)
Class B		(49,304,918	)		(40,897,027	)
Total distributions		(56,197,477	)		(46,283,497	)
Increase (decrease) in net assets from capital share transactions		8,435,684,792			(128,652,792	)
Total increase in net assets		9,021,349,196			508,891,203
Net Assets
Beginning of period		3,408,057,144			2,899,165,941
End of period	$	12,429,406,340		$	3,408,057,144
Undistributed net investment income
End of period	$	39,198,224		$	55,929,014

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		2,902,533		$	42,326,205			3,356,293		$	43,401,052
Shares issued through acquisition (a)		484,673			6,867,812			0			0
Reinvestments		489,529			6,892,559			441,152			5,386,470
Redemptions		(2,713,104	)		(39,857,607	)		(3,119,781	)		(40,320,464	)
Net increase		1,163,631		$	16,228,969			677,664		$	8,467,058
Class B
Sales		30,698,962		$	439,264,550			7,237,868		$	94,690,186
Shares issued through acquisition (a)		640,104,987			9,051,084,521			0			0
Reinvestments		3,509,247			49,304,918			3,357,720			40,897,027
Redemptions		(76,601,959	)		(1,120,198,166	)		(21,031,859	)		(272,707,063	)
Net increase (decrease)		597,711,237		$	8,419,455,823			(10,436,271	)	$	(137,119,850	)
Increase (decrease) derived from capital shares transactions				$	8,435,684,792					$	(128,652,792	)

(a) See Note 9 of Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.41		$	11.78		$	10.39		$	10.94		$	9.74
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.21			0.18			0.18			0.14
Net realized and unrealized gain (loss) on investments		0.60			2.64			1.45			(0.55	)		1.29
Total from investment operations		0.78			2.85			1.63			(0.37	)		1.43
Less Distributions
Distributions from net investment income		(0.27	)		(0.22	)		(0.24	)		(0.18	)		(0.23	)
Total distributions		(0.27	)		(0.22	)		(0.24	)		(0.18	)		(0.23	)
Net Asset Value, End of Period	$	14.92		$	14.41		$	11.78		$	10.39		$	10.94
Total Return (%) (b)		5.53			24.51			15.82			(3.55	)		14.89
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.06			0.07			0.07			0.07			0.07
Net ratio of expenses to average net assets (%) (c)		0.06			0.07			0.07			0.07			0.07
Ratio of net investment income to average net assets (%) (d)		1.26			1.65			1.60			1.66			1.45
Portfolio turnover rate (%)		22			13			13			46			17
Net assets, end of period (in millions)	$	395.4		$	365.2		$	290.4		$	246.1		$	246.0
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.36		$	11.73		$	10.36		$	10.91		$	9.71
Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.19			0.15			0.16			0.12
Net realized and unrealized gain (loss) on investments		0.72			2.63			1.43			(0.56	)		1.29
Total from investment operations		0.74			2.82			1.58			(0.40	)		1.41
Less Distributions
Distributions from net investment income		(0.24	)		(0.19	)		(0.21	)		(0.15	)		(0.21	)
Total distributions		(0.24	)		(0.19	)		(0.21	)		(0.15	)		(0.21	)
Net Asset Value, End of Period	$	14.86		$	14.36		$	11.73		$	10.36		$	10.91
Total Return (%) (b)		5.23			24.31			15.39			(3.77	)		14.70
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.31			0.32			0.32			0.32			0.32
Net ratio of expenses to average net assets (%) (c)		0.31			0.32			0.32			0.32			0.32
Ratio of net investment income to average net assets (%) (d)		0.14			1.43			1.38			1.44			1.24
Portfolio turnover rate (%)		22			13			13			46			17
Net assets, end of period (in millions)	$	12,034.0		$	3,042.8		$	2,608.8		$	2,432.1		$	2,678.3

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(d) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Asset Allocation 80 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers, LLC (“MetLife Advisers”), an affiliate of MetLife, Inc., or its affiliates (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Asset Allocation Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions from Underlying Portfolios and merger adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

3. Certain Risks

Market Risk: In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and

MSF-10

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

counterparty risk”). The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	2,196,725,030	$	0	$	2,711,161,566

With respect to the Portfolio’s merger with Met Investors Series Trust MetLife Growth Strategy Portfolio (see Note 9) on April 25, 2014, the Portfolio acquired long-term securities with a cost of $7,404,877,790 that are not included in the above non-U.S. Government purchases value.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Asset Allocation Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Asset Allocation Portfolio. For providing investment management services to the Asset Allocation Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$5,234,792		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to MetLife Advisers, the Asset Allocation Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in the Underlying Portfolios.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

MSF-11

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the year ended December 31, 2014 is shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an active employee of MetLife or its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Asset Allocation Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2014 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
Baillie Gifford International Stock		12,923,741		36,662,040		(6,870,387	)		42,715,394
BlackRock Bond Income		898,209		2,564,014		(120,615	)		3,341,608
BlackRock Capital Appreciation		3,521,400		9,408,245		(2,068,210	)		10,861,435
BlackRock High Yield		—		7,478,092		(83,734	)		7,394,358
BlackRock Large Cap Value*		11,547,550		45,482,626		(11,823,045	)		45,207,131
Clarion Global Real Estate		8,438,371		25,038,111		(2,854,429	)		30,622,053
ClearBridge Aggressive Growth		12,286,084		31,725,543		(8,168,449	)		35,843,178
Frontier Mid Cap Growth		470,741		4,121,805		(2,885,446	)		1,707,100
Goldman Sachs Mid Cap Value*		3,918,397		10,644,321		(2,758,971	)		11,803,747
Harris Oakmark International		7,167,163		26,175,961		(2,862,253	)		30,480,871
Invesco Comstock		11,968,179		32,858,381		(8,566,621	)		36,259,939
Invesco Mid Cap Value		—		3,230,319		(96,355	)		3,133,964
Invesco Small Cap Growth*		5,994,116		14,611,269		(1,079,302	)		19,526,083
Jennison Growth		12,629,748		36,711,991		(10,385,463	)		38,956,276
JPMorgan Core Bond		6,301,186		30,286,018		(1,274,117	)		35,313,087
JPMorgan Small Cap Value*		3,490,337		10,486,245		(3,193,421	)		10,783,161
Loomis Sayles Small Cap Growth*		4,204,826		12,145,504		(3,192,983	)		13,157,347
Lord Abbett Bond Debenture		3,624,559		11,377,204		(729,341	)		14,272,422
Met/Artisan International*		—		30,307,747		(299,613	)		30,008,134
Met/Artisan Mid Cap Value		128,930		700,671		(376,290	)		453,311
Met/Dimensional International Small Company*		4,142,796		17,638,836		(6,186,987	)		15,594,645
Met/Eaton Vance Floating Rate		3,074,938		17,871,617		(9,096,280	)		11,850,275
Met/Templeton International Bond*		8,315,794		24,257,742		(631,833	)		31,941,703
MetLife Small Cap Value (formerly, Third Avenue Small Cap Value)		3,315,249		8,732,624		(2,737,933	)		9,309,940
MFS Emerging Markets Equity		9,282,284		32,915,545		(12,395,874	)		29,801,955
MFS Research International		8,499,056		24,700,906		(532,413	)		32,667,549
MFS Value		11,812,387		35,190,087		(12,215,262	)		34,787,212
Morgan Stanley Mid Cap Growth		2,157,051		8,496,901		(6,851,478	)		3,802,474
Neuberger Berman Genesis		1,925,410		8,500,730		(3,377,930	)		7,048,210
Oppenheimer Global Equity		—		6,078,690		(62,183	)		6,016,507
PIMCO Inflation Protected Bond		6,356,628		27,334,864		(16,004,315	)		17,687,177
PIMCO Total Return		13,516,409		23,376,376		(1,155,368	)		35,737,417
T. Rowe Price Large Cap Growth		6,756,272		24,220,340		(7,894,183	)		23,082,429

MSF-12

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
T. Rowe Price Large Cap Value		5,400,228		17,690,939		(7,100,800	)		15,990,367
T. Rowe Price Mid Cap Growth		2,842,587		16,788,297		(9,376,385	)		10,254,499
T. Rowe Price Small Cap Growth		736,803		7,914,404		(422,727	)		8,228,480
Van Eck Global Natural Resources*		7,037,435		21,561,866		(1,777,317	)		26,821,984
Western Asset Management Strategic Bond Opportunities		1,202,527		8,065,087		(211,982	)		9,055,632
WMC Core Equity Opportunities		3,661,122		10,323,042		(707,712	)		13,276,452
WMC Large Cap Research		—		27,962,062		(1,506,061	)		26,456,001

* The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of December 31, 2014. The most recent Annual Report of the Underlying Portfolio is available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

Underlying Portfolio	Net Realized Gain/(Loss) on sales of Underlying Portfolios			Capital Gain Distributions from Underlying Portfolios		Dividend Income from Underlying Portfolios		Ending Value as of December 31, 2014
Baillie Gifford International Stock	$	(10,211,963	)	$	—	$	1,884,463	$	430,144,017
BlackRock Bond Income		435,102			—		3,446,008		370,818,261
BlackRock Capital Appreciation		19,826,640			—		81,255		447,382,489
BlackRock High Yield		2,444			—		—		60,707,676
BlackRock Large Cap Value		19,606,160			32,492,771		1,783,208		447,098,531
Clarion Global Real Estate		(3,392,333	)		—		1,856,771		380,632,123
ClearBridge Aggressive Growth		67,854,375			—		514,422		572,415,551
Frontier Mid Cap Growth		961,308			1,499,585		—		63,640,681
Goldman Sachs Mid Cap Value		12,474,368			12,335,976		547,008		192,873,231
Harris Oakmark International		22,854,419			12,569,783		3,417,787		485,865,090
Invesco Comstock		56,303,785			—		2,025,359		572,544,432
Invesco Mid Cap Value		109,666			—		—		63,807,504
Invesco Small Cap Growth		7,340,287			13,387,730		—		383,101,741
Jennison Growth		72,470,430			10,417,709		512,347		632,260,358
JPMorgan Core Bond		(166,166	)		367,878		1,141,689		369,728,017
JPMorgan Small Cap Value		16,940,937			8,128,198		742,679		195,067,384
Loomis Sayles Small Cap Growth		8,418,273			7,728,600		—		193,412,994
Lord Abbett Bond Debenture		2,263,451			1,347,260		2,890,092		186,255,101
Met/Artisan International		16,628			—		—		301,281,666
Met/Artisan Mid Cap Value		33,600,255			—		248,061		123,205,493
Met/Dimensional International Small Company		37,451,947			2,336,958		1,496,127		231,424,529
Met/Eaton Vance Floating Rate		555,375			138,893		1,175,958		122,176,339
Met/Templeton International Bond		873,100			—		4,718,036		361,580,082
MetLife Small Cap Value (formerly, Third Avenue Small Cap Value)		26,091,348			2,773,089		192,712		190,946,879
MFS Emerging Markets Equity		17,224,806			—		1,075,282		286,694,811
MFS Research International		2,337,647			—		2,436,184		357,056,307
MFS Value		88,219,951			9,865,084		3,535,665		639,388,954
Morgan Stanley Mid Cap Growth		20,409,012			—		18,250		62,778,838
Neuberger Berman Genesis		23,247,805			—		132,061		127,361,159
Oppenheimer Global Equity		14,008			—		—		122,375,763
PIMCO Inflation Protected Bond		(9,186,700	)		—		1,194,303		178,286,741
PIMCO Total Return		47,148			—		4,151,318		432,065,369
T. Rowe Price Large Cap Growth		78,235,308			11,230,810		98,343		571,520,935
T. Rowe Price Large Cap Value		116,508,499			—		2,677,452		574,693,794
T. Rowe Price Mid Cap Growth		31,577,934			3,268,035		—		128,386,323
T. Rowe Price Small Cap Growth		1,419,416			1,276,598		2,862		192,546,429
Van Eck Global Natural Resources		9,561,918			1,640,991		528,217		303,624,861
Western Asset Management Strategic Bond Opportunities		169,534			—		898,083		121,617,133
WMC Core Equity Opportunities		4,281,856			13,197,964		1,104,341		572,613,382
WMC Large Cap Research		1,701,639			—		—		383,347,451
	$	778,449,617		$	146,003,912	$	46,526,343	$	12,432,728,419

MSF-13

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$56,197,477	$	46,283,497	$	—	$	—	$	56,197,477	$	46,283,497

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$39,352,235	$	543,111,181	$	1,979,250,081	$	—	$	2,561,713,497

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Asset Allocation Portfolio utilized capital loss carryforwards of $241,490,379.

As of December 31, 2014, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Acquisition

At the close of business on April 25, 2014, the Portfolio, with aggregate Class A and Class B net assets of $367,892,887 and $2,986,986,288, respectively, acquired all of the assets and liabilities of MetLife Growth Strategy Portfolio of the Met Investors Series Trust (“MetLife Growth Strategy”).

The acquisition was accomplished by a tax-free exchange of 484,673 Class A shares of the Portfolio (valued at $6,867,812) for 503,074 Class A shares of MetLife Growth Strategy and 640,104,987 Class B shares of the Portfolio (valued at $9,051,084,521) for 665,218,066 Class B shares of MetLife Growth Strategy. Each shareholder of MetLife Growth Strategy received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 25, 2014. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by MetLife Growth Strategy may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. All costs associated with the merger were borne by the shareholders of the Portfolio.

MetLife Growth Strategy’s net assets on April 25, 2014, were $6,867,812 and $9,051,084,521 for Class A and Class B shares, respectively, including investments valued at $9,060,128,492 with a cost basis of $7,404,877,790. For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from MetLife Growth Strategy were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Portfolio acquired $156,113,467 in capital loss carryforwards from MetLife Growth Strategy.

The aggregate net assets of the Portfolio immediately after the acquisition were $12,412,831,508, which included $1,655,250,702 of acquired unrealized appreciation.

MSF-14

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Assuming the acquisition had been completed on January 1, 2014, the Portfolio’s pro-forma results of operations for the year ended December 31, 2014 are as follows:

Net investment income	$	125,819,156	(a)
Net realized and unrealized gain on investments	$	516,929,090	(b)
Net increase in net assets from operations	$	642,748,246

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of MetLife Growth Strategy that have been included in the Portfolio’s Statement of Operations since April 25, 2014.

(a) $17,764,059 net investment income as reported, plus $107,876,109 from MetLife Growth Strategy pre-merger net investment income, plus $120,205 in lower advisory fees, plus $58,783 of pro-forma eliminated other expenses.

(b) $2,187,367,128 unrealized appreciation as reported, minus $3,091,825,173 pro-forma December 31, 2013 unrealized appreciation, plus $924,453,529 net realized gain as reported, plus $496,933,606 in net realized gain from MetLife Growth Strategy pre-merger.

10. Recent Accounting Pronouncements

In June 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MetLife Asset Allocation 80 Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of MetLife Asset Allocation 80 Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the transfer agent. 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 MetLife Asset Allocation 80 Portfolio of the Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-16

Metropolitan Series Fund

Trustees and Officers

Management of The Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**

MSF-17

Metropolitan Series Fund

Trustees and Officers—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-18

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with MetLife Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser that the Adviser had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its investment management activities, trading practices, financial condition, relevant personnel matters and compliance program, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser regularly review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments.

The Board further considered the provision of investment advisory services by the Adviser to the Asset Allocation Portfolios (i.e., MetLife Asset Allocation 20 Portfolio, MetLife Asset Allocation 40 Portfolio, MetLife Asset Allocation 60 Portfolio, MetLife Asset Allocation 80 Portfolio and MetLife Asset Allocation 100 Portfolio) and the American Funds of Funds (i.e., American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio). With respect to the Asset Allocation Portfolios, the Board noted that the Adviser has hired an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and to investments

MSF-19

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

in other Portfolios of the Trusts (the “Underlying Portfolios”), which may assist the Adviser with the selection of Underlying Portfolios for inclusion in each Asset Allocation Portfolio. Additionally, the Board considered that a committee, consisting of investment professionals from across the Adviser, meets periodically to review the asset allocations and discuss the performance of the Asset Allocation Portfolios and the American Funds of Funds.

The Board further considered and found that the advisory fee to be paid to the Adviser with respect to each Asset Allocation Portfolio and American Fund of Funds was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the Underlying Portfolios in which the Portfolio invests.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance. The Board focused particular attention on Portfolios with less favorable performance records.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”) and a narrower group of peer funds (“Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report.

The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board further considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Portfolios, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board considered the effective fees under the Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MSF-20

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

MetLife Asset Allocation 80 Portfolio (formerly, MetLife Moderate to Aggressive Allocation Portfolio). The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreement with the Adviser regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed both the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Moderate to Aggressive AA Broad Index, for the one-year period ended October 31, 2014 and outperformed the Moderate to Aggressive AA Broad Index for the three- and five-year periods ended October 31, 2014. The Board also took into account that the Portfolio outperformed its other benchmark, the Dow Jones Moderately Aggressive Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were equal to the Expense Group median and above the Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-l fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size.

MSF-21

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, E, and G shares of the MetLife Mid Cap Stock Index Portfolio returned 9.49%, 9.23%, 9.39%, and 9.21%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) MidCap 400 Index¹, returned 9.77%.

MARKET ENVIRONMENT / CONDITIONS

Equity indexes reached record highs in 2014, driven by accommodative monetary policies by central banks around the world, strong corporate earnings, and an improving global economy. The year started on a negative note as investors remained concerned about additional Federal Reserve tapering, pressure on emerging market currencies and deteriorating situations in Ukraine, Thailand and Venezuela. Equity indexes recovered in the following months driven by strong earnings and increased corporate activity. During the third quarter, equity markets were volatile as escalating tensions between Israel and Hamas, stalling Iran nuclear talks, and further U.S. and European Union sanctions against Russia contrasted with continued easing policies by central banks around the world and stronger macroeconomic data. Equity markets declined again in October as investors continued to worry about faltering global growth, particularly in Europe and China. Growing protests in Hong Kong and continued fears about the spread of the Ebola virus also weighed on the markets. Equity markets rallied in the fourth quarter as the Bank of Japan unexpectedly expanded its economic stimulus, the People’s Bank of China cut interest rates for the first time in two years, and the European Central Bank Chairman, Mr. Draghi, said the bank was ready to increase quantitative easing if necessary. Better than expected U.S. employment, U.S. retail sales and consumer confidence also contributed to positive performance. Equity markets were mixed in December as oil prices dropped significantly, the Russian ruble reached record lows, and political uncertainty continued in Greece.

During the year, the Federal Open Market Committee (the “Committee”) met eight times and maintained the target range for the Federal Funds Rate at zero to 0.25%. The Committee stated that there had been a substantial improvement in the outlook for the labor market since the inception of its asset purchase program. Also, the Committee had continued to see sufficient underlying strength in the broader economy. Accordingly, the Committee had decided to conclude its asset purchase program in October.

Nine of the ten sectors comprising the S&P MidCap 400 Index experienced positive returns for the year. Consumer Staples (4.0% beginning weight in the benchmark), up 35.2%, was the best-performing sector. Telecom Services (0.5% beginning weight), up 24.6%, and Health Care (9.0% beginning weight), up 23.7%, were the next best-performing sectors. Energy (5.7% beginning weight), down 25.3%, was the worst-performing sector.

The stocks with the largest positive impact on the benchmark return for the year were Skyworks Solutions, up 156.3%; Signet Jewelers, up 68.3%; and Keurig Green Mountain, up 48.7%. The stocks with the largest negative impact were 3D Systems, down 64.6%; SM Energy, down 53.5%; and Cree, down 48.5%.

Factors that can impact stock prices include developments in the Fed’s interest rate policy, corporate earnings, geopolitical concerns, energy prices, employment data and the value of the U.S. dollar.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P MidCap 400 Index. This strategy seeks to replicate the performance of the Index by owning all of the components of the Index at their respective Index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the S&P MidCap 400 Index. Factors that impact tracking error include transaction costs, cash drag, securities lending, net asset value rounding, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P MIDCAP 400 INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
MetLife Mid Cap Stock Index Portfolio
Class A		9.49		16.26		9.48		—
Class B		9.23		15.97		9.22		—
Class E		9.39		16.09		9.32		—
Class G		9.21		15.92		—		19.90
S&P MidCap 400 Index		9.77		16.54		9.71		—

¹ The Standard & Poor’s MidCap 400 Index is an unmanaged index measuring the performance of the mid-size company segment of the U.S. market. The Index consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation.

² Inception dates of the Class A, Class B, Class E and Class G shares are 7/5/00, 1/2/01, 5/1/01 and 4/28/09, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
SPDR S&P MidCap 400 ETF Trust		1.1
Skyworks Solutions, Inc.		0.8
Equinix, Inc.		0.7
Advance Auto Parts, Inc.		0.7
SL Green Realty Corp.		0.7
Henry Schein, Inc.		0.7
Hanesbrands, Inc.		0.7
Endo International plc		0.7
Realty Income Corp.		0.6
Signet Jewelers, Ltd.		0.6

Top Sectors

	% of Net Assets
Financials		23.7
Information Technology		17.2
Industrials		14.6
Consumer Discretionary		13.2
Health Care		9.9
Materials		7.1
Utilities		4.7
Energy		3.9
Consumer Staples		3.3
Telecommunication Services		0.1

MSF-2

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

MetLife Mid Cap Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.31	%	$	1,000.00	$	1,019.80	$	1.58
	Hypothetical*		0.31	%	$	1,000.00	$	1,023.64	$	1.58
Class B(a)	Actual		0.56	%	$	1,000.00	$	1,019.00	$	2.85
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.38	$	2.85
Class E(a)	Actual		0.46	%	$	1,000.00	$	1,019.40	$	2.34
	Hypothetical*		0.46	%	$	1,000.00	$	1,022.89	$	2.35
Class G(a)	Actual		0.61	%	$	1,000.00	$	1,018.50	$	3.10
	Hypothetical*		0.61	%	$	1,000.00	$	1,022.13	$	3.11

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—96.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.6%
Alliant Techsystems, Inc.		17,960	$	2,087,850
BE Aerospace, Inc. (a)		59,230		3,436,525
Esterline Technologies Corp. (a)		17,965		1,970,401
Exelis, Inc.		105,037		1,841,299
Huntington Ingalls Industries, Inc.		27,161		3,054,526
KLX, Inc. (a)		29,615		1,221,619
Triumph Group, Inc.		28,565		1,920,139
				15,532,359
Airlines—0.7%
Alaska Air Group, Inc.		73,998		4,422,121
JetBlue Airways Corp. (a) (b)		137,870		2,186,618
				6,608,739
Auto Components—0.3%
Gentex Corp.		82,338		2,974,872
Automobiles—0.2%
Thor Industries, Inc. (b)		26,125		1,459,604
Banks—4.6%
Associated Banc-Corp. (b)		85,484		1,592,567
BancorpSouth, Inc.		48,102		1,082,776
Bank of Hawaii Corp. (b)		24,678		1,463,652
Cathay General Bancorp		41,691		1,066,873
City National Corp.		26,970		2,179,446
Commerce Bancshares, Inc. (b)		46,576		2,025,590
Cullen/Frost Bankers, Inc. (b)		30,857		2,179,739
East West Bancorp, Inc.		80,742		3,125,523
First Horizon National Corp. (b)		132,316		1,796,851
First Niagara Financial Group, Inc.		199,075		1,678,202
FirstMerit Corp.		93,028		1,757,299
Fulton Financial Corp.		104,203		1,287,949
Hancock Holding Co.		45,878		1,408,455
International Bancshares Corp.		32,587		864,859
PacWest Bancorp		54,455		2,475,524
Prosperity Bancshares, Inc.		33,748		1,868,289
Signature Bank (a)		28,300		3,564,668
SVB Financial Group (a)		28,600		3,319,602
Synovus Financial Corp.		76,815		2,080,918
TCF Financial Corp.		94,058		1,494,582
Trustmark Corp.		37,931		930,827
Umpqua Holdings Corp.		122,201		2,078,639
Valley National Bancorp (b)		123,693		1,201,059
Webster Financial Corp.		50,759		1,651,190
				44,175,079
Biotechnology—0.8%
Cubist Pharmaceuticals, Inc. (a) (b)		42,913		4,319,193
United Therapeutics Corp. (a)		26,722		3,460,232
				7,779,425
Building Products—0.9%
AO Smith Corp.		42,307		2,386,538
Fortune Brands Home & Security, Inc.		88,737		4,017,124
Building Products—(Continued)
Lennox International, Inc. (b)		24,859		2,363,345
				8,767,007
Capital Markets—1.6%
Eaton Vance Corp.		66,516		2,722,500
Federated Investors, Inc. - Class B (b)		53,537		1,762,973
Janus Capital Group, Inc. (b)		82,644		1,333,048
Raymond James Financial, Inc.		70,859		4,059,512
SEI Investments Co.		73,369		2,937,695
Waddell & Reed Financial, Inc. - Class A		47,029		2,342,985
				15,158,713
Chemicals—2.9%
Albemarle Corp. (b)		44,011		2,646,381
Ashland, Inc.		35,895		4,298,785
Cabot Corp.		36,024		1,580,013
Cytec Industries, Inc.		40,538		1,871,639
Minerals Technologies, Inc.		19,408		1,347,886
NewMarket Corp. (b)		5,991		2,417,548
Olin Corp. (b)		43,980		1,001,425
PolyOne Corp. (b)		51,133		1,938,452
RPM International, Inc.		75,074		3,807,003
Scotts Miracle-Gro Co. (The) - Class A		24,974		1,556,380
Sensient Technologies Corp.		27,086		1,634,369
Valspar Corp. (The)		42,877		3,708,003
				27,807,884
Commercial Services & Supplies—1.6%
Clean Harbors, Inc. (a) (b)		30,683		1,474,318
Copart, Inc. (a)		63,952		2,333,608
Deluxe Corp. (b)		27,938		1,739,141
Herman Miller, Inc.		33,457		984,640
HNI Corp.		24,970		1,274,968
MSA Safety, Inc.		17,688		939,056
Rollins, Inc.		36,014		1,192,063
RR Donnelley & Sons Co. (b)		112,378		1,888,512
Waste Connections, Inc.		69,812		3,071,030
				14,897,336
Communications Equipment—1.1%
ARRIS Group, Inc. (a)		74,101		2,237,109
Ciena Corp. (a) (b)		59,938		1,163,397
InterDigital, Inc. (b)		20,903		1,105,769
JDS Uniphase Corp. (a)		130,406		1,789,170
Plantronics, Inc.		24,144		1,280,115
Polycom, Inc. (a)		76,765		1,036,327
Riverbed Technology, Inc. (a)		87,242		1,780,609
				10,392,496
Construction & Engineering—0.5%
AECOM Technology Corp. (a)		86,517		2,627,521
Granite Construction, Inc.		20,260		770,285
KBR, Inc.		81,600		1,383,120
				4,780,926

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Construction Materials—0.2%
Eagle Materials, Inc.		28,271	$	2,149,444
Consumer Finance—0.3%
SLM Corp.		238,011		2,425,332
Containers & Packaging—2.0%
Aptargroup, Inc. (b)		36,407		2,433,444
Bemis Co., Inc.		56,178		2,539,807
Greif, Inc. - Class A		19,064		900,393
Packaging Corp. of America		55,336		4,318,975
Rock-Tenn Co. - Class A		78,772		4,803,516
Silgan Holdings, Inc.		24,527		1,314,647
Sonoco Products Co.		56,954		2,488,890
				18,799,672
Distributors—0.5%
LKQ Corp. (a)		170,444		4,792,885
Diversified Consumer Services—1.0%
Apollo Education Group, Inc. (a)		54,326		1,853,060
DeVry Education Group, Inc.		32,336		1,534,990
Graham Holdings Co. - Class B		2,477		2,139,410
Service Corp. International (b)		116,790		2,651,133
Sotheby’s (b)		34,536		1,491,264
				9,669,857
Diversified Financial Services—0.6%
CBOE Holdings, Inc.		47,471		3,010,611
MSCI, Inc.		63,012		2,989,289
				5,999,900
Electric Utilities—1.7%
Cleco Corp.		33,960		1,852,178
Great Plains Energy, Inc.		86,538		2,458,545
Hawaiian Electric Industries, Inc.		57,686		1,931,327
IDACORP, Inc. (b)		28,274		1,871,456
OGE Energy Corp.		112,107		3,977,556
PNM Resources, Inc.		44,801		1,327,454
Westar Energy, Inc. (b)		73,534		3,032,542
				16,451,058
Electrical Equipment—0.9%
Acuity Brands, Inc.		24,393		3,416,728
Hubbell, Inc. - Class B		30,554		3,264,084
Regal-Beloit Corp.		25,136		1,890,227
				8,571,039
Electronic Equipment, Instruments & Components—3.6%
Arrow Electronics, Inc. (a)		54,506		3,155,352
Avnet, Inc.		77,084		3,316,154
Belden, Inc.		24,082		1,897,902
Cognex Corp. (a)		48,959		2,023,475
FEI Co.		23,370		2,111,480
Ingram Micro, Inc. - Class A (a)		87,706		2,424,194
IPG Photonics Corp. (a) (b)		19,958		1,495,253
Electronic Equipment, Instruments & Components—(Continued)
Itron, Inc. (a)		21,969		929,069
Jabil Circuit, Inc. (b)		108,775		2,374,558
Keysight Technologies, Inc. (a)		94,211		3,181,506
Knowles Corp. (a) (b)		47,831		1,126,420
National Instruments Corp.		56,691		1,762,523
Tech Data Corp. (a)		21,517		1,360,520
Trimble Navigation, Ltd. (a)		145,679		3,866,321
Vishay Intertechnology, Inc. (b)		76,301		1,079,659
Zebra Technologies Corp. - Class A (a)		28,641		2,217,100
				34,321,486
Energy Equipment & Services—2.0%
Atwood Oceanics, Inc. (a)		33,664		955,048
CARBO Ceramics, Inc. (b)		11,040		442,152
Dresser-Rand Group, Inc. (a)		43,113		3,526,643
Dril-Quip, Inc. (a)		22,202		1,703,559
Helix Energy Solutions Group, Inc. (a)		55,205		1,197,949
Oceaneering International, Inc.		59,064		3,473,554
Oil States International, Inc. (a)		29,907		1,462,452
Patterson-UTI Energy, Inc.		82,350		1,366,187
Rowan Cos. plc - Class A		70,047		1,633,496
Superior Energy Services, Inc.		85,589		1,724,618
Tidewater, Inc. (b)		27,969		906,475
Unit Corp. (a)		25,931		884,247
				19,276,380
Food & Staples Retailing—0.4%
SUPERVALU, Inc. (a)		116,024		1,125,433
United Natural Foods, Inc. (a)		28,059		2,169,662
				3,295,095
Food Products—1.9%
Dean Foods Co. (b)		52,771		1,022,702
Flowers Foods, Inc.		103,905		1,993,937
Hain Celestial Group, Inc. (The) (a)		56,764		3,308,773
Ingredion, Inc.		40,420		3,429,233
Lancaster Colony Corp.		10,919		1,022,455
Post Holdings, Inc. (a) (b)		25,231		1,056,927
Tootsie Roll Industries, Inc. (b)		11,221		343,924
TreeHouse Foods, Inc. (a)		23,807		2,036,213
WhiteWave Foods Co. (The) (a)		98,067		3,431,364
				17,645,528
Gas Utilities—1.6%
Atmos Energy Corp.		56,466		3,147,415
National Fuel Gas Co. (b)		47,353		3,292,454
ONE Gas, Inc.		29,278		1,206,839
Questar Corp.		98,574		2,491,951
UGI Corp.		96,981		3,683,338
WGL Holdings, Inc. (b)		27,959		1,527,121
				15,349,118
Health Care Equipment & Supplies—3.1%
Align Technology, Inc. (a)		40,643		2,272,350
Cooper Cos., Inc. (The)		27,157		4,401,878

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
Halyard Health, Inc. (a)		26,174	$	1,190,132
Hill-Rom Holdings, Inc.		32,352		1,475,898
Hologic, Inc. (a)		136,360		3,646,267
IDEXX Laboratories, Inc. (a) (b)		26,819		3,976,453
ResMed, Inc. (b)		78,431		4,396,842
Sirona Dental Systems, Inc. (a)		31,144		2,721,051
STERIS Corp. (b)		33,422		2,167,417
Teleflex, Inc. (b)		23,294		2,674,617
Thoratec Corp. (a)		30,935		1,004,150
				29,927,055
Health Care Providers & Services—3.3%
Centene Corp. (a)		32,999		3,426,946
Community Health Systems, Inc. (a)		65,403		3,526,530
Health Net, Inc. (a)		43,826		2,346,006
Henry Schein, Inc. (a) (c)		47,367		6,449,017
LifePoint Hospitals, Inc. (a)		25,464		1,831,116
MEDNAX, Inc. (a)		56,479		3,733,827
Omnicare, Inc.		55,055		4,015,161
Owens & Minor, Inc. (b)		35,479		1,245,668
VCA, Inc. (a)		47,316		2,307,601
WellCare Health Plans, Inc. (a)		24,695		2,026,472
				30,908,344
Health Care Technology—0.2%
Allscripts Healthcare Solutions, Inc. (a)		95,305		1,217,045
HMS Holdings Corp. (a) (b)		49,376		1,043,808
				2,260,853
Hotels, Restaurants & Leisure—1.5%
Brinker International, Inc.		35,747		2,097,991
Cheesecake Factory, Inc. (The) (b)		25,889		1,302,476
Domino’s Pizza, Inc.		30,939		2,913,526
International Game Technology		139,151		2,400,355
International Speedway Corp. - Class A		15,724		497,665
Life Time Fitness, Inc. (a) (b)		20,244		1,146,215
Panera Bread Co. - Class A (a) (b)		14,411		2,519,043
Wendy’s Co. (The)		154,084		1,391,378
				14,268,649
Household Durables—1.7%
Jarden Corp. (a)		100,629		4,818,117
KB Home (b)		51,213		847,575
MDC Holdings, Inc. (b)		21,965		581,414
NVR, Inc. (a) (b)		2,189		2,791,697
Tempur Sealy International, Inc. (a)		34,260		1,881,217
Toll Brothers, Inc. (a)		91,061		3,120,660
Tupperware Brands Corp. (b)		28,331		1,784,853
				15,825,533
Household Products—1.1%
Church & Dwight Co., Inc.		75,242		5,929,822
Energizer Holdings, Inc.		34,927		4,490,215
				10,420,037
Industrial Conglomerates—0.3%
Carlisle Cos., Inc.		36,091		3,256,852
Insurance—4.7%
Alleghany Corp. (a)		9,059		4,198,846
American Financial Group, Inc.		41,516		2,520,852
Arthur J. Gallagher & Co.		90,765		4,273,216
Aspen Insurance Holdings, Ltd.		35,003		1,532,081
Brown & Brown, Inc.		66,306		2,182,130
Everest Re Group, Ltd.		25,450		4,334,135
First American Financial Corp. (b)		60,331		2,045,221
Hanover Insurance Group, Inc. (The)		24,765		1,766,240
HCC Insurance Holdings, Inc.		54,445		2,913,896
Kemper Corp.		28,141		1,016,172
Mercury General Corp.		20,430		1,157,768
Old Republic International Corp.		136,466		1,996,498
Primerica, Inc. (b)		29,889		1,621,777
Protective Life Corp.		44,356		3,089,395
Reinsurance Group of America, Inc.		38,639		3,385,549
RenaissanceRe Holdings, Ltd. (b)		21,671		2,106,855
StanCorp Financial Group, Inc.		23,646		1,651,910
W.R. Berkley Corp.		57,105		2,927,202
				44,719,743
Internet & Catalog Retail—0.1%
HSN, Inc.		18,263		1,387,988
Internet Software & Services—1.3%
AOL, Inc. (a)		43,807		2,022,569
Equinix, Inc.		30,824		6,988,726
Rackspace Hosting, Inc. (a) (b)		67,016		3,137,019
				12,148,314
IT Services—2.8%
Acxiom Corp. (a)		43,315		877,995
Broadridge Financial Solutions, Inc.		67,503		3,117,289
Convergys Corp.		56,439		1,149,662
CoreLogic, Inc. (a)		50,474		1,594,474
DST Systems, Inc.		16,483		1,551,874
Gartner, Inc. (a)		49,512		4,169,406
Global Payments, Inc.		38,043		3,071,211
Jack Henry & Associates, Inc.		45,995		2,858,129
Leidos Holdings, Inc.		34,994		1,522,939
NeuStar, Inc. - Class A (a) (b)		30,866		858,075
Science Applications International Corp.		22,744		1,126,510
VeriFone Systems, Inc. (a)		63,590		2,365,548
WEX, Inc. (a)		21,805		2,156,951
				26,420,063
Leisure Products—0.8%
Brunswick Corp.		52,282		2,679,975
Polaris Industries, Inc. (b)		34,358		5,196,304
				7,876,279
Life Sciences Tools & Services—1.4%
Bio-Rad Laboratories, Inc. - Class A (a)		11,565		1,394,276

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services—(Continued)
Bio-Techne Corp.		20,854	$	1,926,910
Charles River Laboratories International, Inc. (a) (b)		26,391		1,679,523
Covance, Inc. (a) (c)		31,826		3,304,812
Mettler-Toledo International, Inc. (a)		16,057		4,856,600
				13,162,121
Machinery—4.5%
AGCO Corp. (b)		47,077		2,127,880
CLARCOR, Inc.		28,193		1,878,782
Crane Co.		27,868		1,635,852
Donaldson Co., Inc. (b)		71,824		2,774,561
Graco, Inc.		33,449		2,681,941
Harsco Corp.		45,451		858,569
IDEX Corp.		44,657		3,476,101
ITT Corp.		51,521		2,084,540
Kennametal, Inc.		44,493		1,592,404
Lincoln Electric Holdings, Inc.		43,691		3,018,611
Nordson Corp. (b)		33,005		2,573,070
Oshkosh Corp.		44,885		2,183,655
SPX Corp.		23,101		1,984,838
Terex Corp.		60,970		1,699,844
Timken Co. (The)		41,901		1,788,335
Trinity Industries, Inc. (b)		87,538		2,451,939
Valmont Industries, Inc. (b)		13,840		1,757,680
Wabtec Corp.		54,139		4,704,138
Woodward, Inc. (b)		32,832		1,616,319
				42,889,059
Marine—0.3%
Kirby Corp. (a)		32,093		2,591,189
Media—1.3%
AMC Networks, Inc. - Class A (a)		33,258		2,120,863
Cinemark Holdings, Inc.		58,572		2,083,992
DreamWorks Animation SKG, Inc. - Class A (a) (b)		40,742		909,769
John Wiley & Sons, Inc. - Class A		26,389		1,563,284
Live Nation Entertainment, Inc. (a)		81,260		2,121,699
Meredith Corp. (b)		20,501		1,113,614
New York Times Co. (The) - Class A (b)		73,550		972,331
Time, Inc. (b)		61,322		1,509,134
				12,394,686
Metals & Mining—1.7%
Carpenter Technology Corp.		29,944		1,474,742
Cliffs Natural Resources, Inc. (b)		86,165		615,218
Commercial Metals Co.		66,457		1,082,585
Compass Minerals International, Inc.		18,892		1,640,392
Reliance Steel & Aluminum Co.		43,914		2,690,611
Royal Gold, Inc. (b)		36,669		2,299,146
Steel Dynamics, Inc.		135,223		2,669,302
TimkenSteel Corp.		21,562		798,441
United States Steel Corp. (b)		81,828		2,188,081
Worthington Industries, Inc.		28,501		857,595
				16,316,113
Multi-Utilities—1.1%
Alliant Energy Corp.		62,396		4,144,342
Black Hills Corp.		25,116		1,332,153
MDU Resources Group, Inc.		109,176		2,565,636
Vectren Corp.		46,424		2,146,181
				10,188,312
Multiline Retail—0.2%
Big Lots, Inc. (b)		30,064		1,203,161
J.C. Penney Co., Inc. (a) (b)		171,465		1,111,093
				2,314,254
Oil, Gas & Consumable Fuels—1.9%
California Resources Corp. (a)		171,738		946,277
Energen Corp.		41,174		2,625,254
Gulfport Energy Corp. (a)		48,108		2,008,028
HollyFrontier Corp.		110,092		4,126,248
Peabody Energy Corp. (b)		152,676		1,181,712
Rosetta Resources, Inc. (a)		34,585		771,591
SM Energy Co.		37,912		1,462,645
Western Refining, Inc.		41,044		1,550,642
World Fuel Services Corp. (b)		40,533		1,902,214
WPX Energy, Inc. (a)		114,386		1,330,309
				17,904,920
Paper & Forest Products—0.3%
Domtar Corp.		36,261		1,458,417
Louisiana-Pacific Corp. (a) (b)		79,987		1,324,585
				2,783,002
Pharmaceuticals—1.1%
Endo International plc (a)		86,457		6,235,279
Salix Pharmaceuticals, Ltd. (a)		35,842		4,119,679
				10,354,958
Professional Services—1.0%
Corporate Executive Board Co. (The)		18,921		1,372,340
FTI Consulting, Inc. (a)		23,074		891,349
ManpowerGroup, Inc.		44,513		3,034,451
Towers Watson & Co. - Class A		39,336		4,451,655
				9,749,795
Real Estate Investment Trusts—9.7%
Alexandria Real Estate Equities, Inc.		40,501		3,594,059
American Campus Communities, Inc.		59,124		2,445,369
BioMed Realty Trust, Inc.		111,052		2,392,060
Camden Property Trust		48,595		3,588,255
Corporate Office Properties Trust		52,039		1,476,346
Corrections Corp. of America (b)		65,512		2,380,706
Duke Realty Corp.		192,198		3,882,400
Equity One, Inc.		43,181		1,095,070
Extra Space Storage, Inc.		62,159		3,645,004
Federal Realty Investment Trust (b)		38,322		5,114,454
Highwoods Properties, Inc.		51,335		2,273,114
Home Properties, Inc.		32,266		2,116,650

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—(Continued)
Hospitality Properties Trust		84,311	$	2,613,641
Kilroy Realty Corp.		47,222		3,261,624
Lamar Advertising Co. - Class A		45,087		2,418,467
LaSalle Hotel Properties		62,808		2,541,840
Liberty Property Trust		83,550		3,143,986
Mack-Cali Realty Corp.		47,071		897,173
Mid-America Apartment Communities, Inc.		42,327		3,160,980
National Retail Properties, Inc.		74,181		2,920,506
Omega Healthcare Investors, Inc.		71,672		2,800,225
Potlatch Corp.		22,833		956,018
Rayonier, Inc.		71,277		1,991,479
Realty Income Corp. (b)		125,251		5,975,725
Regency Centers Corp.		52,446		3,345,006
Senior Housing Properties Trust		114,676		2,535,486
SL Green Realty Corp.		54,287		6,461,239
Tanger Factory Outlet Centers, Inc.		53,938		1,993,548
Taubman Centers, Inc.		35,616		2,721,775
UDR, Inc.		143,548		4,424,149
Washington Prime Group, Inc.		87,272		1,502,824
Weingarten Realty Investors		63,272		2,209,458
				91,878,636
Real Estate Management & Development—0.5%
Alexander & Baldwin, Inc.		25,503		1,001,248
Jones Lang LaSalle, Inc.		25,211		3,779,885
				4,781,133
Road & Rail—1.5%
Con-way, Inc.		32,577		1,602,137
Genesee & Wyoming, Inc. - Class A (a)		28,790		2,588,797
J.B. Hunt Transport Services, Inc. (b)		52,056		4,385,718
Landstar System, Inc.		25,163		1,825,072
Old Dominion Freight Line, Inc. (a)		38,287		2,972,603
Werner Enterprises, Inc.		25,060		780,619
				14,154,946
Semiconductors & Semiconductor Equipment—3.4%
Advanced Micro Devices, Inc. (a) (b)		353,235		943,137
Atmel Corp. (a) (c)		234,744		1,970,676
Cree, Inc. (a) (b)		67,182		2,164,604
Cypress Semiconductor Corp. (a) (b)		83,434		1,191,437
Fairchild Semiconductor International, Inc. (a)		66,803		1,127,635
Integrated Device Technology, Inc. (a)		83,608		1,638,717
International Rectifier Corp. (a)		40,234		1,605,337
Intersil Corp. - Class A		72,845		1,054,067
RF Micro Devices, Inc. (a) (b)		328,253		5,445,717
Semtech Corp. (a)		37,544		1,035,088
Silicon Laboratories, Inc. (a)		22,169		1,055,688
Skyworks Solutions, Inc.		107,234		7,796,984
SunEdison, Inc. (a) (b)		141,737		2,765,289
Teradyne, Inc.		121,768		2,409,789
				32,204,165
Software—4.2%
ACI Worldwide, Inc. (a)		64,646		1,303,910
Software—(Continued)
Advent Software, Inc.		25,007		766,214
ANSYS, Inc. (a)		51,694		4,238,908
Cadence Design Systems, Inc. (a) (b)		164,641		3,123,240
CDK Global, Inc.		90,347		3,682,544
CommVault Systems, Inc. (a)		24,196		1,250,691
Covisint Corp. (a)		7		19
FactSet Research Systems, Inc.		21,837		3,073,558
Fair Isaac Corp.		18,058		1,305,593
Fortinet, Inc. (a)		77,888		2,388,046
Informatica Corp. (a)		61,123		2,330,926
Mentor Graphics Corp.		55,028		1,206,214
PTC, Inc. (a)		65,242		2,391,119
Rovi Corp. (a)		53,281		1,203,618
SolarWinds, Inc. (a)		37,012		1,844,308
Solera Holdings, Inc.		38,374		1,963,981
Synopsys, Inc. (a)		87,645		3,809,928
Tyler Technologies, Inc. (a)		18,580		2,033,395
Ultimate Software Group, Inc. (The) (a) (b)		15,958		2,342,874
				40,259,086
Specialty Retail—4.1%
Aaron’s, Inc.		36,279		1,109,049
Abercrombie & Fitch Co. - Class A (b)		40,140		1,149,610
Advance Auto Parts, Inc.		41,056		6,539,400
American Eagle Outfitters, Inc. (b)		98,453		1,366,528
ANN, Inc. (a)		25,713		938,010
Ascena Retail Group, Inc. (a)		74,079		930,432
Cabela’s, Inc. (a) (b)		26,789		1,412,048
Chico’s FAS, Inc.		86,019		1,394,368
CST Brands, Inc.		43,682		1,904,972
Dick’s Sporting Goods, Inc.		55,181		2,739,737
Foot Locker, Inc.		79,917		4,489,737
Guess?, Inc.		35,953		757,889
Murphy USA, Inc. (a)		24,177		1,664,828
Office Depot, Inc. (a)		272,654		2,338,008
Rent-A-Center, Inc. (b)		29,755		1,080,702
Signet Jewelers, Ltd.		45,097		5,933,412
Williams-Sonoma, Inc.		48,170		3,645,505
				39,394,235
Technology Hardware, Storage & Peripherals—0.8%
3D Systems Corp. (a) (b)		58,801		1,932,789
Diebold, Inc. (b)		36,350		1,259,164
Lexmark International, Inc. - Class A (b)		34,757		1,434,422
NCR Corp. (a)		94,717		2,760,053
				7,386,428
Textiles, Apparel & Luxury Goods—1.4%
Carter’s, Inc.		29,757		2,598,084
Deckers Outdoor Corp. (a) (b)		19,481		1,773,550
Hanesbrands, Inc.		56,185		6,271,370
Kate Spade & Co. (a)		71,494		2,288,523
				12,931,527

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Thrifts & Mortgage Finance—0.6%
Astoria Financial Corp.		49,393	$	659,891
New York Community Bancorp, Inc. (b)		248,968		3,983,488
Washington Federal, Inc.		55,222		1,223,167
				5,866,546
Trading Companies & Distributors—0.7%
GATX Corp.		24,860		1,430,444
MSC Industrial Direct Co., Inc. - Class A		28,414		2,308,637
NOW, Inc. (a) (b)		60,220		1,549,461
Watsco, Inc. (b)		15,352		1,642,664
				6,931,206
Water Utilities—0.3%
Aqua America, Inc.		99,348		2,652,592
Wireless Telecommunication Services—0.2%
Telephone & Data Systems, Inc.		55,228		1,394,507
Total Common Stocks (Cost $622,676,676)				918,984,360
Investment Company Security—1.1%
SPDR S&P MidCap 400 ETF Trust (b) (Cost $9,779,372)		38,200		10,083,654
Short-Term Investments—17.4%
Discount Notes—2.3%
Federal Home Loan Bank
0.010%, 01/22/15 (d)		1,650,000		1,649,990
0.028%, 01/14/15 (d)		1,725,000		1,724,981
0.070%, 03/03/15 (d)		650,000		649,923
0.071%, 02/25/15 (d)		1,800,000		1,799,803
0.075%, 03/06/15 (d)		6,350,000		6,349,157
0.140%, 03/20/15 (d)		8,375,000		8,372,460
0.161%, 04/15/15 (d)		800,000		799,630
0.181%, 04/06/15 (d)		400,000		399,810
Federal National Mortgage Association
0.161%, 05/13/15 (d)		275,000		274,839
				22,020,593
Mutual Fund—15.1%
State Street Navigator Securities Lending MET Portfolio (e)		144,076,047		144,076,047
Total Short-Term Investments (Cost $166,096,640)				166,096,640
Total Investments—115.1% (Cost $798,552,688) (f)				1,095,164,654
Other assets and liabilities (net)—(15.1)%				(143,945,980	)
Net Assets—100.0%			$	951,218,674

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $141,539,783 and the collateral received consisted of cash in the amount of $144,076,047 and non-cash collateral with a value of $2,117,416. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $5,697,010.

(d) The rate shown represents current yield to maturity.

(e) Represents investment of cash collateral received from securities lending transactions.

(f) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $802,672,178. The aggregate unrealized appreciation and depreciation of investments were $321,806,124 and $(29,313,648), respectively, resulting in net unrealized appreciation of $292,492,476 for federal income tax purposes.

(ETF)— Exchange-Traded Fund

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
S&P Midcap 400 E-Mini Index Futures		03/20/15		150		USD	21,525,959	$	203,042

(USD)— United States Dollar

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	918,984,360	$	—		$	—	$	918,984,360
Total Investment Company Security		10,083,654		—			—		10,083,654
Short-Term Investments
Discount Notes		—		22,020,593			—		22,020,593
Mutual Fund		144,076,047		—			—		144,076,047
Total Short-Term Investments		144,076,047		22,020,593			—		166,096,640
Total Investments	$	1,073,144,061	$	22,020,593		$	—	$	1,095,164,654
Collateral for securities loaned (Liability)	$	—	$	(144,076,047	)	$	—	$	(144,076,047	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	203,042	$	—		$	—	$	203,042

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,095,164,654
Cash		931
Receivable for:
Investments sold		3,451,142
Fund shares sold		218,590
Dividends		877,030
Prepaid expenses		2,376
Total Assets		1,099,714,723
Liabilities
Collateral for securities loaned		144,076,047
Payables for:
Investments purchased		2,732,262
Fund shares redeemed		891,772
Variation margin on futures contracts		280,500
Accrued expenses:
Management fees		199,207
Distribution and service fees		117,354
Deferred trustees’ fees		63,842
Other expenses		135,065
Total Liabilities		148,496,049
Net Assets	$	951,218,674
Net assets consist of:
Paid in surplus	$	588,328,669
Undistributed net investment income		9,920,845
Accumulated net realized gain		56,154,152
Unrealized appreciation on investments and futures contracts		296,815,008
Net Assets	$	951,218,674
Net Assets
Class A	$	399,632,603
Class B		404,007,902
Class E		42,410,985
Class G		105,167,184
Capital Shares Outstanding*
Class A		21,017,142
Class B		21,502,746
Class E		2,245,606
Class G		5,624,548
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	19.01
Class B		18.79
Class E		18.89
Class G		18.70

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Includes securities loaned at value of $141,539,783.

(b) Identified cost of investments was $798,552,688.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	14,175,205
Interest		16,614
Securities lending income		767,937
Total investment income		14,959,756
Expenses
Management fees		2,303,675
Administration fees		21,817
Custodian and accounting fees		98,001
Distribution and service fees—Class B		978,847
Distribution and service fees—Class E		64,818
Distribution and service fees—Class G		312,327
Audit and tax services		39,404
Legal		30,013
Trustees’ fees and expenses		38,591
Shareholder reporting		188,858
Insurance		3,779
Miscellaneous		39,029
Total expenses		4,119,159
Less management fee waiver		(21,073	)
Net expenses		4,098,086
Net Investment Income		10,861,670
Net Realized and Unrealized Gain
Net realized gain on:
Investments		58,869,727
Futures contracts		2,253,556
Net realized gain		61,123,283
Net change in unrealized appreciation (depreciation) on:
Investments		11,672,733
Futures contracts		(225,972	)
Net change in unrealized appreciation		11,446,761
Net realized and unrealized gain		72,570,044
Net Increase in Net Assets From Operations	$	83,431,714

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	10,861,670		$	7,524,003
Net realized gain		61,123,283			44,528,234
Net change in unrealized appreciation		11,446,761			173,725,239
Increase in net assets from operations		83,431,714			225,777,476
From Distributions to Shareholders
Net investment income
Class A		(3,908,986	)		(3,571,780	)
Class B		(3,219,158	)		(3,295,981	)
Class E		(393,348	)		(433,931	)
Class G		(808,575	)		(892,583	)
Net realized capital gains
Class A		(17,710,102	)		(8,753,637	)
Class B		(18,562,420	)		(9,929,931	)
Class E		(2,066,821	)		(1,200,289	)
Class G		(4,951,822	)		(2,689,121	)
Total distributions		(51,621,232	)		(30,767,253	)
Increase in net assets from capital share transactions		12,627,162			30,910,895
Total increase in net assets		44,437,644			225,921,118
Net Assets
Beginning of period		906,781,030			680,859,912
End of period	$	951,218,674		$	906,781,030
Undistributed net investment income
End of period	$	9,920,845		$	8,012,162

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		3,308,259		$	60,505,261			4,834,598		$	79,130,076
Reinvestments		1,249,658			21,619,088			818,964			12,325,417
Redemptions		(3,597,434	)		(66,081,391	)		(3,580,846	)		(58,551,359	)
Net increase		960,483		$	16,042,958			2,072,716		$	32,904,134
Class B
Sales		1,291,519		$	23,239,422			1,892,315		$	30,939,584
Reinvestments		1,272,288			21,781,578			887,050			13,225,912
Redemptions		(2,349,274	)		(42,719,181	)		(3,253,801	)		(52,967,918	)
Net increase (decrease)		214,533		$	2,301,819			(474,436	)	$	(8,802,422	)
Class E
Sales		48,872		$	887,728			189,870		$	3,072,272
Reinvestments		143,033			2,460,169			109,166			1,634,220
Redemptions		(399,557	)		(7,266,099	)		(459,847	)		(7,545,262	)
Net decrease		(207,652	)	$	(3,918,202	)		(160,811	)	$	(2,838,770	)
Class G
Sales		1,278,911		$	22,732,011			2,144,831		$	33,901,061
Reinvestments		337,853			5,760,397			241,192			3,581,704
Redemptions		(1,681,946	)		(30,291,821	)		(1,701,787	)		(27,834,812	)
Net increase (decrease)		(65,182	)	$	(1,799,413	)		684,236		$	9,647,953
Increase derived from capital shares transactions				$	12,627,162					$	30,910,895

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.45		$	14.47		$	12.97		$	13.88		$	11.10
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.18			0.19			0.14			0.13
Net realized and unrealized gain (loss) on investments		1.41			4.46			2.05			(0.34	)		2.79
Total from investment operations		1.65			4.64			2.24			(0.20	)		2.92
Less Distributions
Distributions from net investment income		(0.20	)		(0.19	)		(0.14	)		(0.13	)		(0.12	)
Distributions from net realized capital gains		(0.89	)		(0.47	)		(0.60	)		(0.58	)		(0.02	)
Total distributions		(1.09	)		(0.66	)		(0.74	)		(0.71	)		(0.14	)
Net Asset Value, End of Period	$	19.01		$	18.45		$	14.47		$	12.97		$	13.88
Total Return (%) (b)		9.49			33.15			17.60			(1.89	)		26.28
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.30			0.30			0.32			0.30			0.31
Net ratio of expenses to average net assets (%) (c)		0.30			0.30			0.31			0.30			0.30
Ratio of net investment income to average net assets (%)		1.33			1.09			1.40			1.03			1.07
Portfolio turnover rate (%)		17			16			11			24			22
Net assets, end of period (in millions)	$	399.6		$	370.0		$	260.2		$	236.6		$	257.4
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.25		$	14.32		$	12.84		$	13.75		$	11.01
Income (Loss) from Investment Operations
Net investment income (a)		0.19			0.14			0.16			0.11			0.10
Net realized and unrealized gain (loss) on investments		1.39			4.42			2.03			(0.34	)		2.76
Total from investment operations		1.58			4.56			2.19			(0.23	)		2.86
Less Distributions
Distributions from net investment income		(0.15	)		(0.16	)		(0.11	)		(0.10	)		(0.10	)
Distributions from net realized capital gains		(0.89	)		(0.47	)		(0.60	)		(0.58	)		(0.02	)
Total distributions		(1.04	)		(0.63	)		(0.71	)		(0.68	)		(0.12	)
Net Asset Value, End of Period	$	18.79		$	18.25		$	14.32		$	12.84		$	13.75
Total Return (%) (b)		9.23			32.83			17.33			(2.19	)		25.99
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55			0.55			0.57			0.55			0.56
Net ratio of expenses to average net assets (%) (c)		0.55			0.55			0.56			0.55			0.55
Ratio of net investment income to average net assets (%)		1.08			0.83			1.16			0.79			0.83
Portfolio turnover rate (%)		17			16			11			24			22
Net assets, end of period (in millions)	$	404.0		$	388.4		$	311.6		$	275.5		$	267.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.33		$	14.38		$	12.89		$	13.80		$	11.05
Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.15			0.17			0.12			0.11
Net realized and unrealized gain (loss) on investments		1.41			4.44			2.04			(0.34	)		2.76
Total from investment operations		1.62			4.59			2.21			(0.22	)		2.87
Less Distributions
Distributions from net investment income		(0.17	)		(0.17	)		(0.12	)		(0.11	)		(0.10	)
Distributions from net realized capital gains		(0.89	)		(0.47	)		(0.60	)		(0.58	)		(0.02	)
Total distributions		(1.06	)		(0.64	)		(0.72	)		(0.69	)		(0.12	)
Net Asset Value, End of Period	$	18.89		$	18.33		$	14.38		$	12.89		$	13.80
Total Return (%) (b)		9.39			32.95			17.46			(2.10	)		26.08
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.45			0.45			0.47			0.45			0.46
Net ratio of expenses to average net assets (%) (c)		0.45			0.45			0.46			0.45			0.45
Ratio of net investment income to average net assets (%)		1.17			0.93			1.24			0.87			0.92
Portfolio turnover rate (%)		17			16			11			24			22
Net assets, end of period (in millions)	$	42.4		$	45.0		$	37.6		$	37.1		$	46.9
	Class G
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.16		$	14.26		$	12.79		$	13.70		$	10.97
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.13			0.15			0.10			0.10
Net realized and unrealized gain (loss) on investments		1.39			4.40			2.02			(0.33	)		2.74
Total from investment operations		1.57			4.53			2.17			(0.23	)		2.84
Less Distributions
Distributions from net investment income		(0.14	)		(0.16	)		(0.10	)		(0.10	)		(0.09	)
Distributions from net realized capital gains		(0.89	)		(0.47	)		(0.60	)		(0.58	)		(0.02	)
Total distributions		(1.03	)		(0.63	)		(0.70	)		(0.68	)		(0.11	)
Net Asset Value, End of Period	$	18.70		$	18.16		$	14.26		$	12.79		$	13.70
Total Return (%) (b)		9.21			32.75			17.27			(2.24	)		25.92
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.60			0.60			0.62			0.60			0.61
Net ratio of expenses to average net assets (%) (c)		0.60			0.60			0.61			0.60			0.60
Ratio of net investment income to average net assets (%)		1.02			0.79			1.10			0.76			0.82
Portfolio turnover rate (%)		17			16			11			24			22
Net assets, end of period (in millions)	$	105.2		$	103.3		$	71.4		$	62.7		$	41.3

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Mid Cap Stock Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-15

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-16

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to return of capital adjustments and real estate investment trust (REIT) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MSF-17

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts*	$	203,042

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	2,253,556
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(225,972	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	16,667

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements

MSF-18

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	154,365,206	$	0	$	172,111,105

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the year ended December 31, 2014 were $2,303,675.

MetLife Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, MetLife Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.030%	On the first $500 million
0.020%	On the next $500 million
0.010%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2014 were $234,294.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 through April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

MSF-19

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

An identical expense agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$13,838,966	$	11,678,054	$	37,782,266	$	19,089,199	$	51,621,232	$	30,767,253

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$14,178,456	$	56,282,916	$	292,492,475	$	—	$	362,953,847

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

MSF-20

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-21

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of the MetLife Mid Cap Stock Index Portfolio and Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of MetLife Mid Cap Stock Index Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 MetLife Mid Cap Stock Index Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-22

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-23

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-24

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-25

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-26

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MetLife Mid Cap Stock Index Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2014. The Board noted that the Portfolio underperformed its Lipper Index for the one-year period ended June 30, 2014 and outperformed its Lipper Index for the three- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the S&P 400 Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further considered that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-27

Metropolitan Series Fund

MetLife Stock Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, D, and E shares of the MetLife Stock Index Portfolio returned 13.36%, 13.10%, 13.26%, and 13.20%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned 13.69%. Since its inception on November 12, 2014, the class G shares of the MetLife Stock Index Portfolio returned 1.22%. The Portfolio’s benchmark, the S&P 500 Index, returned 1.25% over the same period.

MARKET ENVIRONMENT / CONDITIONS

Equity indexes reached record highs in 2014, driven by accommodative monetary policies by central banks around the world, strong corporate earnings, and an improving global economy. The year started on a negative note as investors remained concerned about additional Federal Reserve tapering, pressure on emerging market currencies and deteriorating situations in Ukraine, Thailand and Venezuela. Equity indexes recovered in the following months driven by strong earnings and increased corporate activity. During the third quarter, equity markets were volatile as escalating tensions between Israel and Hamas, stalling Iran nuclear talks, and further U.S. and European Union sanctions against Russia contrasted with continued easing policies by central banks around the world and stronger macroeconomic data. Equity markets declined again in October as investors continued to worry about faltering global growth, particularly in Europe and China. Growing protests in Hong Kong and continued fears about the spread of the Ebola virus also weighed on the markets. Equity markets rallied in the fourth quarter as the Bank of Japan unexpectedly expanded its economic stimulus, the People’s Bank of China cut interest rates for the first time in two years, and the European Central Bank Chairman, Mr. Draghi, said the bank was ready to increase quantitative easing if necessary. Better than expected U.S. employment, U.S. retail sales and consumer confidence also contributed to positive performance. Equity markets were mixed in December as oil prices dropped significantly, the Russian ruble reached record lows, and political uncertainty continued in Greece.

During the year, the Federal Open Market Committee (the “Committee”) met eight times and maintained the target range for the Federal Funds Rate at zero to 0.25%. The Committee stated that there had been a substantial improvement in the outlook for the labor market since the inception of its asset purchase program. Also, the Committee had continued to see sufficient underlying strength in the broader economy. Accordingly, the Committee had decided to conclude its asset purchase program in October.

Nine of the ten sectors comprising the S&P 500 Index experienced positive returns for the year. Utilities (2.9% beginning weight in the benchmark), up 29.0%, was the best-performing sector. Health Care (13.0% beginning weight), up 25.3%, and Information Technology (18.6% beginning weight), up 20.5%, were the next best-performing sectors. The worst performing sector was Energy (10.3% beginning weight), down 7.7%.

The stocks with the largest positive impact on the benchmark return for the year were Apple, up 40.6%; Microsoft, up 27.5%; and Berkshire Hathaway, up 26.6%. The stocks with the largest negative impact were Amazon.com, down 22.2%; IBM, down 12.4%; and Exxon Mobil, down 6.1%.

Factors that can impact stock prices include developments in the Fed’s interest rate policy, corporate earnings, geopolitical concerns, energy prices, employment data and the value of the U.S. dollar.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P 500 Index. This strategy seeks to replicate the performance of the Index by owning all of the components of the Index at their respective Index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the S&P 500 Index. Factors that impact tracking error include transaction costs, cash drag, securities lending, net asset value rounding, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

MetLife Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
MetLife Stock Index Porfolio
Class A		13.36		15.16		7.42		—
Class B		13.10		14.88		7.15		—
Class D		13.26		15.05		—		18.81
Class E		13.20		14.98		7.25		—
Class G		—		—		—		1.22
S&P 500 Index		13.69		15.45		7.67		—

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² Inception dates of the Class A, Class B, Class D, Class E and Class G shares are 5/1/90, 1/2/01, 4/28/09. 5/1/01 and 11/12/14, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Apple, Inc.		3.5
Exxon Mobil Corp.		2.1
Microsoft Corp.		2.1
Johnson & Johnson		1.6
Berkshire Hathaway, Inc.- Class B		1.5
Wells Fargo & Co.		1.4
General Electric Co.		1.4
Procter & Gamble Co. (The)		1.3
JPMorgan Chase & Co.		1.3
Chevron Corp.		1.1

Top Sectors

	% of Net Assets
Information Technology		19.4
Financials		17.0
Health Care		14.1
Consumer Discretionary		12.0
Industrials		10.3
Consumer Staples		9.7
Energy		8.3
Utilities		3.2
Materials		3.1
Telecommunication Services		2.3

MSF-2

Metropolitan Series Fund

MetLife Stock Index Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

MetLife Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.27	%	$	1,000.00	$	1,059.60	$	1.40
	Hypothetical*		0.27	%	$	1,000.00	$	1,023.84	$	1.38
Class B(a)	Actual		0.52	%	$	1,000.00	$	1,058.40	$	2.70
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.58	$	2.65
Class D(a)	Actual		0.36	%	$	1,000.00	$	1,059.30	$	1.87
	Hypothetical*		0.36	%	$	1,000.00	$	1,023.39	$	1.84
Class E(a)	Actual		0.42	%	$	1,000.00	$	1,058.80	$	2.18
	Hypothetical*		0.42	%	$	1,000.00	$	1,023.09	$	2.14
Class G(a)(b)	Actual		0.57	%	$	1,000.00	$	1,012.20	$	0.79
	Hypothetical*		0.57	%	$	1,000.00	$	1,006.07	$	0.78

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days for Class A, Class B, Class D, and Class E, and 50 days for Class G) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

^(b) Commencement of operations was November 12, 2014.

MSF-3

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—98.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.6%
Boeing Co. (The)		238,122	$	30,951,098
General Dynamics Corp.		113,066		15,560,143
Honeywell International, Inc.		281,142		28,091,709
L-3 Communications Holdings, Inc.		30,575		3,858,871
Lockheed Martin Corp.		96,443		18,572,028
Northrop Grumman Corp.		72,547		10,692,702
Precision Castparts Corp.		51,190		12,330,647
Raytheon Co.		110,749		11,979,719
Rockwell Collins, Inc.		47,747		4,033,667
Textron, Inc.		99,141		4,174,827
United Technologies Corp.		304,498		35,017,270
				175,262,681
Air Freight & Logistics—0.8%
C.H. Robinson Worldwide, Inc. (a)		52,537		3,934,496
Expeditors International of Washington, Inc.		69,325		3,092,588
FedEx Corp.		94,606		16,429,278
United Parcel Service, Inc. - Class B		250,332		27,829,409
				51,285,771
Airlines—0.4%
Delta Air Lines, Inc.		300,582		14,785,629
Southwest Airlines Co.		243,766		10,316,177
				25,101,806
Auto Components—0.4%
BorgWarner, Inc.		81,660		4,487,217
Delphi Automotive plc		106,335		7,732,681
Goodyear Tire & Rubber Co. (The)		98,607		2,817,202
Johnson Controls, Inc.		239,257		11,565,684
				26,602,784
Automobiles—0.7%
Ford Motor Co.		1,382,233		21,424,612
General Motors Co.		484,709		16,921,191
Harley-Davidson, Inc.		76,953		5,071,972
				43,417,775
Banks—6.0%
Bank of America Corp.		3,776,921		67,569,117
BB&T Corp.		258,690		10,060,454
Citigroup, Inc.		1,088,023		58,872,925
Comerica, Inc.		64,533		3,022,726
Fifth Third Bancorp		295,937		6,029,716
Huntington Bancshares, Inc.		292,506		3,077,163
JPMorgan Chase & Co.		1,342,549		84,016,716
KeyCorp		311,135		4,324,777
M&T Bank Corp. (a)		47,447		5,960,292
PNC Financial Services Group, Inc. (The)		188,985		17,241,102
Regions Financial Corp.		494,352		5,220,357
SunTrust Banks, Inc.		187,277		7,846,906
U.S. Bancorp		642,647		28,886,983
Wells Fargo & Co.		1,695,425		92,943,198
Zions Bancorporation		72,881		2,077,837
				397,150,269
Beverages—2.1%
Brown-Forman Corp. - Class B		56,190		4,935,730
Coca-Cola Co. (The)		1,415,782		59,774,316
Coca-Cola Enterprises, Inc.		79,871		3,531,896
Constellation Brands, Inc. - Class A (b)		60,264		5,916,117
Dr Pepper Snapple Group, Inc.		69,821		5,004,769
Molson Coors Brewing Co. - Class B		57,229		4,264,705
Monster Beverage Corp. (b)		51,777		5,610,038
PepsiCo, Inc.		537,497		50,825,716
				139,863,287
Biotechnology—2.9%
Alexion Pharmaceuticals, Inc. (b)		71,214		13,176,726
Amgen, Inc.		273,190		43,516,435
Biogen Idec, Inc. (b)		84,814		28,790,112
Celgene Corp. (b)		286,850		32,087,041
Gilead Sciences, Inc. (b)		541,828		51,072,707
Regeneron Pharmaceuticals, Inc. (a) (b)		26,654		10,934,804
Vertex Pharmaceuticals, Inc. (b)		86,382		10,262,182
				189,840,007
Building Products—0.1%
Allegion plc		34,380		1,906,715
Masco Corp.		127,948		3,224,289
				5,131,004
Capital Markets—2.3%
Affiliated Managers Group, Inc. (b)		19,959		4,236,098
Ameriprise Financial, Inc.		66,274		8,764,737
Bank of New York Mellon Corp. (The)		404,292		16,402,126
BlackRock, Inc.		45,749		16,358,012
Charles Schwab Corp. (The)		412,684		12,458,930
E*Trade Financial Corp. (b)		103,725		2,515,850
Franklin Resources, Inc.		140,818		7,797,093
Goldman Sachs Group, Inc. (The)		145,474		28,197,225
Invesco, Ltd.		154,729		6,114,890
Legg Mason, Inc.		36,064		1,924,736
Morgan Stanley		548,332		21,275,282
Northern Trust Corp.		79,505		5,358,637
State Street Corp.		149,941		11,770,368
T. Rowe Price Group, Inc.		93,158		7,998,546
				151,172,530
Chemicals—2.3%
Air Products & Chemicals, Inc.		69,078		9,963,120
Airgas, Inc.		24,146		2,781,136
CF Industries Holdings, Inc.		17,862		4,868,110
Dow Chemical Co. (The)		397,876		18,147,124
E.I. du Pont de Nemours & Co.		325,365		24,057,488
Eastman Chemical Co.		53,343		4,046,600
Ecolab, Inc.		97,006		10,139,067
FMC Corp.		47,862		2,729,570
International Flavors & Fragrances, Inc.		29,081		2,947,650
LyondellBasell Industries NV - Class A		149,244		11,848,481
Monsanto Co.		173,852		20,770,099
Mosaic Co. (The)		113,352		5,174,519

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—(Continued)
PPG Industries, Inc.		49,287	$	11,392,690
Praxair, Inc.		104,645		13,557,806
Sherwin-Williams Co. (The)		29,306		7,708,650
Sigma-Aldrich Corp.		42,773		5,871,450
				156,003,560
Commercial Services & Supplies—0.4%
ADT Corp. (The) (a)		62,680		2,270,896
Cintas Corp. (a)		34,870		2,735,203
Pitney Bowes, Inc.		72,184		1,759,124
Republic Services, Inc.		90,659		3,649,025
Stericycle, Inc. (b)		30,500		3,997,940
Tyco International plc		150,289		6,591,676
Waste Management, Inc.		152,947		7,849,240
				28,853,104
Communications Equipment—1.7%
Cisco Systems, Inc.		1,836,515		51,082,665
F5 Networks, Inc. (b)		26,499		3,457,192
Harris Corp.		37,563		2,697,775
Juniper Networks, Inc.		138,265		3,086,075
Motorola Solutions, Inc.		76,079		5,103,379
QUALCOMM, Inc.		597,113		44,383,409
				109,810,495
Construction & Engineering—0.1%
Fluor Corp.		56,106		3,401,707
Jacobs Engineering Group, Inc. (b)		46,887		2,095,380
Quanta Services, Inc. (b)		78,180		2,219,530
				7,716,617
Construction Materials—0.1%
Martin Marietta Materials, Inc. (a)		22,227		2,452,083
Vulcan Materials Co.		47,300		3,109,029
				5,561,112
Consumer Finance—0.9%
American Express Co.		319,574		29,733,165
Capital One Financial Corp.		199,674		16,483,089
Discover Financial Services		162,865		10,666,029
Navient Corp.		147,327		3,183,736
				60,066,019
Containers & Packaging—0.2%
Avery Dennison Corp.		32,718		1,697,410
Ball Corp.		49,175		3,352,260
MeadWestvaco Corp.		59,875		2,657,851
Owens-Illinois, Inc. (b)		59,226		1,598,510
Sealed Air Corp.		75,836		3,217,721
				12,523,752
Distributors—0.1%
Genuine Parts Co.		54,898		5,850,480
Diversified Consumer Services—0.1%
H&R Block, Inc.		98,824		3,328,392
Diversified Financial Services—2.1%
Berkshire Hathaway, Inc. - Class B (b)		654,917		98,335,788
CME Group, Inc.		113,716		10,080,923
Intercontinental Exchange, Inc.		40,478		8,876,421
Leucadia National Corp.		113,794		2,551,261
McGraw Hill Financial, Inc.		97,508		8,676,262
Moody’s Corp.		65,927		6,316,466
NASDAQ OMX Group, Inc. (The)		42,151		2,021,562
				136,858,683
Diversified Telecommunication Services—2.3%
AT&T, Inc.		1,862,880		62,574,139
CenturyLink, Inc.		204,965		8,112,515
Frontier Communications Corp. (a)		359,891		2,400,473
Level 3 Communications, Inc. (b)		100,146		4,945,209
Verizon Communications, Inc.		1,490,349		69,718,526
Windstream Holdings, Inc.		216,478		1,783,779
				149,534,641
Electric Utilities—1.8%
American Electric Power Co., Inc.		175,707		10,668,929
Duke Energy Corp.		254,019		21,220,747
Edison International		117,013		7,662,011
Entergy Corp.		64,819		5,670,366
Exelon Corp.		308,671		11,445,521
FirstEnergy Corp.		151,125		5,892,364
NextEra Energy, Inc.		156,760		16,662,020
Northeast Utilities		113,776		6,089,292
Pepco Holdings, Inc.		90,470		2,436,357
Pinnacle West Capital Corp.		39,667		2,709,653
PPL Corp.		238,856		8,677,638
Southern Co. (The) (a)		323,162		15,870,486
Xcel Energy, Inc.		181,614		6,523,575
				121,528,959
Electrical Equipment—0.6%
AMETEK, Inc.		88,325		4,648,545
Eaton Corp. plc		170,450		11,583,782
Emerson Electric Co.		249,115		15,377,869
Rockwell Automation, Inc.		48,761		5,422,223
				37,032,419
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp. - Class A		111,142		5,980,551
Corning, Inc.		460,368		10,556,238
FLIR Systems, Inc.		50,600		1,634,886
TE Connectivity, Ltd.		146,055		9,237,979
				27,409,654
Energy Equipment & Services—1.3%
Baker Hughes, Inc.		155,395		8,712,998
Cameron International Corp. (b)		70,911		3,542,004
Diamond Offshore Drilling, Inc. (a)		24,135		885,996

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—(Continued)
Ensco plc - Class A (a)		84,150	$	2,520,293
FMC Technologies, Inc. (b)		83,984		3,933,811
Halliburton Co.		304,360		11,970,479
Helmerich & Payne, Inc.		38,879		2,621,222
Nabors Industries, Ltd.		103,950		1,349,271
National Oilwell Varco, Inc.		154,638		10,133,428
Noble Corp. plc (a)		90,493		1,499,469
Schlumberger, Ltd.		462,145		39,471,804
Transocean, Ltd. (a)		122,291		2,241,594
				88,882,369
Food & Staples Retailing—2.5%
Costco Wholesale Corp.		157,220		22,285,935
CVS Health Corp.		411,717		39,652,464
Kroger Co. (The)		176,372		11,324,846
Safeway, Inc.		82,746		2,906,040
Sysco Corp.		211,135		8,379,948
Wal-Mart Stores, Inc.		567,219		48,712,768
Walgreens Boots Alliance, Inc.		312,404		23,805,185
Whole Foods Market, Inc.		129,201		6,514,314
				163,581,500
Food Products—1.6%
Archer-Daniels-Midland Co.		231,212		12,023,024
Campbell Soup Co. (a)		64,339		2,830,916
ConAgra Foods, Inc.		152,574		5,535,385
General Mills, Inc.		216,832		11,563,651
Hershey Co. (The)		53,147		5,523,568
Hormel Foods Corp.		48,255		2,514,085
J.M. Smucker Co. (The)		36,567		3,692,536
Kellogg Co.		90,531		5,924,349
Keurig Green Mountain, Inc.		43,639		5,777,585
Kraft Foods Group, Inc.		211,473		13,250,898
McCormick & Co., Inc. (a)		46,381		3,446,108
Mead Johnson Nutrition Co.		72,558		7,294,981
Mondelez International, Inc. - Class A		603,334		21,916,108
Tyson Foods, Inc. - Class A		105,236		4,218,911
				105,512,105
Gas Utilities—0.0%
AGL Resources, Inc.		42,944		2,340,877
Health Care Equipment & Supplies—2.2%
Abbott Laboratories		540,796		24,346,636
Baxter International, Inc.		194,648		14,265,752
Becton Dickinson & Co.		68,948		9,594,804
Boston Scientific Corp. (b)		476,401		6,312,313
C.R. Bard, Inc.		26,900		4,482,078
CareFusion Corp. (b)		73,236		4,345,824
Covidien plc		162,615		16,632,262
DENTSPLY International, Inc.		50,829		2,707,661
Edwards Lifesciences Corp. (b)		38,419		4,893,812
Intuitive Surgical, Inc. (b)		13,020		6,886,799
Medtronic, Inc. (a)		353,512		25,523,566
St. Jude Medical, Inc.		102,684		6,677,540
Health Care Equipment & Supplies—(Continued)
Stryker Corp.		107,339		10,125,288
Varian Medical Systems, Inc. (a) (b)		35,907		3,106,315
Zimmer Holdings, Inc.		60,823		6,898,545
				146,799,195
Health Care Providers & Services—2.3%
Aetna, Inc.		126,311		11,220,206
AmerisourceBergen Corp.		74,615		6,727,288
Anthem, Inc.		96,948		12,183,455
Cardinal Health, Inc.		118,863		9,595,810
Cigna Corp.		93,945		9,667,880
DaVita HealthCare Partners, Inc. (b)		61,744		4,676,491
Express Scripts Holding Co. (b)		263,579		22,317,234
Humana, Inc.		55,070		7,909,704
Laboratory Corp. of America Holdings (b)		30,348		3,274,549
McKesson Corp.		83,279		17,287,055
Patterson Cos., Inc. (a)		30,738		1,478,498
Quest Diagnostics, Inc. (a)		51,908		3,480,951
Tenet Healthcare Corp. (a) (b)		35,296		1,788,448
UnitedHealth Group, Inc.		344,703		34,846,026
Universal Health Services, Inc. - Class B		32,701		3,638,313
				150,091,908
Health Care Technology—0.1%
Cerner Corp. (b)		109,147		7,057,445
Hotels, Restaurants & Leisure—1.6%
Carnival Corp.		161,763		7,332,717
Chipotle Mexican Grill, Inc. (b)		11,139		7,624,757
Darden Restaurants, Inc. (a)		47,639		2,793,075
Marriott International, Inc. - Class A		76,326		5,955,718
McDonald’s Corp.		349,521		32,750,118
Royal Caribbean Cruises, Ltd.		59,979		4,944,069
Starbucks Corp.		268,748		22,050,773
Starwood Hotels & Resorts Worldwide, Inc.		64,134		5,199,343
Wyndham Worldwide Corp.		44,269		3,796,509
Wynn Resorts, Ltd.		29,093		4,327,875
Yum! Brands, Inc.		157,123		11,446,410
				108,221,364
Household Durables—0.4%
DR Horton, Inc.		119,154		3,013,405
Garmin, Ltd. (a)		43,267		2,285,796
Harman International Industries, Inc.		24,607		2,625,813
Leggett & Platt, Inc. (a)		49,427		2,106,084
Lennar Corp. - Class A (a)		64,129		2,873,620
Mohawk Industries, Inc. (b)		22,254		3,457,381
Newell Rubbermaid, Inc.		97,363		3,708,557
PulteGroup, Inc.		119,843		2,571,831
Whirlpool Corp.		27,967		5,418,327
				28,060,814
Household Products—2.0%
Clorox Co. (The)		46,474		4,843,056
Colgate-Palmolive Co.		307,684		21,288,656

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Household Products—(Continued)
Kimberly-Clark Corp.		133,765	$	15,455,208
Procter & Gamble Co. (The)		970,450		88,398,290
				129,985,210
Independent Power and Renewable Electricity Producers—0.1%
AES Corp.		235,599		3,244,198
NRG Energy, Inc.		121,429		3,272,512
				6,516,710
Industrial Conglomerates—2.3%
3M Co.		230,147		37,817,755
Danaher Corp.		219,560		18,818,488
General Electric Co.		3,606,594		91,138,630
Roper Industries, Inc.		35,971		5,624,066
				153,398,939
Insurance—2.8%
ACE, Ltd.		119,142		13,687,033
Aflac, Inc.		161,825		9,885,889
Allstate Corp. (The)		150,637		10,582,249
American International Group, Inc.		502,770		28,160,148
Aon plc		102,405		9,711,066
Assurant, Inc.		25,232		1,726,626
Chubb Corp. (The)		84,691		8,762,978
Cincinnati Financial Corp.		52,844		2,738,905
Genworth Financial, Inc. - Class A (b)		178,372		1,516,162
Hartford Financial Services Group, Inc. (The)		154,963		6,460,407
Lincoln National Corp.		93,302		5,380,726
Loews Corp.		107,497		4,517,024
Marsh & McLennan Cos., Inc.		194,260		11,119,442
MetLife, Inc. (c)		408,003		22,068,882
Principal Financial Group, Inc.		98,086		5,094,587
Progressive Corp. (The)		192,105		5,184,914
Prudential Financial, Inc.		164,488		14,879,585
Torchmark Corp.		46,201		2,502,708
Travelers Cos., Inc. (The)		119,019		12,598,161
Unum Group		90,501		3,156,675
XL Group plc		92,678		3,185,343
				182,919,510
Internet & Catalog Retail—1.2%
Amazon.com, Inc. (b)		136,355		42,317,774
Expedia, Inc.		35,449		3,025,927
Netflix, Inc. (a) (b)		21,637		7,391,415
Priceline Group, Inc. (The) (b)		18,804		21,440,509
TripAdvisor, Inc. (a) (b)		40,038		2,989,237
				77,164,862
Internet Software & Services—3.2%
Akamai Technologies, Inc. (b)		63,925		4,024,718
eBay, Inc. (b)		406,032		22,786,516
Facebook, Inc. - Class A (b)		750,929		58,587,480
Google, Inc. - Class A (b)		102,373		54,325,256
Google, Inc. - Class C (b) (d)		102,278		53,839,139
VeriSign, Inc. (a) (b)		39,140		2,230,980
Internet Software & Services—(Continued)
Yahoo!, Inc. (b)		316,419		15,982,324
				211,776,413
IT Services—3.3%
Accenture plc - Class A		225,365		20,127,348
Alliance Data Systems Corp. (b)		22,957		6,566,850
Automatic Data Processing, Inc.		173,128		14,433,681
Cognizant Technology Solutions Corp. - Class A (b)		218,689		11,516,163
Computer Sciences Corp.		50,456		3,181,251
Fidelity National Information Services, Inc.		101,907		6,338,615
Fiserv, Inc. (b)		87,619		6,218,320
International Business Machines Corp.		330,551		53,033,603
MasterCard, Inc. - Class A		351,935		30,322,720
Paychex, Inc.		117,276		5,414,633
Teradata Corp. (a) (b)		54,949		2,400,172
Total System Services, Inc.		59,420		2,017,903
Visa, Inc. - Class A (a)		175,414		45,993,551
Western Union Co. (The) (a)		187,698		3,361,671
Xerox Corp.		385,384		5,341,422
				216,267,903
Leisure Products—0.1%
Hasbro, Inc. (a)		40,624		2,233,914
Mattel, Inc.		121,687		3,765,604
				5,999,518
Life Sciences Tools & Services—0.4%
Agilent Technologies, Inc.		119,779		4,903,752
PerkinElmer, Inc.		40,570		1,774,126
Thermo Fisher Scientific, Inc.		143,667		18,000,039
Waters Corp. (b)		29,908		3,371,230
				28,049,147
Machinery—1.5%
Caterpillar, Inc.		217,426		19,901,002
Cummins, Inc.		61,020		8,797,253
Deere & Co. (a)		128,724		11,388,212
Dover Corp.		59,389		4,259,379
Flowserve Corp.		48,954		2,928,918
Illinois Tool Works, Inc.		129,170		12,232,399
Ingersoll-Rand plc		95,343		6,043,793
Joy Global, Inc. (a)		35,259		1,640,248
PACCAR, Inc.		127,174		8,649,104
Pall Corp.		38,261		3,872,396
Parker-Hannifin Corp.		53,385		6,883,996
Pentair plc		67,086		4,455,852
Snap-on, Inc.		20,869		2,853,627
Stanley Black & Decker, Inc.		56,261		5,405,557
Xylem, Inc.		65,319		2,486,694
				101,798,430
Media—3.5%
Cablevision Systems Corp. - Class A (a)		78,618		1,622,675
CBS Corp. - Class B		171,244		9,476,643

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Media—(Continued)
Comcast Corp. - Class A		925,262	$	53,674,449
DIRECTV (b)		180,375		15,638,512
Discovery Communications, Inc. - Class A (b)		53,329		1,837,184
Discovery Communications, Inc. - Class C (b)		98,145		3,309,449
Gannett Co., Inc.		81,105		2,589,683
Interpublic Group of Cos., Inc. (The)		150,204		3,119,737
News Corp. - Class A (b)		179,164		2,811,083
Omnicom Group, Inc.		89,132		6,905,056
Scripps Networks Interactive, Inc. - Class A (a)		36,440		2,742,839
Time Warner Cable, Inc.		100,738		15,318,220
Time Warner, Inc.		301,137		25,723,123
Twenty-First Century Fox, Inc. - Class A		665,948		25,575,733
Viacom, Inc. - Class B		132,675		9,983,794
Walt Disney Co. (The)		560,284		52,773,150
				233,101,330
Metals & Mining—0.4%
Alcoa, Inc.		423,367		6,684,965
Allegheny Technologies, Inc.		39,040		1,357,421
Freeport-McMoRan, Inc.		373,193		8,717,789
Newmont Mining Corp.		179,139		3,385,727
Nucor Corp.		114,567		5,619,511
				25,765,413
Multi-Utilities—1.2%
Ameren Corp.		87,140		4,019,768
CenterPoint Energy, Inc.		154,358		3,616,608
CMS Energy Corp.		98,785		3,432,779
Consolidated Edison, Inc. (a)		105,189		6,943,526
Dominion Resources, Inc.		209,708		16,126,545
DTE Energy Co.		63,565		5,490,109
Integrys Energy Group, Inc.		28,718		2,235,696
NiSource, Inc.		113,381		4,809,622
PG&E Corp.		170,625		9,084,075
Public Service Enterprise Group, Inc.		181,742		7,525,936
SCANA Corp. (a)		51,196		3,092,239
Sempra Energy		83,013		9,244,328
TECO Energy, Inc.		84,288		1,727,061
Wisconsin Energy Corp. (a)		80,993		4,271,571
				81,619,863
Multiline Retail—0.7%
Dollar General Corp. (b)		108,974		7,704,462
Dollar Tree, Inc. (b)		73,859		5,198,196
Family Dollar Stores, Inc.		34,497		2,732,507
Kohl’s Corp. (a)		72,550		4,428,452
Macy’s, Inc.		124,008		8,153,526
Nordstrom, Inc.		50,561		4,014,038
Target Corp.		228,762		17,365,324
				49,596,505
Oil, Gas & Consumable Fuels—7.0%
Anadarko Petroleum Corp.		181,889		15,005,842
Apache Corp.		135,211		8,473,673
Cabot Oil & Gas Corp.		148,333		4,392,140
Oil, Gas & Consumable Fuels—(Continued)
Chesapeake Energy Corp. (a)		186,319		3,646,263
Chevron Corp.		678,935		76,162,928
Cimarex Energy Co.		31,335		3,321,510
ConocoPhillips		442,075		30,529,699
CONSOL Energy, Inc.		82,667		2,794,971
Denbury Resources, Inc. (a)		126,620		1,029,421
Devon Energy Corp.		138,110		8,453,713
EOG Resources, Inc.		196,814		18,120,665
EQT Corp.		54,412		4,118,988
Exxon Mobil Corp.		1,520,806		140,598,515
Hess Corp.		91,267		6,737,330
Kinder Morgan, Inc. (a)		610,230		25,818,831
Marathon Oil Corp.		242,385		6,857,072
Marathon Petroleum Corp.		100,630		9,082,864
Murphy Oil Corp.		59,921		3,027,209
Newfield Exploration Co. (b)		49,284		1,336,582
Noble Energy, Inc.		129,424		6,138,580
Occidental Petroleum Corp.		278,490		22,449,079
ONEOK, Inc.		74,773		3,722,948
Phillips 66		198,791		14,253,315
Pioneer Natural Resources Co.		53,476		7,959,903
QEP Resources, Inc.		59,523		1,203,555
Range Resources Corp.		60,588		3,238,429
Southwestern Energy Co. (b)		126,819		3,460,891
Spectra Energy Corp.		240,985		8,747,755
Tesoro Corp. (a)		45,340		3,371,029
Valero Energy Corp.		187,202		9,266,499
Williams Cos., Inc. (The)		241,602		10,857,594
				464,177,793
Paper & Forest Products—0.1%
International Paper Co.		152,138		8,151,554
Personal Products—0.1%
Avon Products, Inc. (a)		156,104		1,465,816
Estee Lauder Cos., Inc. (The) - Class A		80,438		6,129,376
				7,595,192
Pharmaceuticals—6.2%
AbbVie, Inc.		572,212		37,445,553
Actavis plc (b)		95,195		24,504,145
Allergan, Inc.		106,989		22,744,792
Bristol-Myers Squibb Co.		595,740		35,166,532
Eli Lilly & Co.		351,896		24,277,305
Hospira, Inc. (b)		60,768		3,722,040
Johnson & Johnson		1,005,284		105,122,548
Mallinckrodt plc (a) (b)		41,761		4,135,592
Merck & Co., Inc.		1,023,874		58,145,804
Mylan, Inc. (b)		134,418		7,577,143
Perrigo Co. plc		50,555		8,450,774
Pfizer, Inc.		2,262,844		70,487,591
Zoetis, Inc.		180,047		7,747,422
				409,527,241

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Professional Services—0.2%
Dun & Bradstreet Corp. (The)		12,897	$	1,560,021
Equifax, Inc.		43,308		3,502,318
Nielsen NV		116,331		5,203,486
Robert Half International, Inc.		48,816		2,849,878
				13,115,703
Real Estate Investment Trusts—2.3%
American Tower Corp.		142,387		14,074,955
Apartment Investment & Management Co. - Class A		52,508		1,950,672
AvalonBay Communities, Inc.		47,410		7,746,320
Boston Properties, Inc.		54,985		7,076,020
Crown Castle International Corp.		119,903		9,436,366
Equity Residential		130,140		9,349,258
Essex Property Trust, Inc.		22,965		4,744,569
General Growth Properties, Inc.		225,368		6,339,602
HCP, Inc.		164,941		7,262,352
Health Care REIT, Inc.		117,682		8,904,997
Host Hotels & Resorts, Inc.		271,986		6,465,107
Iron Mountain, Inc.		66,965		2,588,867
Kimco Realty Corp.		147,760		3,714,686
Macerich Co. (The)		50,537		4,215,291
Plum Creek Timber Co., Inc.		63,170		2,703,044
Prologis, Inc.		179,568		7,726,811
Public Storage		52,108		9,632,164
Simon Property Group, Inc.		111,616		20,326,390
Ventas, Inc. (a)		105,702		7,578,833
Vornado Realty Trust		62,704		7,380,888
Weyerhaeuser Co.		188,322		6,758,877
				155,976,069
Real Estate Management & Development—0.1%
CBRE Group, Inc. - Class A (b)		100,419		3,439,351
Road & Rail—1.0%
CSX Corp.		357,491		12,951,899
Kansas City Southern		39,635		4,836,659
Norfolk Southern Corp.		111,134		12,181,398
Ryder System, Inc.		19,049		1,768,699
Union Pacific Corp.		319,315		38,039,996
				69,778,651
Semiconductors & Semiconductor Equipment—2.4%
Altera Corp.		109,473		4,043,933
Analog Devices, Inc.		111,767		6,205,304
Applied Materials, Inc.		437,579		10,904,469
Avago Technologies, Ltd.		90,827		9,136,288
Broadcom Corp. - Class A		193,478		8,383,402
First Solar, Inc. (b)		26,992		1,203,708
Intel Corp.		1,736,462		63,016,206
KLA-Tencor Corp.		59,071		4,153,873
Lam Research Corp.		57,090		4,529,521
Linear Technology Corp.		85,667		3,906,415
Microchip Technology, Inc. (a)		72,175		3,255,814
Micron Technology, Inc. (b)		385,525		13,497,230
Semiconductors & Semiconductor Equipment—(Continued)
NVIDIA Corp. (a)		185,447		3,718,212
Texas Instruments, Inc.		379,364		20,282,696
Xilinx, Inc.		94,977		4,111,554
				160,348,625
Software—3.8%
Adobe Systems, Inc. (b)		170,163		12,370,850
Autodesk, Inc. (b)		81,713		4,907,683
CA, Inc.		115,045		3,503,120
Citrix Systems, Inc. (b)		57,812		3,688,406
Electronic Arts, Inc. (b)		111,670		5,250,165
Intuit, Inc.		102,545		9,453,623
Microsoft Corp.		2,960,372		137,509,279
Oracle Corp.		1,161,778		52,245,157
Red Hat, Inc. (b)		67,455		4,663,839
Salesforce.com, Inc. (b)		210,756		12,499,938
Symantec Corp.		247,862		6,358,900
				252,450,960
Specialty Retail—2.4%
AutoNation, Inc. (b)		26,819		1,620,136
AutoZone, Inc. (b)		11,508		7,124,718
Bed Bath & Beyond, Inc. (a) (b)		66,527		5,067,361
Best Buy Co., Inc.		104,557		4,075,632
CarMax, Inc. (a) (b)		77,358		5,150,496
GameStop Corp. - Class A (a)		38,972		1,317,254
Gap, Inc. (The)		95,838		4,035,738
Home Depot, Inc. (The)		473,290		49,681,251
L Brands, Inc.		88,297		7,642,105
Lowe’s Cos., Inc.		349,414		24,039,683
O’Reilly Automotive, Inc. (a) (b)		36,434		7,017,917
PetSmart, Inc.		35,703		2,902,475
Ross Stores, Inc.		75,360		7,103,434
Staples, Inc. (a)		229,781		4,163,632
Tiffany & Co. (a)		40,417		4,318,961
TJX Cos., Inc. (The)		247,414		16,967,652
Tractor Supply Co.		48,822		3,848,150
Urban Outfitters, Inc. (a) (b)		35,932		1,262,291
				157,338,886
Technology Hardware, Storage & Peripherals—4.7%
Apple, Inc.		2,106,323		232,495,933
EMC Corp.		730,825		21,734,735
Hewlett-Packard Co.		670,261		26,897,574
NetApp, Inc.		111,942		4,639,996
SanDisk Corp.		79,245		7,764,425
Seagate Technology plc		117,526		7,815,479
Western Digital Corp.		78,400		8,678,880
				310,027,022
Textiles, Apparel & Luxury Goods—0.8%
Coach, Inc.		98,976		3,717,539
Fossil Group, Inc. (b)		16,145		1,787,897
Michael Kors Holdings, Ltd. (b)		73,952		5,553,795
NIKE, Inc. - Class B		250,619		24,097,017

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—(Continued)
PVH Corp.		29,591	$	3,792,678
Ralph Lauren Corp.		21,734		4,024,267
Under Armour, Inc. - Class A (a) (b)		59,863		4,064,698
VF Corp.		124,083		9,293,817
				56,331,708
Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.		172,811		1,748,847
People’s United Financial, Inc. (a)		110,605		1,678,984
				3,427,831
Tobacco—1.4%
Altria Group, Inc.		709,837		34,973,669
Lorillard, Inc.		129,299		8,138,079
Philip Morris International, Inc.		558,008		45,449,752
Reynolds American, Inc.		110,668		7,112,632
				95,674,132
Trading Companies & Distributors—0.2%
Fastenal Co. (a)		97,947		4,658,359
United Rentals, Inc. (b)		35,846		3,656,650
Veritiv Corp. (b)		4		208
WW Grainger, Inc. (a)		21,794		5,555,073
				13,870,290
Total Common Stocks (Cost $3,690,252,049)				6,552,644,139
Investment Company Security—0.5%
SPDR S&P 500 ETF Trust (Cost $34,766,217)		174,900		35,941,950
Short-Term Investments—3.6%
Discount Notes—0.5%
Federal Home Loan Bank
0.028%, 01/14/15 (e)		6,825,000		6,824,926
0.070%, 03/03/15 (e)		225,000		224,973
0.085%, 03/06/15 (e)		5,750,000		5,749,127
0.124%, 05/06/15 (e)		3,625,000		3,623,456
0.140%, 03/20/15 (e)		6,925,000		6,922,899
Discount Notes—(Continued)
Federal Home Loan Mortgage Corp. 0.044%, 01/13/15 (e)		2,150,000		2,149,967
Federal National Mortgage Association 0.136%, 05/01/15 (e)		4,200,000		4,198,110
				29,693,458
Mutual Fund—3.1%
State Street Navigator Securities Lending MET Portfolio (f)		205,509,836		205,509,836
Total Short-Term Investments (Cost $235,203,294)				235,203,294
Total Investments—103.0% (Cost $3,960,221,560) (g)				6,823,789,383
Other assets and liabilities (net)—(3.0)%				(197,466,457	)
Net Assets—100.0%			$	6,626,322,926

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $239,719,555 and the collateral received consisted of cash in the amount of $205,509,836 and non-cash collateral with a value of $42,044,905. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Affiliated Issuer. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(d) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $10,528,000.

(e) The rate shown represents current yield to maturity.

(f) Represents investment of cash collateral received from securities lending transactions.

(g) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $4,093,867,745. The aggregate unrealized appreciation and depreciation of investments were $2,791,754,136 and $(61,832,498), respectively, resulting in net unrealized appreciation of $2,729,921,638 for federal income tax purposes.

(ETF)— Exchange-Traded Fund

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
S&P 500 Index Futures		03/19/15		68		USD	34,858,684	$	32,116

(USD)— United States Dollar

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	6,552,644,139	$	—		$	—	$	6,552,644,139
Total Investment Company Security		35,941,950		—			—		35,941,950
Short-Term Investments
Discount Notes		—		29,693,458			—		29,693,458
Mutual Fund		205,509,836		—			—		205,509,836
Total Short-Term Investments		205,509,836		29,693,458			—		235,203,294
Total Investments	$	6,794,095,925	$	29,693,458		$	—	$	6,823,789,383
Collateral for securities loaned (Liability)	$	—	$	(205,509,836	)	$	—	$	(205,509,836	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	32,116	$	—		$	—	$	32,116

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

MetLife Stock Index Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	6,801,720,501
Affiliated investments at value (c)		22,068,882
Cash		47,924
Receivable for:
Investments sold		6,139,404
Fund shares sold		455,963
Dividends		9,042,286
Prepaid expenses		16,564
Total Assets		6,839,491,524
Liabilities
Collateral for securities loaned		205,509,836
Payables for:
Fund shares redeemed		4,906,727
Variation margin on futures contracts		413,100
Accrued expenses:
Management fees		1,340,009
Distribution and service fees		464,008
Deferred trustees’ fees		87,196
Other expenses		447,722
Total Liabilities		213,168,598
Net Assets	$	6,626,322,926
Net assets consist of:
Paid in surplus	$	3,514,318,413
Undistributed net investment income		108,095,615
Accumulated net realized gain		140,308,959
Unrealized appreciation on investments, affiliated investments and futures contracts		2,863,599,939
Net Assets	$	6,626,322,926
Net Assets
Class A	$	4,295,414,978
Class B		2,025,591,405
Class D		143,544,406
Class E		161,402,300
Class G		369,837
Capital Shares Outstanding*
Class A		92,950,197
Class B		45,285,867
Class D		3,114,026
Class E		3,514,489
Class G		8,285
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	46.21
Class B		44.73
Class D		46.10
Class E		45.92
Class G		44.64

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $3,943,522,433.

(b) Includes securities loaned at value of $239,719,555.

(c) Identified cost of affiliated investments was $16,699,127.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	131,990,414
Dividends from affiliated investments		547,325
Interest		20,599
Securities lending income		448,102
Total investment income		133,006,440
Expenses
Management fees		16,061,998
Administration fees		147,662
Custodian and accounting fees		462,972
Distribution and service fees—Class B		4,864,854
Distribution and service fees—Class D		184,488
Distribution and service fees—Class E		241,627
Distribution and service fees—Class G		29
Audit and tax services		39,404
Legal		31,613
Trustees’ fees and expenses		29,744
Shareholder reporting		570,235
Insurance		39,222
Miscellaneous		237,675
Total expenses		22,911,523
Less management fee waiver		(788,720	)
Net expenses		22,122,803
Net Investment Income		110,883,637
Net Realized and Unrealized Gain
Net realized gain on:
Investments		265,689,328
Affiliated investments		827,463
Futures contracts		5,848,929
Net realized gain		272,365,720
Net change in unrealized appreciation (depreciation) on:
Investments		424,913,930
Affiliated investments		(781,980	)
Futures contracts		(1,300,670	)
Net change in unrealized appreciation		422,831,280
Net realized and unrealized gain		695,197,000
Net Increase in Net Assets From Operations	$	806,080,637

(a) Net of foreign withholding taxes of $15,041.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

MetLife Stock Index Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	110,883,637		$	105,729,920
Net realized gain		272,365,720			166,412,282
Net change in unrealized appreciation		422,831,280			1,356,659,271
Increase in net assets from operations		806,080,637			1,628,801,473
From Distributions to Shareholders
Net investment income
Class A		(69,375,129	)		(67,550,031	)
Class B		(29,217,098	)		(29,917,484	)
Class D		(3,170,591	)		(5,247,947	)
Class E		(2,526,320	)		(2,750,945	)
Net realized capital gains
Class A		(101,806,592	)		(54,812,025	)
Class B		(49,440,809	)		(27,452,554	)
Class D		(5,057,069	)		(4,516,415	)
Class E		(4,053,340	)		(2,415,049	)
Total distributions		(264,646,948	)		(194,662,450	)
Decrease in net assets from capital share transactions		(305,494,341	)		(407,289,730	)
Total increase in net assets		235,939,348			1,026,849,293
Net Assets
Beginning of period		6,390,383,578			5,363,534,285
End of period	$	6,626,322,926		$	6,390,383,578
Undistributed net investment income
End of period	$	108,095,615		$	104,492,735

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		5,308,051		$	228,297,870			8,108,154		$	305,146,699
Reinvestments		4,190,495			171,181,721			3,491,072			122,362,056
Redemptions		(11,906,916	)		(515,809,329	)		(15,091,737	)		(568,836,283	)
Net decrease		(2,408,370	)	$	(116,329,738	)		(3,492,511	)	$	(141,327,528	)
Class B
Sales		3,448,851		$	145,918,461			3,428,042		$	125,164,623
Reinvestments		1,985,809			78,657,907			1,685,867			57,370,038
Redemptions		(6,867,237	)		(289,650,272	)		(8,190,042	)		(300,578,645	)
Net decrease		(1,432,577	)	$	(65,073,904	)		(3,076,133	)	$	(118,043,984	)
Class D
Sales		226,305		$	9,802,277			245,811		$	9,330,189
Reinvestments		201,757			8,227,660			279,221			9,764,362
Redemptions		(2,907,345	)		(125,579,634	)		(3,854,105	)		(145,744,023	)
Net decrease		(2,479,283	)	$	(107,549,697	)		(3,329,073	)	$	(126,649,472	)
Class E
Sales		52,050		$	2,246,833			88,994		$	3,322,649
Reinvestments		161,901			6,579,660			148,150			5,165,994
Redemptions		(596,794	)		(25,737,213	)		(792,562	)		(29,757,389	)
Net decrease		(382,843	)	$	(16,910,720	)		(555,418	)	$	(21,268,746	)
Class G (a)
Sales		8,286		$	369,776			0		$	0
Redemptions		(1	)		(58	)		0			0
Net increase		8,285		$	369,718			0		$	0
Decrease derived from capital shares transactions				$	(305,494,341	)				$	(407,289,730	)

(a) Commencement of operations was November 12, 2014.

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	42.58		$	33.42		$	29.60		$	29.71		$	26.31
Income (Loss) from Investment Operations
Net investment income (a)		0.79			0.71			0.67			0.55			0.49
Net realized and unrealized gain on investments		4.66			9.72			3.95			0.02			3.38
Total from investment operations		5.45			10.43			4.62			0.57			3.87
Less Distributions
Distributions from net investment income		(0.74	)		(0.70	)		(0.57	)		(0.50	)		(0.47	)
Distributions from net realized capital gains		(1.08	)		(0.57	)		(0.23	)		(0.18	)		0.00
Total distributions		(1.82	)		(1.27	)		(0.80	)		(0.68	)		(0.47	)
Net Asset Value, End of Period	$	46.21		$	42.58		$	33.42		$	29.60		$	29.71
Total Return (%) (b)		13.36			32.02			15.76			1.84			14.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.27			0.27			0.28			0.27			0.27
Net ratio of expenses to average net assets (%) (c)		0.26			0.26			0.27			0.26			0.27
Ratio of net investment income to average net assets (%)		1.81			1.87			2.08			1.85			1.82
Portfolio turnover rate (%)		12			12			12			11			12
Net assets, end of period (in millions)	$	4,295.4		$	4,059.9		$	3,303.3		$	2,925.8		$	3,158.4
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	41.27		$	32.43		$	28.76		$	28.89		$	25.61
Income (Loss) from Investment Operations
Net investment income (a)		0.66			0.60			0.57			0.47			0.41
Net realized and unrealized gain on investments		4.52			9.43			3.83			0.02			3.29
Total from investment operations		5.18			10.03			4.40			0.49			3.70
Less Distributions
Distributions from net investment income		(0.64	)		(0.62	)		(0.50	)		(0.44	)		(0.42	)
Distributions from net realized capital gains		(1.08	)		(0.57	)		(0.23	)		(0.18	)		0.00
Total distributions		(1.72	)		(1.19	)		(0.73	)		(0.62	)		(0.42	)
Net Asset Value, End of Period	$	44.73		$	41.27		$	32.43		$	28.76		$	28.89
Total Return (%) (b)		13.10			31.70			15.43			1.64			14.49
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.52			0.52			0.53			0.52			0.52
Net ratio of expenses to average net assets (%) (c)		0.51			0.51			0.52			0.51			0.52
Ratio of net investment income to average net assets (%)		1.56			1.62			1.83			1.61			1.57
Portfolio turnover rate (%)		12			12			12			11			12
Net assets, end of period (in millions)	$	2,025.6		$	1,928.0		$	1,615.0		$	1,454.7		$	1,402.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class D
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	42.46		$	33.32		$	29.52		$	29.63		$	26.25
Income (Loss) from Investment Operations
Net investment income (a)		0.73			0.66			0.63			0.52			0.46
Net realized and unrealized gain on investments		4.67			9.71			3.94			0.02			3.37
Total from investment operations		5.40			10.37			4.57			0.54			3.83
Less Distributions
Distributions from net investment income		(0.68	)		(0.66	)		(0.54	)		(0.47	)		(0.45	)
Distributions from net realized capital gains		(1.08	)		(0.57	)		(0.23	)		(0.18	)		0.00
Total distributions		(1.76	)		(1.23	)		(0.77	)		(0.65	)		(0.45	)
Net Asset Value, End of Period	$	46.10		$	42.46		$	33.32		$	29.52		$	29.63
Total Return (%) (b)		13.26			31.91			15.62			1.76			14.68
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.37			0.37			0.38			0.37			0.37
Net ratio of expenses to average net assets (%) (c)		0.36			0.36			0.37			0.36			0.37
Ratio of net investment income to average net assets (%)		1.70			1.77			1.97			1.75			1.71
Portfolio turnover rate (%)		12			12			12			11			12
Net assets, end of period (in millions)	$	143.5		$	237.5		$	297.3		$	308.6		$	360.5
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	42.32		$	33.22		$	29.44		$	29.55		$	26.19
Income (Loss) from Investment Operations
Net investment income (a)		0.72			0.65			0.62			0.50			0.44
Net realized and unrealized gain on investments		4.64			9.67			3.92			0.03			3.36
Total from investment operations		5.36			10.32			4.54			0.53			3.80
Less Distributions
Distributions from net investment income		(0.68	)		(0.65	)		(0.53	)		(0.46	)		(0.44	)
Distributions from net realized capital gains		(1.08	)		(0.57	)		(0.23	)		(0.18	)		0.00
Total distributions		(1.76	)		(1.22	)		(0.76	)		(0.64	)		(0.44	)
Net Asset Value, End of Period	$	45.92		$	42.32		$	33.22		$	29.44		$	29.55
Total Return (%) (b)		13.20			31.83			15.54			1.71			14.60
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.42			0.42			0.43			0.42			0.42
Net ratio of expenses to average net assets (%) (c)		0.41			0.41			0.42			0.41			0.42
Ratio of net investment income to average net assets (%)		1.66			1.72			1.92			1.69			1.67
Portfolio turnover rate (%)		12			12			12			11			12
Net assets, end of period (in millions)	$	161.4		$	164.9		$	147.9		$	147.0		$	180.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class G
	Period Ended December 31, 2014(d)
Net Asset Value, Beginning of Period	$	44.10
Income (Loss) from Investment Operations
Net investment income (a)		0.09
Net realized and unrealized gain on investments		0.45
Total from investment operations		0.54
Net Asset Value, End of Period	$	44.64
Total Return (%) (b)		1.22	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58	(f)
Net ratio of expenses to average net assets (%) (c)		0.57	(f)
Ratio of net investment income to average net assets (%)		1.54	(f)
Portfolio turnover rate (%)		12
Net assets, end of period (in millions)	$	0.4

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Commencement of operations was November 12, 2014.

(e) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Stock Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers five classes of shares: Class A, B, D, E and G shares. Class G commenced operations on November 12, 2014. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-17

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-18

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to return of capital adjustments and real estate investment trust (REIT) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MSF-19

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts*	$	32,116

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	5,848,929
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(1,300,670	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	18,500

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements

MSF-20

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	763,971,046	$	0	$	1,217,985,839

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the year ended December 31, 2014 were $16,061,998.

MetLife Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, MetLife Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.020%	On the first $500 million
0.015%	Of the next $500 million
0.010%	Of the next $1 billion
0.005%	On amounts over $2 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2014 were $496,240.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

MSF-21

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, D, E, and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, E, and G Shares. Under the Distribution and Service Plan, the Class B, D, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, E, and G Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2014 is as follows:

Security Description	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014		Realized Gain on shares sold		Income for the period ended December 31, 2014
MetLife, Inc.		429,987		10,424		(32,408	)		408,003	$	827,463	$	547,325

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$122,649,589	$	105,466,407	$	141,997,359	$	89,196,043	$	264,646,948	$	194,662,450

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$113,709,985	$	268,460,086	$	2,729,921,639	$	—	$	3,112,091,710

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

MSF-22

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-23

Metropolitan Series Fund

MetLife Stock Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MetLife Stock Index Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of MetLife Stock Index Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 MetLife Stock Index Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-24

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-25

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-26

Metropolitan Series Fund

MetLife Stock Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-27

Metropolitan Series Fund

MetLife Stock Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-28

Metropolitan Series Fund

MetLife Stock Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MetLife Stock Index Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the S&P 500 Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio’s current size. The Board further considered that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-29

Metropolitan Series Fund

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, E, and F shares of the MFS Total Return Portfolio returned 8.64%, 8.36%, 8.48%, and 8.42%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Barclays U.S. Aggregate Bond Index², returned 13.69% and 5.97%, respectively. A blend of the S&P 500 Index (60%) and the Barclays U.S. Aggregate Bond Index (40%) returned 10.62%.

MARKET ENVIRONMENT / CONDITIONS

Early in the period, U.S. equities suffered what proved to be a temporary setback due to concerns over emerging markets as well as what was perceived at the time to be a pause in U.S. economic growth, partially caused by extreme weather conditions and a weak December 2013 labor market report. Markets soon recovered as the economic pause concluded and investors appeared to have become increasingly comfortable that newly-installed U.S. Federal Reserve (the “Fed”) Chair Janet Yellen would not make any substantial changes to the trajectory of the Fed’s monetary policy.

While geopolitical tensions flared in the Middle East and Russia/Ukraine, any market setbacks were short-lived as improving economic growth in the U.S., coupled with prospects for easier monetary policy in regions with slowing growth, such as Japan, Europe and China, supported risk assets. The European Central Bank cut policy interest rates into negative territory and, by the end of the period, expectations were for additional rate cuts and the announcement for non-conventional easing measures. Similarly, the Bank of Japan surprised markets late in the period with fresh stimulus measures given lackluster growth trends. The related decline in developed market government bond yields and credit spreads were also supportive for equity markets. At the end of the period, the U.S. equity market was trading close to all-time highs and U.S. Treasury yields were close to their lows for the period. However, credit markets did not fare as well in the second half of 2014, particularly U.S. high yield and emerging market debt. The higher weightings of oil and gas credits in these asset classes resulted in widening spreads and increased volatility as oil prices began to decline in an accelerated fashion in the fourth quarter.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Within the equity portion of the Portfolio, stock selection within the Health Care sector was a primary detractor from performance relative to the S&P 500 Index. However, there were no securities within this sector that were among the Portfolio’s top relative detractors for the reporting period.

The combination of an underweight position and, to a lesser extent, security selection in the Information Technology sector also detracted from relative performance. Underweight positions in computer and personal electronics maker Apple, semiconductor company Intel, and software giant Microsoft hurt relative performance as all three stocks outperformed the benchmark during the reporting period.

Stocks in other sectors that detracted from relative performance included holdings of iron ore and pellets producer Vale (Brazil) and alcohol drink producer Diageo (United Kingdom). Overweight positions in tobacco company Philip Morris, automotive company General Motors, diversified energy company Nobel Energy and offshore drilling contractor Ensco also held back relative returns. Not holding strong-performing insurance and investment firm Berkshire Hathaway also hurt relative results.

During the reporting period, the Portfolio’s relative currency exposure, resulting primarily from differences between the Portfolio’s and the benchmark’s exposures to holdings of securities denominated in foreign currencies, was another detractor from relative performance. All of MFS’ investment decisions are driven by the fundamentals of each individual opportunity and as such, it is common for our portfolios to have different currency exposure than the benchmark.

Within the fixed income portion of the Portfolio, there were no material factors that negatively impacted performance relative to the Barclays U.S. Aggregate Bond Index.

Within the equity portion of the Portfolio, overweight positions in defense contractor Lockheed Martin, retailer Kroger, drugstore retailer CVS, tobacco producer Lorillard, communications company Frontier Communications, computer and personal electronics maker Hewlett-Packard and diversified healthcare products company Covidien (United Kingdom) benefited performance relative to the S&P 500 Index. An underweight position in internet search engine Google, and the Portfolio’s avoidance of poor-performing diversified industrial conglomerate General Electric and internet retailer Amazon.com, also helped relative results.

Over the trailing 12 months, the Portfolio increased its weighting to Financials, Health Care and Information Technology while reducing its exposure to Energy, Industrials and Telecom. As December 31, 2014, the Portfolio was overweight Financials, Consumer Staples and Industrials while being underweight Information Technology, Health Care and Energy.

Within the fixed income portion of the Portfolio, positive bond selection and a greater exposure to the Financials sector aided performance relative to the Barclays U.S. Aggregate Bond Index. The fixed income portion of the Portfolio continued to emphasize a conservative, high quality approach. Going into 2015, the three broad themes influencing how we positioned our bond portfolios were (1) the continued expectation of mild upward pressure on U.S. Treasury yields, (2) a more constructive view on valuation in the credit markets, and (3) the potential for elevated fixed income market volatility.

MSF-1

Metropolitan Series Fund

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

As of December 31, 2014, the fixed income portion of the Portfolio had a modest overweight to corporate debt and commercial mortgage backed securities (“CMBS”). We have remained overweight credit markets on the view that the carry—the incremental yield over sovereign debt yields—offered by sectors such as corporate bonds may help to deliver better total returns than sovereign bonds. Though U.S. corporate fundamentals are generally solid, leverage has been creeping higher for some companies, so selectivity is still important. Spreads in CMBS looked attractive to us against a backdrop of improving commercial real estate fundamentals. At the same time, the Portfolio was underweight international securities as sluggish growth and disinflation have pushed sovereign yields, especially in core Europe, to unattractive levels and we generally don’t see particularly good value in agency bonds.

Brooks Taylor

Steven Gorham

Richard Hawkins

Nevin Chitkara

William Douglas

Joshua Marston

Jonathan Sage

Portfolio Managers

Massachusetts Financial Services Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MFS Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX & THE BARCLAYS U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception3
MFS Total Return Portfolio
Class A		8.64		10.21		6.13		—
Class B		8.36		9.94		5.87		—
Class E		8.48		10.05		5.97		—
Class F		8.42		9.99		—		6.07
Barclays U.S. Aggregate Bond Index		5.97		4.45		4.71		—
S&P 500 Index		13.69		15.45		7.67		—

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

³ Inception dates of the Class A, Class B, Class E and Class F shares are 5/1/87, 5/1/02, 4/26/04 and 5/2/06, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Equity Sectors

	% of Net Assets
Financials		14.0
Health Care		7.9
Consumer Staples		7.6
Industrials		7.6
Consumer Discretionary		7.3

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		24.0
Corporate Bonds & Notes		11.1
Mortgage-Backed Securities		1.9
Asset-Backed Securities		0.7
Foreign Government		0.4

Top Equity Holdings

	% of Net Assets
JPMorgan Chase & Co.		2.4
Wells Fargo & Co.		1.8
Philip Morris International, Inc.		1.5
Johnson & Johnson		1.5
CVS Health Corp.		1.1

Top Fixed Income Issuers

	% of Net Assets
U.S. Treasury Notes		8.4
Fannie Mae 30 Yr. Pool		5.9
U.S. Treasury Bonds		3.2
Freddie Mac 30 Yr. Gold Pool		2.6
Ginnie Mae II 30 Yr. Pool		1.2

MSF-3

Metropolitan Series Fund

MFS Total Return Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

MFS Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.61	%	$	1,000.00	$	1,030.20	$	3.12
	Hypothetical*		0.61	%	$	1,000.00	$	1,022.13	$	3.11
Class B	Actual		0.86	%	$	1,000.00	$	1,028.90	$	4.40
	Hypothetical*		0.86	%	$	1,000.00	$	1,020.87	$	4.38
Class E	Actual		0.76	%	$	1,000.00	$	1,029.50	$	3.89
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.37	$	3.87
Class F	Actual		0.81	%	$	1,000.00	$	1,029.10	$	4.14
	Hypothetical*		0.81	%	$	1,000.00	$	1,021.12	$	4.13

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—60.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.1%
General Dynamics Corp.		16,202	$	2,229,719
Honeywell International, Inc.		81,676		8,161,066
Lockheed Martin Corp.		42,310		8,147,637
Northrop Grumman Corp.		21,724		3,201,900
Precision Castparts Corp.		3,563		858,256
United Technologies Corp.		71,758		8,252,170
				30,850,748
Air Freight & Logistics—0.5%
United Parcel Service, Inc. - Class B		44,574		4,955,292
Airlines—0.1%
Copa Holdings S.A. - Class A (a)		6,505		674,178
Auto Components—1.2%
Delphi Automotive plc		56,834		4,132,968
Johnson Controls, Inc.		89,767		4,339,337
Magna International, Inc.		32,699		3,543,189
				12,015,494
Automobiles—0.1%
General Motors Co.		39,305		1,372,138
Banks—6.0%
Bank of America Corp.		156,319		2,796,547
BB&T Corp.		43,606		1,695,837
BOC Hong Kong Holdings, Ltd.		198,500		659,614
Citigroup, Inc.		33,891		1,833,842
HSBC Holdings plc		112,201		1,060,353
JPMorgan Chase & Co.		386,577		24,191,989
PNC Financial Services Group, Inc. (The)		33,153		3,024,548
Sumitomo Mitsui Financial Group, Inc.		53,200		1,922,249
SunTrust Banks, Inc.		22,452		940,739
U.S. Bancorp		88,925		3,997,179
Wells Fargo & Co.		316,935		17,374,377
				59,497,274
Beverages—0.6%
Coca-Cola Co. (The)		28,917		1,220,876
Diageo plc		147,250		4,223,299
Dr Pepper Snapple Group, Inc.		5,564		398,827
				5,843,002
Capital Markets—2.8%
Bank of New York Mellon Corp. (The)		159,517		6,471,605
BlackRock, Inc.		10,322		3,690,734
Franklin Resources, Inc.		76,314		4,225,506
Goldman Sachs Group, Inc. (The)		37,528		7,274,052
Morgan Stanley		50,538		1,960,874
State Street Corp.		56,995		4,474,108
				28,096,879
Chemicals—1.5%
Celanese Corp. - Series A (a)		20,641		1,237,635
E.I. du Pont de Nemours & Co.		20,400		1,508,376
Chemicals—(Continued)
FMC Corp.		10,339	$	589,633
LyondellBasell Industries NV - Class A		55,139		4,377,485
PPG Industries, Inc.		27,637		6,388,293
Praxair, Inc.		7,231		936,848
				15,038,270
Commercial Services & Supplies—0.4%
Tyco International plc		80,191		3,517,177
Consumer Finance—0.4%
American Express Co.		15,789		1,469,008
Discover Financial Services		41,724		2,732,505
				4,201,513
Containers & Packaging—0.1%
Crown Holdings, Inc. (b)		20,197		1,028,027
Diversified Financial Services—0.2%
McGraw Hill Financial, Inc.		10,043		893,626
NASDAQ OMX Group, Inc. (The)		31,815		1,525,848
				2,419,474
Diversified Telecommunication Services—1.8%
AT&T, Inc.		45,786		1,537,952
CenturyLink, Inc.		44,418		1,758,064
Frontier Communications Corp. (a)		470,257		3,136,614
TDC A/S		161,790		1,232,945
Telecom Italia S.p.A. - Risparmio Shares		906,374		757,579
Telefonica Brasil S.A. (ADR)		41,972		742,065
Verizon Communications, Inc.		167,165		7,819,979
Windstream Holdings, Inc.		61,385		505,812
				17,491,010
Electric Utilities—0.9%
American Electric Power Co., Inc.		47,175		2,864,466
Duke Energy Corp.		17,533		1,464,707
Edison International		11,176		731,805
PPL Corp.		111,910		4,065,690
				9,126,668
Electrical Equipment—0.3%
Eaton Corp. plc		46,454		3,157,014
Electronic Equipment, Instruments & Components—0.1%
Hoya Corp.		32,100		1,074,739
Energy Equipment & Services—0.5%
Baker Hughes, Inc.		6,358		356,493
Ensco plc - Class A (a)		81,641		2,445,148
Schlumberger, Ltd.		25,654		2,191,108
				4,992,749
Food & Staples Retailing—1.6%
CVS Health Corp.		117,442		11,310,839

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Food & Staples Retailing—(Continued)
Kroger Co. (The)		76,155	$	4,889,913
				16,200,752
Food Products—1.9%
Danone S.A.		36,918		2,428,706
General Mills, Inc.		115,731		6,171,934
Ingredion, Inc.		11,261		955,383
Kellogg Co.		9,021		590,334
Marine Harvest ASA (a)		110,889		1,519,514
Mondelez International, Inc. - Class A		31,776		1,154,263
Nestle S.A.		80,946		5,933,467
				18,753,601
Health Care Equipment & Supplies—1.6%
Abbott Laboratories		119,933		5,399,384
Covidien plc		32,334		3,307,121
Medtronic, Inc. (a)		56,078		4,048,832
St. Jude Medical, Inc.		51,282		3,334,868
				16,090,205
Health Care Providers & Services—0.6%
AmerisourceBergen Corp.		12,477		1,124,926
Express Scripts Holding Co. (b)		43,701		3,700,164
Health Net, Inc. (b)		16,332		874,252
				5,699,342
Hotels, Restaurants & Leisure—0.7%
Hilton Worldwide Holdings, Inc. (b)		31,138		812,390
McDonald’s Corp.		30,511		2,858,881
Wynn Resorts, Ltd.		7,137		1,061,700
Yum! Brands, Inc.		22,954		1,672,199
				6,405,170
Household Products—0.7%
Procter & Gamble Co. (The)		64,254		5,852,897
Reckitt Benckiser Group plc		13,261		1,069,783
				6,922,680
Independent Power and Renewable Electricity Producers—0.1%
NRG Energy, Inc.		40,624		1,094,817
Industrial Conglomerates—1.7%
3M Co.		45,067		7,405,409
Danaher Corp.		93,891		8,047,398
Siemens AG		12,252		1,389,502
				16,842,309
Insurance—4.0%
ACE, Ltd.		53,131		6,103,689
American International Group, Inc.		15,161		849,168
Aon plc		42,766		4,055,500
Chubb Corp. (The)		24,897		2,576,093
Delta Lloyd NV		86,665		1,904,701
Everest Re Group, Ltd.		9,367		1,595,200
Insurance—(Continued)
Prudential Financial, Inc.		71,388	$	6,457,758
Travelers Cos., Inc. (The)		100,597		10,648,192
Validus Holdings, Ltd.		63,962		2,658,261
Zurich Insurance Group AG (b)		7,811		2,445,958
				39,294,520
Internet Software & Services—0.9%
Facebook, Inc. - Class A (b)		73,713		5,751,088
Google, Inc. - Class A (b)		2,498		1,325,589
Google, Inc. - Class C (b)		2,498		1,314,947
				8,391,624
IT Services—1.8%
Accenture plc - Class A		80,831		7,219,016
Fidelity National Information Services, Inc.		16,524		1,027,793
Fiserv, Inc. (b)		20,148		1,429,903
International Business Machines Corp. (a)		33,856		5,431,857
Visa, Inc. - Class A (a)		11,424		2,995,373
				18,103,942
Leisure Products—0.2%
Hasbro, Inc. (a)		32,408		1,782,116
Mattel, Inc.		9,169		283,735
				2,065,851
Life Sciences Tools & Services—0.6%
Thermo Fisher Scientific, Inc.		45,636		5,717,734
Machinery—1.1%
Caterpillar, Inc.		7,704		705,147
Cummins, Inc.		22,050		3,178,949
Illinois Tool Works, Inc.		31,714		3,003,316
Pentair plc		27,564		1,830,801
Stanley Black & Decker, Inc.		21,653		2,080,420
				10,798,633
Media—3.2%
Comcast Corp. - Special Class A (a)		171,620		9,879,305
Omnicom Group, Inc.		46,252		3,583,143
Time Warner Cable, Inc.		30,722		4,671,588
Time Warner, Inc.		57,779		4,935,482
Time, Inc.		2,233		54,954
Twenty-First Century Fox, Inc. - Class A		44,304		1,701,495
Viacom, Inc. - Class B		18,805		1,415,076
Walt Disney Co. (The)		57,520		5,417,809
				31,658,852
Metals & Mining—0.3%
Rio Tinto plc		44,825		2,065,203
Vale S.A. (ADR) (a)		121,884		997,011
				3,062,214
Multi-Utilities—0.5%
GDF Suez		85,922		2,006,734

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Multi-Utilities—(Continued)
PG&E Corp.		29,268	$	1,558,229
Public Service Enterprise Group, Inc.		28,544		1,182,007
				4,746,970
Multiline Retail—1.2%
Kohl’s Corp. (a)		96,681		5,901,408
Target Corp.		81,948		6,220,673
				12,122,081
Oil, Gas & Consumable Fuels—4.1%
Anadarko Petroleum Corp.		28,889		2,383,342
Apache Corp.		24,171		1,514,797
Canadian Natural Resources, Ltd.		25,245		779,566
Chevron Corp.		65,870		7,389,297
EOG Resources, Inc.		12,783		1,176,931
EQT Corp.		15,725		1,190,382
Exxon Mobil Corp.		120,180		11,110,641
Marathon Petroleum Corp.		15,833		1,429,087
Noble Energy, Inc.		43,304		2,053,909
Occidental Petroleum Corp.		44,986		3,626,321
Petroleo Brasileiro S.A. (ADR)		145,582		1,103,512
Royal Dutch Shell plc - A Shares		77,465		2,567,693
Valero Energy Corp.		51,327		2,540,686
Williams Cos., Inc. (The)		46,960		2,110,382
				40,976,546
Pharmaceuticals—5.2%
Actavis plc (b)		7,158		1,842,541
Bayer AG		9,205		1,258,410
Bristol-Myers Squibb Co.		97,664		5,765,106
Eli Lilly & Co. (a)		71,401		4,925,955
GlaxoSmithKline plc		70,966		1,518,321
Indivior plc (b)		13,261		30,879
Johnson & Johnson		139,079		14,543,491
Merck & Co., Inc.		174,923		9,933,877
Novartis AG		7,049		648,279
Pfizer, Inc.		276,151		8,602,103
Roche Holding AG		2,023		548,315
Valeant Pharmaceuticals International, Inc. (b)		10,827		1,549,452
				51,166,729
Professional Services—0.1%
Adecco S.A. (b)		14,549		996,664
Equifax, Inc.		4,141		334,883
				1,331,547
Real Estate Investment Trusts—0.5%
Iron Mountain, Inc.		30,348		1,173,254
Medical Properties Trust, Inc. (a)		61,161		842,799
Starwood Property Trust, Inc. (a)		42,956		998,297
Washington Prime Group, Inc.		111,888		1,926,711
				4,941,061
Road & Rail—0.3%
Canadian National Railway Co.		18,048		1,243,687
Union Pacific Corp.		10,375		1,235,974
				2,479,661
Semiconductors & Semiconductor Equipment—1.6%
Broadcom Corp. - Class A		109,030		4,724,270
Intel Corp.		37,834		1,372,996
Microchip Technology, Inc. (a)		99,856		4,504,504
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		67,490		1,510,426
Texas Instruments, Inc.		70,800		3,785,322
				15,897,518
Software—1.4%
Aspen Technology, Inc. (b)		21,479		752,195
CA, Inc.		39,661		1,207,677
Citrix Systems, Inc. (b)		28,533		1,820,405
Electronic Arts, Inc. (b)		13,038		612,982
Microsoft Corp.		68,956		3,203,006
Oracle Corp.		91,875		4,131,619
Symantec Corp.		62,857		1,612,596
				13,340,480
Specialty Retail—0.7%
Advance Auto Parts, Inc.		8,819		1,404,690
Bed Bath & Beyond, Inc. (b)		7,440		566,705
Best Buy Co., Inc.		56,123		2,187,675
L Brands, Inc.		22,226		1,923,660
Staples, Inc.		46,742		846,965
				6,929,695
Technology Hardware, Storage & Peripherals—0.5%
Apple, Inc.		21,819		2,408,381
EMC Corp.		35,979		1,070,015
Hewlett-Packard Co.		41,105		1,649,544
				5,127,940
Tobacco—2.8%
Altria Group, Inc.		81,313		4,006,291
Imperial Tobacco Group plc		9,405		411,875
Japan Tobacco, Inc. (a)		90,400		2,482,211
Lorillard, Inc.		85,288		5,368,027
Philip Morris International, Inc.		188,200		15,328,890
				27,597,294
Wireless Telecommunication Services—0.1%
Vodafone Group plc		335,098		1,148,200
Total Common Stocks (Cost $426,052,282)				600,259,614

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—24.0%

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—12.3%
Fannie Mae 15 Yr. Pool
2.500%, 02/01/28		419,243	$	427,760
2.500%, 05/01/28		249,257		254,310
3.000%, 03/01/27		175,989		183,417
3.000%, 04/01/27		523,988		546,084
3.000%, TBA (c)		4,000,000		4,157,656
4.500%, 04/01/18		28,468		29,903
4.500%, 06/01/18		73,187		76,888
4.500%, 07/01/18		65,244		68,541
4.500%, 03/01/19		104,340		109,832
4.500%, 06/01/19		67,949		71,535
4.500%, 04/01/20		67,626		71,550
4.500%, 07/01/20		35,813		37,903
5.000%, 11/01/17		59,681		62,873
5.000%, 02/01/18		175,312		184,707
5.000%, 12/01/18		255,867		274,101
5.000%, 07/01/19		145,712		156,080
5.000%, 07/01/20		101,904		108,719
5.000%, 08/01/20		51,455		55,292
5.000%, 12/01/20		170,584		184,032
5.500%, 11/01/17		95,979		101,364
5.500%, 12/01/17		13,700		14,464
5.500%, 01/01/18		76,757		81,071
5.500%, 02/01/18		57,150		60,351
5.500%, 06/01/19		148,788		159,805
5.500%, 07/01/19		118,357		126,630
5.500%, 08/01/19		35,830		38,413
5.500%, 09/01/19		133,437		142,587
5.500%, 01/01/21		62,805		68,544
5.500%, 03/01/21		19,461		21,278
6.000%, 07/01/16		18,159		18,572
6.000%, 01/01/17		16,485		16,929
6.000%, 02/01/17		37,721		39,086
6.000%, 07/01/17		55,408		57,614
6.000%, 08/01/17		6,282		6,546
6.000%, 09/01/17		56,581		59,005
6.000%, 03/01/18		6,456		6,748
6.000%, 11/01/18		35,906		37,493
6.000%, 01/01/21		70,039		76,018
6.000%, 05/01/21		27,066		28,970
Fannie Mae 20 Yr. Pool
6.000%, 11/01/25		37,230		42,151
Fannie Mae 30 Yr. Pool
3.500%, 11/01/41		116,136		121,487
3.500%, 01/01/42		1,060,987		1,110,572
3.500%, 04/01/43		1,190,756		1,242,665
3.500%, 05/01/43		2,427,018		2,532,821
3.500%, 06/01/43		792,048		826,577
3.500%, 07/01/43		1,960,276		2,045,732
3.500%, 09/01/43		3,096,499		3,231,487
3.500%, TBA (c)		1,890,000		1,966,469
4.000%, 02/01/41		239,757		256,184
4.000%, TBA (c)		17,182,000		18,295,483
4.500%, 08/01/33		345,321		376,418
4.500%, 03/01/34		1,035,507		1,133,063
4.500%, 08/01/40		78,618		85,537
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.500%, 02/01/41		477,437	$	522,705
4.500%, 04/01/41		503,010		550,945
4.500%, 04/01/44		4,071,317		4,418,210
4.500%, TBA (c)		1,130,000		1,224,461
5.000%, 11/01/33		187,244		207,420
5.000%, 03/01/34		157,052		173,979
5.000%, 05/01/34		66,787		73,940
5.000%, 08/01/34		68,415		75,765
5.000%, 09/01/34		251,957		279,017
5.000%, 06/01/35		171,617		189,770
5.000%, 07/01/35		532,065		589,320
5.000%, 08/01/35		167,819		185,724
5.000%, 09/01/35		121,493		134,453
5.000%, 10/01/35		484,984		536,642
5.000%, 07/01/39		509,179		562,299
5.000%, 10/01/39		360,174		400,840
5.000%, 11/01/39		136,074		152,102
5.000%, 11/01/40		166,695		185,523
5.000%, 01/01/41		71,523		79,569
5.000%, 03/01/41		121,432		135,211
5.500%, 02/01/33		82,191		92,589
5.500%, 05/01/33		15,546		17,549
5.500%, 06/01/33		291,628		328,743
5.500%, 07/01/33		303,218		341,758
5.500%, 11/01/33		187,680		211,386
5.500%, 12/01/33		25,679		28,695
5.500%, 01/01/34		159,106		179,278
5.500%, 01/01/34		71,560		80,660
5.500%, 02/01/34		281,757		317,250
5.500%, 03/01/34		68,058		77,360
5.500%, 04/01/34		97,654		110,239
5.500%, 05/01/34		527,650		597,735
5.500%, 06/01/34		655,702		739,777
5.500%, 07/01/34		215,047		241,943
5.500%, 09/01/34		787,181		886,026
5.500%, 10/01/34		982,418		1,108,528
5.500%, 11/01/34		1,180,861		1,330,792
5.500%, 12/01/34		612,182		690,985
5.500%, 01/01/35		540,663		610,020
5.500%, 02/01/35		46,641		52,140
5.500%, 04/01/35		99,774		112,559
5.500%, 07/01/35		46,656		52,158
5.500%, 08/01/35		29,483		32,956
5.500%, 09/01/35		339,893		384,325
6.000%, 02/01/32		212,567		243,947
6.000%, 03/01/34		34,125		39,228
6.000%, 04/01/34		324,761		371,309
6.000%, 06/01/34		413,701		473,436
6.000%, 07/01/34		395,673		453,005
6.000%, 08/01/34		666,437		763,031
6.000%, 10/01/34		342,371		393,195
6.000%, 11/01/34		43,622		49,705
6.000%, 12/01/34		20,071		22,746
6.000%, 08/01/35		85,244		97,959
6.000%, 09/01/35		115,036		131,998

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
6.000%, 10/01/35		184,285	$	211,036
6.000%, 11/01/35		35,318		40,535
6.000%, 12/01/35		180,295		206,427
6.000%, 02/01/36		175,105		200,897
6.000%, 04/01/36		218,802		247,952
6.000%, 06/01/36		66,083		75,402
6.000%, 07/01/37		226,071		259,083
6.500%, 06/01/31		60,882		69,623
6.500%, 07/01/31		16,995		19,355
6.500%, 08/01/31		15,435		17,578
6.500%, 09/01/31		59,046		67,243
6.500%, 02/01/32		37,915		43,179
6.500%, 07/01/32		155,991		179,773
6.500%, 08/01/32		148,090		168,648
6.500%, 01/01/33		65,997		76,138
6.500%, 04/01/34		72,246		83,845
6.500%, 06/01/34		36,279		41,315
6.500%, 08/01/34		55,106		62,756
6.500%, 04/01/36		26,834		30,559
6.500%, 05/01/36		113,994		129,948
6.500%, 02/01/37		227,611		259,209
6.500%, 05/01/37		125,377		147,447
6.500%, 07/01/37		116,316		136,648
Fannie Mae Pool
2.410%, 05/01/23		97,331		96,675
2.550%, 05/01/23		156,581		157,047
3.800%, 02/01/18		137,065		145,778
3.849%, 07/01/18		190,772		203,213
3.910%, 02/01/18		198,770		210,921
4.600%, 09/01/19		132,160		145,631
4.880%, 03/01/20		238,956		259,285
4.940%, 08/01/15		50,000		50,618
5.370%, 05/01/18		618,688		688,092
5.443%, 11/01/15		300,222		307,798
5.663%, 02/01/16		204,443		210,766
5.732%, 07/01/16		236,332		249,341
Fannie Mae-ACES
2.578%, 09/25/18		500,000		512,284
Freddie Mac 15 Yr. Gold Pool
4.500%, 05/01/18		29,175		30,632
4.500%, 08/01/18		61,145		64,210
4.500%, 11/01/18		76,881		80,895
4.500%, 01/01/19		144,370		151,623
4.500%, 08/01/19		8,322		8,759
4.500%, 02/01/20		55,454		58,606
4.500%, 08/01/24		500,886		541,066
5.000%, 12/01/17		1,851		1,944
5.000%, 05/01/18		26,939		28,306
5.000%, 09/01/18		80,017		84,172
5.500%, 01/01/19		27,419		29,001
5.500%, 04/01/19		13,522		14,302
5.500%, 06/01/19		10,205		10,794
5.500%, 07/01/19		10,729		11,348
5.500%, 08/01/19		10,000		10,650
5.500%, 02/01/20		8,513		9,046
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 15 Yr. Gold Pool
6.000%, 04/01/16		2,256		2,303
6.000%, 04/01/17		13,661		14,231
6.000%, 07/01/17		8,720		8,988
6.000%, 10/01/17		12,424		12,864
6.000%, 08/01/19		93,010		99,418
6.000%, 09/01/19		13,302		14,185
6.000%, 11/01/19		31,745		33,600
6.000%, 05/01/21		38,488		41,458
6.000%, 10/01/21		64,064		69,617
Freddie Mac 20 Yr. Gold Pool
5.500%, 10/01/24		84,687		94,533
5.500%, 06/01/25		154,874		172,758
5.500%, 07/01/25		83,383		93,067
5.500%, 08/01/25		120,354		134,340
6.000%, 02/01/23		119,994		135,517
6.000%, 12/01/25		53,185		60,106
6.000%, 02/01/26		45,681		51,598
Freddie Mac 30 Yr. Gold Pool
3.000%, 10/01/42		1,731,434		1,752,610
3.000%, 04/01/43		1,836,808		1,860,610
3.000%, 05/01/43		1,608,928		1,630,042
3.500%, 02/01/42		909,429		949,229
3.500%, 04/01/42		534,353		559,082
3.500%, 12/01/42		1,408,456		1,470,972
3.500%, 04/01/43		401,589		419,557
3.500%, 07/01/43		548,895		571,337
3.500%, 08/01/43		922,890		960,621
4.000%, 11/01/40		1,343,032		1,433,828
4.000%, 01/01/41		1,877,700		2,003,958
4.000%, 11/01/43		1,497,021		1,597,682
4.000%, TBA (c)		2,733,000		2,913,207
4.500%, 04/01/35		95,253		103,854
4.500%, 07/01/39		528,274		572,515
4.500%, 09/01/39		264,149		286,351
4.500%, 10/01/39		159,292		172,687
5.000%, 09/01/33		385,800		427,013
5.000%, 03/01/34		85,068		94,310
5.000%, 04/01/34		66,531		73,694
5.000%, 08/01/35		101,473		112,168
5.000%, 10/01/35		186,279		206,621
5.000%, 11/01/35		186,466		205,850
5.000%, 12/01/36		116,427		128,749
5.000%, 07/01/39		871,949		962,073
5.500%, 12/01/33		402,792		453,860
5.500%, 01/01/34		272,007		306,262
5.500%, 04/01/34		65,071		73,233
5.500%, 11/01/34		61,666		69,455
5.500%, 12/01/34		101,654		113,491
5.500%, 05/01/35		44,364		49,833
5.500%, 09/01/35		101,860		114,282
5.500%, 10/01/35		102,763		115,504
6.000%, 04/01/34		115,567		132,078
6.000%, 07/01/34		54,602		62,018
6.000%, 08/01/34		480,336		549,462
6.000%, 09/01/34		7,393		8,358

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
6.000%, 07/01/35		84,858	$	97,257
6.000%, 08/01/35		90,050		103,107
6.000%, 11/01/35		195,695		223,584
6.000%, 03/01/36		103,158		116,612
6.000%, 10/01/36		106,543		121,769
6.000%, 03/01/37		8,317		9,405
6.000%, 05/01/37		111,750		126,943
6.000%, 06/01/37		144,464		164,056
6.500%, 05/01/34		30,439		34,584
6.500%, 06/01/34		88,113		101,002
6.500%, 08/01/34		123,158		139,981
6.500%, 10/01/34		133,650		152,579
6.500%, 11/01/34		47,228		53,659
6.500%, 05/01/37		107,091		122,558
6.500%, 07/01/37		155,516		176,759
Freddie Mac Multifamily Structured Pass-Through Certificates
1.426%, 08/25/17		250,000		251,312
1.869%, 11/25/19		363,000		360,852
2.303%, 09/25/18		176,087		179,579
2.412%, 08/25/18		458,000		469,107
2.456%, 08/25/19		330,000		337,015
2.682%, 10/25/22		620,000		626,128
3.034%, 10/25/20 (d)		319,000		333,268
3.154%, 02/25/18		118,000		123,670
3.320%, 02/25/23 (d)		186,000		195,780
3.458%, 08/25/23 (d)		835,000		886,966
3.808%, 08/25/20		1,030,000		1,114,700
3.882%, 11/25/17 (d)		332,556		353,603
5.085%, 03/25/19		1,226,000		1,376,362
Ginnie Mae I 30 Yr. Pool
3.000%, 02/15/43		656,848		674,592
3.500%, 12/15/41		424,132		447,849
3.500%, 02/15/42		244,768		258,173
4.500%, 09/15/33		143,558		157,827
4.500%, 11/15/39		612,115		669,474
4.500%, 03/15/40		484,704		539,968
4.500%, 04/15/40		729,448		797,499
4.500%, 06/15/40		292,361		323,024
5.000%, 03/15/34		54,276		60,095
5.000%, 06/15/34		128,228		142,008
5.000%, 12/15/34		56,082		62,113
5.000%, 06/15/35		20,140		22,273
5.500%, 11/15/32		196,740		219,701
5.500%, 08/15/33		445,737		503,424
5.500%, 12/15/33		240,493		274,100
5.500%, 09/15/34		179,623		202,959
5.500%, 10/15/35		47,704		53,860
6.000%, 12/15/28		56,146		64,626
6.000%, 12/15/31		57,998		66,471
6.000%, 03/15/32		3,863		4,372
6.000%, 10/15/32		208,949		241,835
6.000%, 01/15/33		82,246		93,567
6.000%, 02/15/33		2,417		2,777
6.000%, 04/15/33		255,913		295,701
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
6.000%, 08/15/33		1,634		1,857
6.000%, 07/15/34		171,921		198,952
6.000%, 09/15/34		45,378		51,360
6.000%, 01/15/38		246,848		287,011
Ginnie Mae II 30 Yr. Pool
3.000%, 06/20/43		1,416,652		1,450,468
3.000%, 07/20/43		640,144		655,432
3.500%, 06/20/43		1,957,009		2,057,118
3.500%, 07/20/43		2,167,784		2,278,491
4.000%, 01/20/41		1,813,074		1,950,916
4.000%, 02/20/41		449,412		483,526
4.000%, 04/20/41		336,789		362,189
4.000%, 02/20/42		491,816		527,870
4.500%, 07/20/33		29,630		32,678
4.500%, 09/20/33		19,487		21,463
4.500%, 12/20/34		16,755		18,464
4.500%, 03/20/35		81,613		89,856
4.500%, 01/20/41		485,943		533,600
4.500%, 10/20/43		959,549		1,049,810
5.000%, 07/20/33		63,956		70,979
6.000%, 01/20/35		67,430		77,556
6.000%, 02/20/35		33,519		38,567
6.000%, 04/20/35		53,264		60,932
				122,364,240
Federal Agencies—0.1%
Financing Corp.
9.650%, 11/02/18		430,000		558,356
U.S. Treasury—11.6%
U.S. Treasury Bonds
2.875%, 05/15/43		1,700,000		1,738,780
4.500%, 02/15/36		293,000		390,812
4.500%, 08/15/39		20,492,000		27,308,787
5.000%, 05/15/37		232,000		330,926
5.250%, 02/15/29		16,000		21,510
5.375%, 02/15/31		276,000		384,697
6.250%, 08/15/23 (a)		80,000		106,519
8.500%, 02/15/20 (a)		1,104,000		1,475,738
U.S. Treasury Notes
0.750%, 06/30/17 (a)		26,286,000		26,187,427
0.875%, 12/31/16		16,276,000		16,337,035
2.625%, 02/29/16		800,000		820,813
2.750%, 02/15/19		2,524,100		2,655,431
3.125%, 05/15/19		6,086,000		6,487,773
3.125%, 05/15/21		16,470,000		17,674,369
3.500%, 05/15/20		7,140,000		7,789,297
3.750%, 11/15/18		2,067,000		2,251,899
4.750%, 08/15/17 (a)		2,444,000		2,683,818
				114,645,631
Total U.S. Treasury & Government Agencies (Cost $228,713,011)				237,568,227

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—11.1%

Security Description	Principal Amount*		Value
Aerospace/Defense—0.1%
BAE Systems Holdings, Inc. 5.200%, 08/15/15 (144A)		756,000	$	775,826
Agriculture—0.2%
Altria Group, Inc. 2.850%, 08/09/22		1,020,000		991,130
BAT International Finance plc 3.250%, 06/07/22 (144A)		1,026,000		1,031,735
				2,022,865
Auto Manufacturers—0.2%
Toyota Motor Credit Corp. 3.200%, 06/17/15		630,000		637,855
3.400%, 09/15/21		880,000		925,551
Volkswagen International Finance NV 2.375%, 03/22/17 (144A)		857,000		872,975
				2,436,381
Banks—2.7%
Banco Bradesco S.A. 6.750%, 09/29/19 (144A)		613,000		680,430
Banco de Credito del Peru 5.375%, 09/16/20		835,000		901,800
Bank of America Corp. 4.100%, 07/24/23		1,270,000		1,337,500
4.125%, 01/22/24		1,973,000		2,071,956
5.490%, 03/15/19		196,000		216,877
7.625%, 06/01/19		710,000		858,115
Bank One Corp. 8.000%, 04/29/27		100,000		134,919
BBVA Bancomer S.A. 6.750%, 09/30/22 (144A)		810,000		891,000
BNP Paribas S.A. 7.195%, 06/25/37 (144A) (a) (d)		500,000		579,375
BPCE S.A. 12.500%, 09/30/19 (144A) (d)		922,000		1,244,700
Capital One Financial Corp. 6.150%, 09/01/16		1,330,000		1,429,267
Citigroup, Inc. 2.500%, 09/26/18		580,000		586,777
Credit Suisse AG 6.500%, 08/08/23 (144A)		830,000		911,108
Discover Bank 4.200%, 08/08/23		510,000		535,158
Goldman Sachs Group, Inc. (The) 5.625%, 01/15/17		1,351,000		1,449,079
HSBC Holdings plc 5.100%, 04/05/21		679,000		767,540
ING Bank NV 5.800%, 09/25/23 (144A)		1,076,000		1,193,584
JPMorgan Chase & Co. 3.200%, 01/25/23		1,272,000		1,273,435
3.250%, 09/23/22		262,000		263,526
6.300%, 04/23/19		1,210,000		1,405,506
Banks—(Continued)
KFW 4.875%, 06/17/19		1,290,000		1,466,459
Morgan Stanley 3.875%, 04/29/24		1,081,000		1,109,145
6.625%, 04/01/18		1,343,000		1,529,724
PNC Funding Corp. 5.625%, 02/01/17		1,080,000		1,165,575
Royal Bank of Scotland Group plc 2.550%, 09/18/15		247,000		249,473
Santander U.S. Debt S.A. 3.781%, 10/07/15 (144A) (a)		500,000		510,588
Swedbank AB 2.125%, 09/29/17 (144A)		231,000		233,663
U.S. Bancorp 3.700%, 01/30/24		785,000		825,208
Wells Fargo & Co. 5.900%, 06/15/24 (d)		594,000		598,455
				26,419,942
Beverages—0.3%
Anheuser-Busch InBev Worldwide, Inc. 8.000%, 11/15/39		1,020,000		1,559,993
Diageo Capital plc 2.625%, 04/29/23		1,020,000		991,721
				2,551,714
Biotechnology—0.1%
Gilead Sciences, Inc. 3.500%, 02/01/25 (a)		668,000		685,635
3.700%, 04/01/24		312,000		327,235
				1,012,870
Commercial Services—0.2%
ERAC USA Finance LLC 7.000%, 10/15/37 (144A)		1,115,000		1,502,588
Computers—0.0%
Apple, Inc. 3.850%, 05/04/43		370,000		370,268
Diversified Financial Services—0.2%
General Electric Capital Corp. 2.300%, 01/14/19		940,000		955,001
3.100%, 01/09/23		481,000		487,010
ZFS Finance USA Trust V 6.500%, 05/09/37 (144A) (d)		491,000		522,915
				1,964,926
Electric—0.8%
Berkshire Hathaway Energy Co. 3.750%, 11/15/23 (a)		440,000		458,738
Midamerican Funding, LLC 6.927%, 03/01/29		699,000		927,974

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Oncor Electric Delivery Co. LLC 7.000%, 09/01/22		795,000	$	1,006,988
Pacific Gas & Electric Co. 4.600%, 06/15/43		880,000		938,768
PPL Capital Funding, Inc. 3.400%, 06/01/23 (a)		880,000		881,653
5.000%, 03/15/44		296,000		329,428
Progress Energy, Inc. 3.150%, 04/01/22		1,083,000		1,097,071
PSEG Power LLC 5.320%, 09/15/16		989,000		1,056,625
State Grid Overseas Investment 2014, Ltd. 2.750%, 05/07/19 (144A) (e)		778,000		781,268
W3A Funding Corp. 8.090%, 01/02/17		303,615		303,572
				7,782,085
Engineering & Construction—0.0%
ABB Finance USA, Inc. 2.875%, 05/08/22		309,000		310,545
Food—0.2%
ConAgra Foods, Inc. 3.200%, 01/25/23		374,000		366,339
Kraft Foods Group, Inc. 3.500%, 06/06/22		412,000		422,181
5.000%, 06/04/42		640,000		704,514
WM Wrigley Jr. Co. 2.400%, 10/21/18 (144A)		248,000		249,746
				1,742,780
Healthcare-Products—0.3%
Becton Dickinson and Co. 2.675%, 12/15/19		596,000		603,838
CareFusion Corp. 6.375%, 08/01/19		1,110,000		1,284,268
Medtronic, Inc. 4.375%, 03/15/35 (144A)		1,010,000		1,071,464
				2,959,570
Healthcare-Services—0.1%
Anthem, Inc. 3.300%, 01/15/23		600,000		599,415
Roche Holdings, Inc. 6.000%, 03/01/19 (144A)		750,000		866,240
				1,465,655
Household Products/Wares—0.1%
Reckitt Benckiser Treasury Services plc 3.625%, 09/21/23 (144A)		1,070,000		1,121,399
Insurance—0.7%
ACE INA Holdings, Inc. 2.700%, 03/13/23		1,000,000		970,979
Insurance—(Continued)
Allstate Corp. (The) 5.750%, 08/15/53 (d)		318,000		335,093
American International Group, Inc. 4.125%, 02/15/24		750,000		798,384
4.875%, 06/01/22		1,770,000		1,988,319
Chubb Corp. (The) 6.375%, 03/29/67 (d)		1,510,000		1,618,795
Liberty Mutual Group, Inc. 4.250%, 06/15/23 (144A)		578,000		595,617
Marsh & McLennan Cos., Inc. 4.800%, 07/15/21		920,000		1,022,506
				7,329,693
Internet—0.1%
Baidu, Inc. 3.500%, 11/28/22		1,110,000		1,097,580
Investment Company Security—0.2%
Temasek Financial I, Ltd. 2.375%, 01/23/23 (144A)		1,790,000		1,740,045
Machinery-Construction & Mining—0.1%
Atlas Copco AB 5.600%, 05/22/17 (144A)		910,000		992,768
Media—0.5%
21st Century Fox America, Inc. 8.500%, 02/23/25		722,000		978,556
Comcast Corp. 2.850%, 01/15/23		990,000		983,398
Discovery Communications LLC 4.875%, 04/01/43 (a)		620,000		639,233
Grupo Televisa S.A.B. 5.000%, 05/13/45		318,000		323,482
Time Warner Entertainment Co. L.P. 8.375%, 07/15/33		1,240,000		1,860,912
				4,785,581
Mining—0.2%
Corp. Nacional del Cobre de Chile 3.750%, 11/04/20 (144A)		290,000		296,764
Freeport-McMoRan, Inc. 3.875%, 03/15/23		1,010,000		952,264
Rio Tinto Finance USA plc 3.500%, 03/22/22		900,000		899,748
				2,148,776
Miscellaneous Manufacturing—0.1%
General Electric Co. 2.700%, 10/09/22		800,000		800,325
Multi-National—0.1%
Asian Development Bank 1.125%, 03/15/17		574,000		576,922

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—1.3%
Anadarko Petroleum Corp. 6.375%, 09/15/17		514,000	$	571,466
Apache Corp. 3.250%, 04/15/22		421,000		413,643
4.750%, 04/15/43		321,000		301,032
BP Capital Markets plc 4.500%, 10/01/20		306,000		331,083
4.742%, 03/11/21		847,000		921,967
Chevron Corp. 0.402%, 11/15/17 (d)		1,696,000		1,694,022
CNOOC Finance, Ltd. 3.875%, 05/02/22 (144A)		1,010,000		1,027,448
EOG Resources, Inc. 2.625%, 03/15/23 (a)		302,000		289,591
Petro-Canada 6.050%, 05/15/18		1,664,000		1,871,576
Petroleos Mexicanos 3.125%, 01/23/19		352,000		352,880
8.000%, 05/03/19		759,000		897,517
Ras Laffan Liquefied Natural Gas Co., Ltd. III 5.832%, 09/30/16 (144A)		367,630		382,795
Statoil ASA 3.700%, 03/01/24 (a)		922,000		954,579
7.750%, 06/15/23		100,000		128,932
Total Capital International S.A. 1.550%, 06/28/17 (a)		1,239,000		1,243,226
3.750%, 04/10/24 (a)		910,000		942,867
Transocean, Inc. 3.800%, 10/15/22 (a)		505,000		409,214
				12,733,838
Pharmaceuticals—0.4%
AbbVie, Inc. 1.200%, 11/06/15		1,850,000		1,855,437
Express Scripts Holding Co. 2.650%, 02/15/17		1,280,000		1,308,793
Teva Pharmaceutical Finance IV B.V. 3.650%, 11/10/21		1,270,000		1,301,393
				4,465,623
Pipelines—0.5%
Energy Transfer Partners L.P. 3.600%, 02/01/23		558,000		539,959
4.900%, 02/01/24		450,000		471,542
Enterprise Products Operating LLC 6.500%, 01/31/19		908,000		1,040,712
Kinder Morgan Energy Partners L.P. 4.150%, 02/01/24 (a)		691,000		689,232
7.750%, 03/15/32		625,000		770,010
Spectra Energy Capital LLC 8.000%, 10/01/19		1,253,000		1,516,269
				5,027,724
Real Estate Investment Trusts—0.2%
ERP Operating L.P. 4.625%, 12/15/21		896,000		980,233
HCP, Inc. 5.375%, 02/01/21		734,000		819,662
				1,799,895
Retail—0.5%
Gap, Inc. (The) 5.950%, 04/12/21		620,000		705,564
Home Depot, Inc. (The) 3.750%, 02/15/24		600,000		640,857
5.950%, 04/01/41		278,000		363,089
Wal-Mart Stores, Inc. 5.250%, 09/01/35		1,830,000		2,201,232
Walgreens Boots Alliance, Inc. 3.300%, 11/18/21		836,000		841,816
4.500%, 11/18/34		426,000		443,637
				5,196,195
Telecommunications—0.7%
Crown Castle Towers LLC 4.883%, 08/15/20 (144A)		370,000		406,714
6.113%, 01/15/20 (144A)		711,000		816,684
Rogers Communications, Inc. 6.800%, 08/15/18		1,483,000		1,711,593
Verizon Communications, Inc. 6.400%, 09/15/33		1,271,000		1,565,596
6.550%, 09/15/43		1,700,000		2,177,953
				6,678,540
Total Corporate Bonds & Notes (Cost $100,754,220)				109,812,919
Mortgage-Backed Securities—1.9%
Collateralized Mortgage Obligations—0.1%
American Tower Trust I 3.070%, 03/15/48 (144A)		1,000,000		994,130
BlackRock Capital Finance L.P. 7.750%, 09/25/26 (144A) (e)		44,677		2,535
				996,665
Commercial Mortgage-Backed Securities—1.8%
Credit Suisse Commercial Mortgage Trust 5.695%, 09/15/40 (d)		1,735,738		1,872,250
General Electric Capital Assurance Co. 5.743%, 05/12/35 (144A) (d) (e)		35,000		39,075
Greenwich Capital Commercial Funding Corp. 5.475%, 03/10/39		3,025,000		3,169,483
GS Mortgage Securities Trust 5.796%, 08/10/45 (d)		3,195,595		3,459,433
JP Morgan Chase Commercial Mortgage Securities Trust 5.475%, 04/15/43 (d)		149,394		153,944
5.787%, 06/15/49 (d)		2,207,157		2,369,520

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Merrill Lynch / Countrywide Commercial Mortgage Trust 5.743%, 06/12/50 (d)		3,700,015	$	3,995,554
Morgan Stanley Capital I, Inc. 0.939%, 11/15/30 (144A) (d) (f)		1,560,787		36,402
Wachovia Bank Commercial Mortgage Trust 5.716%, 06/15/49 (d)		1,131,867		1,214,938
5.941%, 02/15/51 (d)		1,494,226		1,596,534
				17,907,133
Total Mortgage-Backed Securities (Cost $18,775,847)				18,903,798
Asset-Backed Securities—0.7%
Asset-Backed - Automobile—0.0%
Ford Credit Auto Owner Trust 2.310%, 04/15/26 (144A)		425,000		426,095
Asset-Backed - Home Equity—0.2%
Bayview Financial Revolving Asset Trust 1.770%, 12/28/40 (144A) (d) (e)		870,652		519,648
GMAC Home Equity Loan Trust 5.805%, 10/25/36 (d)		354,587		337,878
Home Equity Loan Trust 5.320%, 12/25/35 (d)		823,627		669,629
				1,527,155
Asset-Backed - Other—0.5%
Cent CLO 17 1.533%, 01/30/25 (144A) (d) (e)		831,000		819,973
Dryden XXVI Senior Loan Fund 1.331%, 07/15/25 (144A) (d) (e)		1,068,000		1,045,818
Ford Credit Auto Owner Trust/ Ford Credit 2.260%, 11/15/25 (144A)		550,000		552,936
ING Investment Management Co. 1.384%, 04/25/25 (144A) (d) (e)		970,000		952,835
Race Point IV CLO, Ltd. 0.432%, 08/01/21 (144A) (d)		509,470		506,616
Small Business Administration Participation Certificates 4.350%, 07/01/23		401,282		422,989
4.770%, 04/01/24		20,157		21,385
4.950%, 03/01/25		150,015		162,724
4.990%, 09/01/24		74,578		80,614
5.110%, 08/01/25		232,353		251,563
5.180%, 05/01/24		35,942		38,845
5.520%, 06/01/24		88,867		97,922
				4,954,220
Total Asset-Backed Securities (Cost $7,355,636)				6,907,470
Foreign Government—0.4%
Security Description	Shares/ Principal Amount*		Value
Sovereign—0.4%
Egypt Government AID Bond 4.450%, 09/15/15		1,903,000		1,957,648
Iceland Government International Bond 4.875%, 06/16/16 (144A)		970,000		1,014,964
Mexico Government International Bond 4.750%, 03/08/44		909,000		947,633
Peruvian Government International Bond 7.350%, 07/21/25		103,000		136,733
Total Foreign Government (Cost $3,991,668)				4,056,978
Preferred Stocks—0.2%
Electric Utilities—0.1%
Cia Energetica de Minas Gerais		182,652		892,271
Metals & Mining—0.1%
Vale S.A.		185,600		1,346,770
Total Preferred Stocks (Cost $3,275,459)				2,239,041
Municipals—0.2%
New Jersey State Turnpike Authority
7.414%, 01/01/40 (Cost $1,092,733)		1,050,000		1,577,877
Convertible Preferred Stock—0.0%
Aerospace & Defense—0.0%
United Technologies Corp. 7.500%, 08/01/15 (Cost $253,156)		5,027		308,306
Short-Term Investments—8.1%
Mutual Fund—4.6%
State Street Navigator Securities Lending MET Portfolio (g)		45,256,067		45,256,067
Commercial Paper—0.9%
HSBC Americas, Inc. 0.025%, 01/02/15 (h)		8,627,000		8,626,988

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreement—2.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $25,444,996 on 01/02/15, collateralized by $26,325,000 U.S. Treasury Note at 0.750% due 03/31/18, with a value of $25,957,398.		25,444,996	$	25,444,996
Total Short-Term Investments (Cost $79,328,051)				79,328,051
Total Investments—107.2% (Cost $869,592,063) (i)				1,060,962,281
Other assets and liabilities (net)—(7.2)%				(71,160,332	)
Net Assets—100.0%			$	989,801,949

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $62,427,563 and the collateral received consisted of cash in the amount of $45,256,067 and non-cash collateral with a value of $19,094,644. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(d) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(e) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2014, the market value of restricted securities was $4,161,152, which is 0.4% of net assets. See details shown in the Restricted Securities table that follows.

(f) Interest only security.

(g) Represents investment of cash collateral received from securities lending transactions.

(h) The rate shown represents current yield to maturity.

(i) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $878,576,212. The aggregate unrealized appreciation and depreciation of investments were $193,450,203 and $(11,064,134), respectively, resulting in net unrealized appreciation of $182,386,069 for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $28,210,466, which is 2.9% of net assets.

(ACES)— Alternative Credit Enhancement Securities.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

(CLO)— Collateralized Loan Obligation

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Bayview Financial Revolving Asset Trust		03/01/06	$	870,652	$	870,652	$	519,648
BlackRock Capital Finance L.P.		05/01/06		44,677		43,054		2,535
Cent CLO 17		09/26/14		831,000		825,806		819,973
Dryden XXVI Senior Loan Fund		09/26/14		1,068,000		1,052,300		1,045,818
General Electric Capital Assurance Co.		09/23/03		35,000		35,175		39,075
ING Investment Management Co.		09/26/14		970,000		958,360		952,835
State Grid Overseas Investment 2014, Ltd.		05/07/14		778,000		771,698		781,268
							$	4,161,152

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	30,850,748	$	—	$	—	$	30,850,748
Air Freight & Logistics		4,955,292		—		—		4,955,292
Airlines		674,178		—		—		674,178
Auto Components		12,015,494		—		—		12,015,494
Automobiles		1,372,138		—		—		1,372,138
Banks		55,855,058		3,642,216		—		59,497,274
Beverages		1,619,703		4,223,299		—		5,843,002
Capital Markets		28,096,879		—		—		28,096,879
Chemicals		15,038,270		—		—		15,038,270
Commercial Services & Supplies		3,517,177		—		—		3,517,177
Consumer Finance		4,201,513		—		—		4,201,513
Containers & Packaging		1,028,027		—		—		1,028,027
Diversified Financial Services		2,419,474		—		—		2,419,474
Diversified Telecommunication Services		15,500,486		1,990,524		—		17,491,010
Electric Utilities		9,126,668		—		—		9,126,668
Electrical Equipment		3,157,014		—		—		3,157,014
Electronic Equipment, Instruments & Components		—		1,074,739		—		1,074,739
Energy Equipment & Services		4,992,749		—		—		4,992,749
Food & Staples Retailing		16,200,752		—		—		16,200,752
Food Products		8,871,914		9,881,687		—		18,753,601
Health Care Equipment & Supplies		16,090,205		—		—		16,090,205
Health Care Providers & Services		5,699,342		—		—		5,699,342
Hotels, Restaurants & Leisure		6,405,170		—		—		6,405,170
Household Products		5,852,897		1,069,783		—		6,922,680
Independent Power and Renewable Electricity Producers		1,094,817		—		—		1,094,817
Industrial Conglomerates		15,452,807		1,389,502		—		16,842,309
Insurance		34,943,861		4,350,659		—		39,294,520
Internet Software & Services		8,391,624		—		—		8,391,624
IT Services		18,103,942		—		—		18,103,942
Leisure Products		2,065,851		—		—		2,065,851
Life Sciences Tools & Services		5,717,734		—		—		5,717,734
Machinery		10,798,633		—		—		10,798,633
Media		31,658,852		—		—		31,658,852
Metals & Mining		997,011		2,065,203		—		3,062,214
Multi-Utilities		2,740,236		2,006,734		—		4,746,970
Multiline Retail		12,122,081		—		—		12,122,081
Oil, Gas & Consumable Fuels		38,408,853		2,567,693		—		40,976,546

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Pharmaceuticals	$	47,193,404	$	3,973,325		$	—	$	51,166,729
Professional Services		334,883		996,664			—		1,331,547
Real Estate Investment Trusts		4,941,061		—			—		4,941,061
Road & Rail		2,479,661		—			—		2,479,661
Semiconductors & Semiconductor Equipment		15,897,518		—			—		15,897,518
Software		13,340,480		—			—		13,340,480
Specialty Retail		6,929,695		—			—		6,929,695
Technology Hardware, Storage & Peripherals		5,127,940		—			—		5,127,940
Tobacco		24,703,208		2,894,086			—		27,597,294
Wireless Telecommunication Services		—		1,148,200			—		1,148,200
Total Common Stocks		556,985,300		43,274,314			—		600,259,614
Total U.S. Treasury & Government Agencies*		—		237,568,227			—		237,568,227
Total Corporate Bonds & Notes*		—		109,812,919			—		109,812,919
Total Mortgage-Backed Securities*		—		18,903,798			—		18,903,798
Total Asset-Backed Securities*		—		6,907,470			—		6,907,470
Total Foreign Government*		—		4,056,978			—		4,056,978
Total Preferred Stocks*		—		2,239,041			—		2,239,041
Total Municipals		—		1,577,877			—		1,577,877
Total Convertible Preferred Stock*		308,306		—			—		308,306
Short-Term Investments
Mutual Fund		45,256,067		—			—		45,256,067
Commercial Paper		—		8,626,988			—		8,626,988
Repurchase Agreement		—		25,444,996			—		25,444,996
Total Short-Term Investments		45,256,067		34,071,984			—		79,328,051
Total Investments	$	602,549,673	$	458,412,608		$	—	$	1,060,962,281
Collateral for Securities Loaned (Liability)	$	—	$	(45,256,067	)	$	—	$	(45,256,067	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

MFS Total Return Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,060,962,281
Cash		3,307
Cash denominated in foreign currencies (c)		251
Receivable for:
Investments sold		1,071,884
Fund shares sold		193,473
Dividends and interest		3,505,144
Prepaid expenses		2,633
Total Assets		1,065,738,973
Liabilities
Collateral for securities loaned		45,256,067
Payables for:
Investments purchased		1,113,987
TBA securities purchased		28,458,923
Fund shares redeemed		281,846
Accrued expenses:
Management fees		464,734
Distribution and service fees		146,428
Deferred trustees’ fees		63,422
Other expenses		151,617
Total Liabilities		75,937,024
Net Assets	$	989,801,949
Net assets consist of:
Paid in surplus	$	807,287,440
Undistributed net investment income		22,812,803
Accumulated net realized loss		(31,657,723	)
Unrealized appreciation on investments and foreign currency transactions		191,359,429
Net Assets	$	989,801,949
Net Assets
Class A	$	186,725,433
Class B		247,472,119
Class E		30,889,092
Class F		524,715,305
Capital Shares Outstanding*
Class A		1,081,104
Class B		1,450,816
Class E		179,801
Class F		3,063,962
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	172.72
Class B		170.57
Class E		171.80
Class F		171.25

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $869,592,063.

(b) Includes securities loaned at value of $62,427,563.

(c) Identified cost of cash denominated in foreign currencies was $250.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	17,179,345
Interest		12,167,736
Securities lending income		225,923
Total investment income		29,573,004
Expenses
Management fees		5,563,579
Administration fees		23,903
Custodian and accounting fees		224,226
Distribution and service fees—Class B		620,835
Distribution and service fees—Class E		47,500
Distribution and service fees—Class F		1,095,528
Audit and tax services		58,172
Legal		30,014
Trustees’ fees and expenses		39,558
Shareholder reporting		134,637
Insurance		6,428
Miscellaneous		15,351
Total expenses		7,859,731
Less broker commission recapture		(6,238	)
Net expenses		7,853,493
Net Investment Income		21,719,511
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		66,521,637
Foreign currency transactions		(27,222	)
Net realized gain		66,494,415
Net change in unrealized depreciation on:
Investments		(6,263,398	)
Foreign currency transactions		(16,784	)
Net change in unrealized depreciation		(6,280,182	)
Net realized and unrealized gain		60,214,233
Net Increase in Net Assets From Operations	$	81,933,744

(a) Net of foreign withholding taxes of $271,023.

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

MFS Total Return Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	21,719,511		$	20,837,964
Net realized gain		66,494,415			114,894,563
Net change in unrealized appreciation (depreciation)		(6,280,182	)		41,859,774
Increase in net assets from operations		81,933,744			177,592,301
From Distributions to Shareholders
Net investment income
Class A		(4,409,116	)		(4,637,775	)
Class B		(5,437,850	)		(5,792,063	)
Class E		(723,652	)		(777,882	)
Class F		(12,205,996	)		(14,079,477	)
Total distributions		(22,776,614	)		(25,287,197	)
Decrease in net assets from capital share transactions		(124,024,443	)		(98,784,352	)
Total increase (decrease) in net assets		(64,867,313	)		53,520,752
Net Assets
Beginning of period		1,054,669,262			1,001,148,510
End of period	$	989,801,949		$	1,054,669,262
Undistributed net investment income
End of period	$	22,812,803		$	22,640,075

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		53,158		$	8,856,348			100,951		$	15,245,357
Reinvestments		27,391			4,409,116			31,748			4,637,775
Redemptions		(138,006	)		(22,951,623	)		(202,855	)		(30,695,497	)
Net decrease		(57,457	)	$	(9,686,159	)		(70,156	)	$	(10,812,365	)
Class B
Sales		104,010		$	17,097,346			145,544		$	21,825,873
Reinvestments		34,147			5,437,850			40,065			5,792,063
Redemptions		(257,124	)		(42,249,749	)		(269,311	)		(40,434,856	)
Net decrease		(118,967	)	$	(19,714,553	)		(83,702	)	$	(12,816,920	)
Class E
Sales		9,216		$	1,523,391			14,692		$	2,222,502
Reinvestments		4,515			723,652			5,347			777,882
Redemptions		(34,318	)		(5,691,063	)		(36,541	)		(5,518,612	)
Net decrease		(20,587	)	$	(3,444,020	)		(16,502	)	$	(2,518,228	)
Class F
Sales		129,262		$	21,349,305			222,734		$	33,498,495
Reinvestments		76,369			12,205,996			97,066			14,079,477
Redemptions		(757,238	)		(124,735,012	)		(800,363	)		(120,214,811	)
Net decrease		(551,607	)	$	(91,179,711	)		(480,563	)	$	(72,636,839	)
Decrease derived from capital shares transactions				$	(124,024,443	)				$	(98,784,352	)

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

MFS Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	162.91		$	140.60		$	129.68		$	130.06		$	121.69
Income (Loss) from Investment Operations
Net investment income (a)		3.85			3.33			3.34			3.34			3.14
Net realized and unrealized gain (loss) on investments		9.94			22.92			11.49			(0.14	)		8.95
Total from investment operations		13.79			26.25			14.83			3.20			12.09
Less Distributions
Distributions from net investment income		(3.98	)		(3.94	)		(3.91	)		(3.58	)		(3.72	)
Total distributions		(3.98	)		(3.94	)		(3.91	)		(3.58	)		(3.72	)
Net Asset Value, End of Period	$	172.72		$	162.91		$	140.60		$	129.68		$	130.06
Total Return (%) (b)		8.64			18.99			11.58			2.42			10.08
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.60			0.59			0.60			0.59			0.58
Ratio of net investment income to average net assets (%)		2.32			2.19			2.46			2.56			2.56
Portfolio turnover rate (%)		34	(c)		53	(c)		20			19			31
Net assets, end of period (in millions)	$	186.7		$	185.5		$	169.9		$	169.5		$	186.7
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	160.94		$	138.95		$	128.21		$	128.66		$	120.45
Income (Loss) from Investment Operations
Net investment income (a)		3.40			2.92			2.97			2.98			2.80
Net realized and unrealized gain (loss) on investments		9.81			22.66			11.36			(0.15	)		8.86
Total from investment operations		13.21			25.58			14.33			2.83			11.66
Less Distributions
Distributions from net investment income		(3.58	)		(3.59	)		(3.59	)		(3.28	)		(3.45	)
Total distributions		(3.58	)		(3.59	)		(3.59	)		(3.28	)		(3.45	)
Net Asset Value, End of Period	$	170.57		$	160.94		$	138.95		$	128.21		$	128.66
Total Return (%) (b)		8.36			18.70			11.31			2.16			9.80
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.85			0.84			0.85			0.84			0.83
Ratio of net investment income to average net assets (%)		2.07			1.94			2.21			2.32			2.31
Portfolio turnover rate (%)		34	(c)		53	(c)		20			19			31
Net assets, end of period (in millions)	$	247.5		$	252.6		$	229.8		$	220.0		$	227.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

MFS Total Return Portfolio

Financial Highlights

	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	162.06		$	139.88		$	129.04		$	129.46		$	121.16
Income (Loss) from Investment Operations
Net investment income (a)		3.59			3.09			3.12			3.13			2.95
Net realized and unrealized gain (loss) on investments		9.88			22.81			11.44			(0.15	)		8.91
Total from investment operations		13.47			25.90			14.56			2.98			11.86
Less Distributions
Distributions from net investment income		(3.73	)		(3.72	)		(3.72	)		(3.40	)		(3.56	)
Total distributions		(3.73	)		(3.72	)		(3.72	)		(3.40	)		(3.56	)
Net Asset Value, End of Period	$	171.80		$	162.06		$	139.88		$	129.04		$	129.46
Total Return (%) (b)		8.48			18.82			11.42			2.25			9.92
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.75			0.74			0.75			0.74			0.73
Ratio of net investment income to average net assets (%)		2.17			2.04			2.31			2.41			2.41
Portfolio turnover rate (%)		34	(c)		53	(c)		20			19			31
Net assets, end of period (in millions)	$	30.9		$	32.5		$	30.3		$	31.0		$	36.5

	Class F
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	161.54		$	139.43		$	128.64		$	129.07		$	120.81
Income (Loss) from Investment Operations
Net investment income (a)		3.50			3.00			3.04			3.05			2.88
Net realized and unrealized gain (loss) on investments		9.84			22.74			11.40			(0.14	)		8.89
Total from investment operations		13.34			25.74			14.44			2.91			11.77
Less Distributions
Distributions from net investment income		(3.63	)		(3.63	)		(3.65	)		(3.34	)		(3.51	)
Total distributions		(3.63	)		(3.63	)		(3.65	)		(3.34	)		(3.51	)
Net Asset Value, End of Period	$	171.25		$	161.54		$	139.43		$	128.64		$	129.07
Total Return (%) (b)		8.42			18.75			11.36			2.21			9.87
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.80			0.79			0.80			0.79			0.78
Ratio of net investment income to average net assets (%)		2.12			1.99			2.26			2.36			2.36
Portfolio turnover rate (%)		34	(c)		53	(c)		20			19			31
Net assets, end of period (in millions)	$	524.7		$	584.1		$	571.1		$	623.8		$	748.8

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 25% and 45% for the years ended December 31, 2014 and 2013, respectively.

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MFS Total Return Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and F shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-22

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-23

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities, paydown gain/loss reclasses, foreign currency transactions, real estate investment trusts (REITs), return of capital adjustments and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $25,444,996, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Treasury and mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

MSF-24

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The

MSF-25

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$207,829,720	$	136,487,711	$	225,898,797	$	237,909,644

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Co. that amounted to $91,767 in purchases and $436,254 in sales of investments, which are included above.

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2014 were as follows:

Purchases	Sales
$100,365,659	$	91,603,089

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement—MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$5,563,579		0.600	%	Of the first $250 million
		0.550	%	Of the next $500 million
		0.500	%	On amounts in excess of $750 million

MSF-26

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Co. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E, and F Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and F Shares. Under the Distribution and Service Plan, the Class B, E, and F Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and F Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.20% per year for Class F Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$22,776,614	$	25,287,197	$	—	$	—	$	22,776,614	$	25,287,197

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses		Total
$22,880,519	$	—	$	182,375,280	$	(22,677,868	)	$	—	$	182,577,931

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as shortterm losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carry forwards of $62,105,143.

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Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

As of December 31, 2014 the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17
$	22,677,868

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-28

Metropolitan Series Fund

MFS Total Return Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MFS Total Return Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of MFS Total Return Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 MFS Total Return Portfolio of Metropolitan Series Fund as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Metropolitan Series Fund

Trustees and Officers

Management of The Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**

MSF-30

Metropolitan Series Fund

Trustees and Officers—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-31

Metropolitan Series Fund

MFS Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-32

Metropolitan Series Fund

MFS Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MSF-33

Metropolitan Series Fund

MFS Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MFS Total Return Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Massachusetts Financial Services Company regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its blended benchmark, the S&P 500 Index (60%) and Barclays U.S. Aggregate Bond Index (40%), for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were equal to the Expense Group median and above the Expense Universe median and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s total expenses (exclusive of 12b-l fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

MSF-34

Metropolitan Series Fund

MFS Value Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, D, and E shares of the MFS Value Portfolio returned 10.81%, 10.56%, 10.69%, and 10.63%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 13.45%.

MARKET ENVIRONMENT/CONDITIONS

Early in the period, U.S. equities suffered what proved to be a temporary setback due to concerns over emerging markets as well as what was perceived at the time to be a pause in U.S. economic growth, partially caused by extreme weather conditions and a weak December 2013 labor market report. Markets soon recovered as the economic pause concluded and investors appeared to have become increasingly comfortable that newly-installed U.S. Federal Reserve (the “Fed”) Chair Janet Yellen would not make any substantial changes to the trajectory of the Fed’s monetary policy.

While geopolitical tensions flared in the Middle East and Russia/Ukraine, any market setbacks were short-lived as improving economic growth in the U.S., coupled with prospects for easier monetary policy in regions with slowing growth, such as Japan, Europe and China, supported risk assets. The European Central Bank cut policy interest rates into negative territory and, by the end of the period, expectations were for additional rate cuts and the announcement for non-conventional easing measures. Similarly, the Bank of Japan surprised markets late in the period with fresh stimulus measures given lackluster growth trends. The related decline in developed market government bond yields and credit spreads were also supportive for equity markets. At the end of the period, the U.S. equity market was trading close to all-time highs and U.S. Treasury yields were close to their lows for the period. However, credit markets did not fare as well in the second half of 2014, particularly U.S. high yield and emerging market debt. The higher weightings of oil and gas credits in these asset classes resulted in widening spreads and increased volatility as oil prices began to decline in an accelerated fashion in the fourth quarter.

PORTFOLIO REVIEW/PERIOD END POSITIONING

The combination of weak stock selection and an underweight position in the Information Technology sector detracted from Portfolio performance relative to the Russell 1000 Value Index. Within this sector, holdings of poor-performing diversified technology products and services company IBM and an underweight position during the first quarter and not owning shares of semiconductor firm Intel for the balance of the year detracted from relative results.

Stock selection in the Consumer Staples sector also weighed on relative performance. Within this sector, the Portfolio’s overweight position in tobacco company Phillip Morris, and holdings of spirits maker Diageo (United Kingdom), held back relative performance.

Stock selection and, to a lesser extent, an underweight position in the Utilities & Communications sector dampened relative results. The Portfolio’s holdings of telecommunications company Verizon Communications weighed on relative results as the stock underperformed the benchmark.

Other top relative detractors during the period included not holding shares of strong-performing investment firm Berkshire Hathaway and diversified health care company UnitedHealth. Holdings of media company Viacom, and overweight positions in financial services firm Prudential and investment management firm Franklin Resources, also hurt relative returns.

An underweight allocation to the Energy sector was a positive factor for relative performance. Here, an underweight position in integrated oil & gas company Exxon Mobil supported relative returns as the stock underperformed the benchmark.

Stock selection in the Industrial sector also benefited relative returns. Not holding weak-performing diversified industrial conglomerate General Electric, and the Portfolio’s holdings of defense contractor Lockheed Martin, bolstered relative results.

Stocks in other sectors that contributed to relative results included an overweight position in retail pharmacy chain CVS Health, and not holding shares of poor-performing precious metals company Freeport McMoRan. Holdings of tobacco company Lorillard, auto parts retailer Advance Auto Parts and soft drinks manufacturer Dr Pepper Snapple Group were also among the Portfolio’s top relative contributors. Underweight positions in telecommunications company AT&T and financial services firm Citigroup also helped.

Over the trailing 12 months ending December 31, 2014, the Portfolio reflected increased positions in Financials and to a lesser extent increased positions in Consumer Discretionary and Materials. Conversely, at the end of the period the Portfolio reflected decreased exposure to Consumer Staples, Telecommunication Services, and Industrials. Additionally, the Portfolio was overweight to Industrials, Consumer Staples, and Consumer Discretionary while

MSF-1

Metropolitan Series Fund

MFS Value Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

being underweight to Utilities, Energy, and Financials. Relative sector positioning reflects the investment team’s bottom up stock selection process rather than a reflection of any top-down macroeconomic or sector view.

Steven R. Gorham

Nevin P. Chitkara

Portfolio Managers

Massachusetts Financial Services Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MFS Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
MFS Value Portfolio
Class A		10.81		14.54		8.37		—
Class B		10.56		14.27		—		7.81
Class D		10.69		—		—		17.77
Class E		10.63		14.39		—		7.93
Russell 1000 Value Index		13.45		15.42		7.30		—

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

² Inception dates of the Class A, Class B, Class D and Class E shares are 7/20/98, 4/28/08, 4/26/13 and 4/28/08, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
JPMorgan Chase & Co.		4.3
Johnson & Johnson		3.5
Philip Morris International, Inc.		3.3
Wells Fargo & Co.		3.3
Pfizer, Inc.		2.8
Travelers Cos., Inc. (The)		2.4
Accenture plc - Class A		2.2
Honeywell International, Inc.		2.2
3M Co.		2.1
United Technologies Corp.		2.1

Top Sectors

	% of Net Assets
Financials		26.3
Industrials		16.5
Health Care		14.4
Consumer Staples		13.1
Consumer Discretionary		11.0
Information Technology		7.0
Energy		5.9
Telecommunication Services		2.5
Materials		2.2
Utilities		0.3

MSF-3

Metropolitan Series Fund

MFS Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

MFS Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.58	%	$	1,000.00	$	1,057.50	$	3.01
	Hypothetical*		0.58	%	$	1,000.00	$	1,022.28	$	2.96
Class B(a)	Actual		0.83	%	$	1,000.00	$	1,056.20	$	4.30
	Hypothetical*		0.83	%	$	1,000.00	$	1,021.02	$	4.23
Class D(a)	Actual		0.68	%	$	1,000.00	$	1,057.10	$	3.53
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.78	$	3.47
Class E(a)	Actual		0.73	%	$	1,000.00	$	1,056.60	$	3.78
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.53	$	3.72

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

MFS Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—99.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—7.1%
Honeywell International, Inc.		732,499	$	73,191,300
Lockheed Martin Corp.		361,010		69,519,696
Northrop Grumman Corp.		184,649		27,215,416
United Technologies Corp.		607,595		69,873,425
				239,799,837
Air Freight & Logistics—1.6%
United Parcel Service, Inc. - Class B		501,830		55,788,441
Auto Components—1.7%
Delphi Automotive plc		334,428		24,319,604
Johnson Controls, Inc.		677,176		32,734,688
				57,054,292
Banks—10.9%
Citigroup, Inc.		224,906		12,169,664
JPMorgan Chase & Co.		2,311,320		144,642,405
PNC Financial Services Group, Inc. (The)		350,707		31,995,000
U.S. Bancorp		1,472,909		66,207,259
Wells Fargo & Co.		2,059,745		112,915,221
				367,929,549
Beverages—1.5%
Diageo plc		1,584,686		45,450,615
Dr Pepper Snapple Group, Inc.		92,307		6,616,566
				52,067,181
Capital Markets—6.4%
Bank of New York Mellon Corp. (The)		1,041,155		42,239,658
BlackRock, Inc.		93,649		33,485,137
Franklin Resources, Inc.		772,152		42,754,056
Goldman Sachs Group, Inc. (The)		341,002		66,096,418
State Street Corp.		417,466		32,771,081
				217,346,350
Chemicals—1.7%
E.I. du Pont de Nemours & Co.		112,013		8,282,241
PPG Industries, Inc.		217,382		50,247,850
				58,530,091
Commercial Services & Supplies—1.2%
Tyco International plc		901,504		39,539,965
Containers & Packaging—0.5%
Crown Holdings, Inc. (a)		332,390		16,918,651
Diversified Financial Services—1.2%
McGraw Hill Financial, Inc.		166,272		14,794,882
NASDAQ OMX Group, Inc. (The)		530,160		25,426,474
				40,221,356
Diversified Telecommunication Services—1.9%
AT&T, Inc.		274,937		9,235,134
Verizon Communications, Inc.		1,208,091		56,514,497
				65,749,631
Electric Utilities—0.2%
Duke Energy Corp.		99,432		8,306,549
Electrical Equipment—0.9%
Eaton Corp. plc		427,804		29,073,560
Energy Equipment & Services—0.8%
Baker Hughes, Inc.		104,930		5,883,425
Schlumberger, Ltd.		254,805		21,762,895
				27,646,320
Food & Staples Retailing—1.8%
CVS Health Corp.		647,443		62,355,235
Food Products—4.1%
Danone S.A.		362,583		23,853,063
General Mills, Inc.		935,532		49,891,922
Kellogg Co.		151,237		9,896,949
Nestle S.A.		749,171		54,915,389
				138,557,323
Health Care Equipment & Supplies—4.0%
Abbott Laboratories		920,442		41,438,299
Covidien plc		271,835		27,803,284
Medtronic, Inc. (b)		618,188		44,633,173
St. Jude Medical, Inc.		355,988		23,149,900
				137,024,656
Health Care Providers & Services—1.1%
Express Scripts Holding Co. (a)		422,947		35,810,922
Hotels, Restaurants & Leisure—1.0%
McDonald’s Corp.		344,872		32,314,506
Household Products—0.5%
Procter & Gamble Co. (The)		199,009		18,127,730
Industrial Conglomerates—3.4%
3M Co.		428,896		70,476,191
Danaher Corp.		516,816		44,296,299
				114,772,490
Insurance—7.6%
ACE, Ltd.		336,140		38,615,763
Aon plc		416,084		39,457,246
Chubb Corp. (The)		417,219		43,169,650
Prudential Financial, Inc.		593,863		53,720,847
Travelers Cos., Inc. (The)		774,975		82,031,104
				256,994,610
IT Services—4.8%
Accenture plc - Class A		847,851		75,721,573
Fidelity National Information Services, Inc.		272,001		16,918,462
Fiserv, Inc. (a)		331,639		23,536,420
International Business Machines Corp.		289,697		46,478,987
				162,655,442

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MFS Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Leisure Products—0.6%
Hasbro, Inc. (b)		280,929	$	15,448,286
Mattel, Inc.		151,774		4,696,646
				20,144,932
Life Sciences Tools & Services—1.1%
Thermo Fisher Scientific, Inc.		290,255		36,366,049
Machinery—1.5%
Illinois Tool Works, Inc.		165,900		15,710,730
Pentair plc		202,548		13,453,238
Stanley Black & Decker, Inc.		209,730		20,150,859
				49,314,827
Media—4.9%
Comcast Corp. - Special Class A (b)		691,179		39,787,719
Omnicom Group, Inc. (b)		517,246		40,071,048
Time Warner, Inc.		342,835		29,284,966
Time, Inc. (b)		36,919		908,576
Viacom, Inc. - Class B		309,415		23,283,479
Walt Disney Co. (The)		362,754		34,167,799
				167,503,587
Multiline Retail—1.9%
Kohl’s Corp. (b)		147,025		8,974,406
Target Corp.		733,144		55,652,961
				64,627,367
Oil, Gas & Consumable Fuels—5.1%
Chevron Corp.		443,314		49,730,964
EOG Resources, Inc.		211,941		19,513,408
Exxon Mobil Corp.		703,248		65,015,278
Occidental Petroleum Corp.		457,599		36,887,055
				171,146,705
Pharmaceuticals—8.2%
Johnson & Johnson		1,147,939		120,039,981
Merck & Co., Inc.		794,436		45,116,021
Novartis AG		116,090		10,676,505
Pfizer, Inc.		3,019,308		94,051,444
Roche Holding AG		33,302		9,026,190
				278,910,141
Professional Services—0.2%
Equifax, Inc.		70,414		5,694,380
Real Estate Management & Development—0.2%
Canary Wharf Group plc (a) (c) (d)		767,618		6,471,443
Road & Rail—0.6%
Canadian National Railway Co.		298,394		20,562,331
Semiconductors & Semiconductor Equipment—1.2%
Texas Instruments, Inc.		743,169		39,733,531
Software—1.0%
Oracle Corp.		777,758		34,975,777
Specialty Retail—1.0%
Advance Auto Parts, Inc.		145,538		23,181,293
Bed Bath & Beyond, Inc. (a)		120,354		9,167,364
				32,348,657
Tobacco—5.1%
Altria Group, Inc.		383,120		18,876,322
Imperial Tobacco Group plc		155,694		6,818,330
Lorillard, Inc.		556,270		35,011,634
Philip Morris International, Inc.		1,390,446		113,251,827
				173,958,113
Wireless Telecommunication Services—0.6%
Vodafone Group plc		5,518,020		18,907,282
Total Common Stocks (Cost $2,364,877,512)				3,355,249,809
Convertible Preferred Stock—0.1%
Aerospace & Defense—0.1%
United Technologies Corp.
7.500%, 08/01/15 (b) (Cost $2,885,058)		55,377		3,396,271
Short-Term Investments—1.8%
Mutual Fund—1.0%
State Street Navigator Securities Lending MET Portfolio (e)		35,909,845		35,909,845
Commercial Paper—0.2%
HSBC Americas, Inc.
0.025%, 01/02/15 (f)		6,518,000		6,517,991
Repurchase Agreement—0.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $19,219,098 on 01/02/15, collateralized by $19,885,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $19,607,326.		19,219,098		19,219,098
Total Short-Term Investments (Cost $61,646,934)				61,646,934
Total Investments—101.0% (Cost $2,429,409,504) (g)				3,420,293,014
Other assets and liabilities (net)—(1.0)%				(33,648,293	)
Net Assets—100.0%			$	3,386,644,721

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MFS Value Portfolio

Schedule of Investments as of December 31, 2014

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $80,401,432 and the collateral received consisted of cash in the amount of $35,909,845 and non-cash collateral with a value of $46,966,464. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent 0.2% of net assets.

(d) Illiquid security. As of December 31, 2014, these securities represent 0.2% of net assets.

(e) Represents investment of cash collateral received from securities lending transactions.

(f) The rate shown represents current yield to maturity.

(g) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $2,434,013,473. The aggregate unrealized appreciation and depreciation of investments were $1,017,131,087 and $(30,851,546), respectively, resulting in net unrealized appreciation of $986,279,541 for federal income tax purposes.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	239,799,837	$	—	$	—	$	239,799,837
Air Freight & Logistics		55,788,441		—		—		55,788,441
Auto Components		57,054,292		—		—		57,054,292
Banks		367,929,549		—		—		367,929,549
Beverages		6,616,566		45,450,615		—		52,067,181
Capital Markets		217,346,350		—		—		217,346,350
Chemicals		58,530,091		—		—		58,530,091
Commercial Services & Supplies		39,539,965		—		—		39,539,965
Containers & Packaging		16,918,651		—		—		16,918,651
Diversified Financial Services		40,221,356		—		—		40,221,356
Diversified Telecommunication Services		65,749,631		—		—		65,749,631
Electric Utilities		8,306,549		—		—		8,306,549
Electrical Equipment		29,073,560		—		—		29,073,560
Energy Equipment & Services		27,646,320		—		—		27,646,320
Food & Staples Retailing		62,355,235		—		—		62,355,235
Food Products		59,788,871		78,768,452		—		138,557,323
Health Care Equipment & Supplies		137,024,656		—		—		137,024,656
Health Care Providers & Services		35,810,922		—		—		35,810,922
Hotels, Restaurants & Leisure		32,314,506		—		—		32,314,506
Household Products		18,127,730		—		—		18,127,730
Industrial Conglomerates		114,772,490		—		—		114,772,490

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MFS Value Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Insurance	$	256,994,610	$	—		$	—	$	256,994,610
IT Services		162,655,442		—			—		162,655,442
Leisure Products		20,144,932		—			—		20,144,932
Life Sciences Tools & Services		36,366,049		—			—		36,366,049
Machinery		49,314,827		—			—		49,314,827
Media		167,503,587		—			—		167,503,587
Multiline Retail		64,627,367		—			—		64,627,367
Oil, Gas & Consumable Fuels		171,146,705		—			—		171,146,705
Pharmaceuticals		259,207,446		19,702,695			—		278,910,141
Professional Services		5,694,380		—			—		5,694,380
Real Estate Management & Development		—		—			6,471,443		6,471,443
Road & Rail		20,562,331		—			—		20,562,331
Semiconductors & Semiconductor Equipment		39,733,531		—			—		39,733,531
Software		34,975,777		—			—		34,975,777
Specialty Retail		32,348,657		—			—		32,348,657
Tobacco		167,139,783		6,818,330			—		173,958,113
Wireless Telecommunication Services		—		18,907,282			—		18,907,282
Total Common Stocks		3,179,130,992		169,647,374			6,471,443		3,355,249,809
Total Convertible Preferred Stock*		3,396,271		—			—		3,396,271
Short-Term Investments
Mutual Fund		35,909,845		—			—		35,909,845
Commercial Paper		—		6,517,991			—		6,517,991
Repurchase Agreement		—		19,219,098			—		19,219,098
Total Short-Term Investments		35,909,845		25,737,089			—		61,646,934
Total Investments	$	3,218,437,108	$	195,384,463		$	6,471,443	$	3,420,293,014
Collateral for securities loaned (Liability)	$	—	$	(35,909,845	)	$	—	$	(35,909,845	)

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Appreciation		Balance as of December 31, 2014		Change in Unrealized Appreciation from investments still held at December 31, 2014
Common Stocks
Real Estate Management & Development	$	3,967,141	$	2,504,302	$	6,471,443	$	2,504,302

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MFS Value Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	3,420,293,014
Cash		55,661
Cash denominated in foreign currencies (c)		836
Receivable for:
Fund shares sold		302,986
Dividends		6,568,663
Prepaid expenses		9,074
Total Assets		3,427,230,234
Liabilities
Collateral for securities loaned		35,909,845
Payables for:
Investments purchased		349,147
Fund shares redeemed		2,180,861
Accrued expenses:
Management fees		1,616,784
Distribution and service fees		181,937
Deferred trustees’ fees		130,420
Other expenses		216,519
Total Liabilities		40,585,513
Net Assets	$	3,386,644,721
Net assets consist of:
Paid in surplus	$	1,812,832,080
Undistributed net investment income		85,278,640
Accumulated net realized gain		497,742,057
Unrealized appreciation on investments and foreign currency transactions		990,791,944
Net Assets	$	3,386,644,721
Net Assets
Class A	$	2,493,898,270
Class B		798,001,699
Class D		16,776,562
Class E		77,968,190
Capital Shares Outstanding*
Class A		135,673,908
Class B		43,806,365
Class D		915,179
Class E		4,262,922
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.38
Class B		18.22
Class D		18.33
Class E		18.29

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,429,409,504.

(b) Includes securities loaned at value of $80,401,432.

(c) Identified cost of cash denominated in foreign currencies was $840.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	109,031,801
Interest		5,071
Securities lending income		211,919
Total investment income		109,248,791
Expenses
Management fees		24,987,759
Administration fees		82,833
Custodian and accounting fees		342,178
Distribution and service fees—Class B		1,974,150
Distribution and service fees—Class D		17,459
Distribution and service fees—Class E		119,517
Audit and tax services		43,940
Legal		30,014
Trustees’ fees and expenses		43,020
Shareholder reporting		221,106
Insurance		19,333
Miscellaneous		33,037
Total expenses		27,914,346
Less management fee waiver		(5,108,863	)
Less broker commission recapture		(85,334	)
Net expenses		22,720,149
Net Investment Income		86,528,642
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		507,879,747
Futures contracts		725,134
Foreign currency transactions		84,150
Net realized gain		508,689,031
Net change in unrealized depreciation on:
Investments		(239,026,209	)
Foreign currency transactions		(131,843	)
Net change in unrealized depreciation		(239,158,052	)
Net realized and unrealized gain		269,530,979
Net Increase in Net Assets From Operations	$	356,059,621

(a) Net of foreign withholding taxes of $620,190.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MFS Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	86,528,642		$	65,212,083
Net realized gain		508,689,031			304,976,883
Net change in unrealized appreciation (depreciation)		(239,158,052	)		659,786,176
Increase in net assets from operations		356,059,621			1,029,975,142
From Distributions to Shareholders
Net investment income
Class A		(51,243,103	)		(50,660,050	)
Class B		(11,976,675	)		(4,757,769	)
Class D		(290,817	)		0
Class E		(1,262,087	)		(1,080,244	)
Net realized capital gains
Class A		(142,976,657	)		(86,020,084	)
Class B		(37,471,141	)		(9,119,057	)
Class D		(847,551	)		0
Class E		(3,849,593	)		(1,987,649	)
Total distributions		(249,917,624	)		(153,624,853	)
Increase (decrease) in net assets from capital share transactions		(692,374,108	)		426,412,881
Total increase (decrease) in net assets		(586,232,111	)		1,302,763,170
Net Assets
Beginning of period		3,972,876,832			2,670,113,662
End of period	$	3,386,644,721		$	3,972,876,832
Undistributed net investment income
End of period	$	85,278,640		$	64,684,656

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		4,284,122		$	73,879,782			19,058,481		$	292,535,588
Shares issued through acquisition		0			0			5,422,146			80,789,979
Reinvestments		11,778,033			194,219,760			9,393,823			136,680,134
Redemptions		(53,586,449	)		(921,672,735	)		(31,870,650	)		(502,615,244	)
Net increase (decrease)		(37,524,294	)	$	(653,573,193	)		2,003,800		$	7,390,457
Class B
Sales		3,256,308		$	55,681,719			22,275,056		$	336,307,116
Shares issued through acquisition		0			0			29,307,292			434,040,998
Reinvestments		3,020,636			49,447,816			959,670			13,876,826
Redemptions		(7,661,555	)		(133,137,000	)		(25,604,636	)		(386,159,224	)
Net increase (decrease)		(1,384,611	)	$	(28,007,465	)		26,937,382		$	398,065,716
Class D (a)
Sales		42,648		$	736,968			21,906		$	355,383
Shares issued through acquisition		0			0			6,526,741			97,117,903
Reinvestments		69,160			1,138,368			0			0
Redemptions		(244,658	)		(4,261,229	)		(5,500,618	)		(82,134,513	)
Net increase (decrease)		(132,850	)	$	(2,385,893	)		1,048,029		$	15,338,773
Class E
Sales		166,105		$	2,896,835			18,020,419		$	267,724,346
Shares issued through acquisition		0			0			1,498,859			22,243,068
Reinvestments		311,119			5,111,680			211,725			3,067,893
Redemptions		(942,744	)		(16,416,072	)		(19,151,436	)		(287,417,372	)
Net increase (decrease)		(465,520	)	$	(8,407,557	)		579,567		$	5,617,935
Increase (decrease) derived from capital shares transactions				$	(692,374,108	)				$	426,412,881

(a) Commencement of operations was April 26, 2013.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	17.75		$	13.80		$	12.23		$	12.31		$	11.20
Income (Loss) from Investment Operations
Net investment income (a)		0.43			0.30			0.29			0.25			0.21
Net realized and unrealized gain (loss) on investments		1.36			4.46			1.72			(0.13	)		1.06
Total from investment operations		1.79			4.76			2.01			0.12			1.27
Less Distributions
Distributions from net investment income		(0.31	)		(0.30	)		(0.26	)		(0.20	)		(0.16	)
Distributions from net realized capital gains		(0.85	)		(0.51	)		(0.18	)		0.00			0.00
Total distributions		(1.16	)		(0.81	)		(0.44	)		(0.20	)		(0.16	)
Net Asset Value, End of Period	$	18.38		$	17.75		$	13.80		$	12.23		$	12.31
Total Return (%) (b)		10.81			35.73			16.65			0.85			11.42
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72			0.72			0.73			0.73			0.73
Net ratio of expenses to average net assets (%) (c)		0.58			0.58			0.60			0.61			0.63
Ratio of net investment income to average net assets (%)		2.49			1.92			2.21			2.03			1.82
Portfolio turnover rate (%)		12			17			16			16			28
Net assets, end of period (in millions)	$	2,493.9		$	3,074.8		$	2,363.0		$	2,141.2		$	2,097.7
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	17.61		$	13.70		$	12.15		$	12.23		$	11.13
Income (Loss) from Investment Operations
Net investment income (a)		0.37			0.27			0.26			0.22			0.18
Net realized and unrealized gain (loss) on investments		1.36			4.41			1.70			(0.13	)		1.06
Total from investment operations		1.73			4.68			1.96			0.09			1.24
Less Distributions
Distributions from net investment income		(0.27	)		(0.26	)		(0.23	)		(0.17	)		(0.14	)
Distributions from net realized capital gains		(0.85	)		(0.51	)		(0.18	)		0.00			0.00
Total distributions		(1.12	)		(0.77	)		(0.41	)		(0.17	)		(0.14	)
Net Asset Value, End of Period	$	18.22		$	17.61		$	13.70		$	12.15		$	12.23
Total Return (%) (b)		10.56			35.38			16.32			0.64			11.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97			0.97			0.98			0.98			0.98
Net ratio of expenses to average net assets (%) (c)		0.83			0.83			0.85			0.86			0.88
Ratio of net investment income to average net assets (%)		2.16			1.68			1.96			1.79			1.58
Portfolio turnover rate (%)		12			17			16			16			28
Net assets, end of period (in millions)	$	798.0		$	795.9		$	250.2		$	217.7		$	197.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class D
	Year Ended December 31,
	2014			2013(d)
Net Asset Value, Beginning of Period	$	17.71		$	14.88
Income (Loss) from Investment Operations
Net investment income (a)		0.41			0.20
Net realized and unrealized gain on investments		1.35			2.63
Total from investment operations		1.76			2.83
Less Distributions
Distributions from net investment income		(0.29	)		0.00
Distributions from net realized capital gains		(0.85	)		0.00
Total distributions		(1.14	)		0.00
Net Asset Value, End of Period	$	18.33		$	17.71
Total Return (%) (b)		10.69			19.02	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82			0.82	(f)
Net ratio of expenses to average net assets (%) (c)		0.68			0.68	(f)
Ratio of net investment income to average net assets (%)		2.34			1.80	(f)
Portfolio turnover rate (%)		12			17
Net assets, end of period (in millions)	$	16.8		$	18.6

	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	17.67		$	13.73		$	12.18		$	12.25		$	11.15
Income (Loss) from Investment Operations
Net investment income (a)		0.40			0.28			0.27			0.23			0.19
Net realized and unrealized gain (loss) on investments		1.35			4.45			1.70			(0.12	)		1.06
Total from investment operations		1.75			4.73			1.97			0.11			1.25
Less Distributions
Distributions from net investment income		(0.28	)		(0.28	)		(0.24	)		(0.18	)		(0.15	)
Distributions from net realized capital gains		(0.85	)		(0.51	)		(0.18	)		0.00			0.00
Total distributions		(1.13	)		(0.79	)		(0.42	)		(0.18	)		(0.15	)
Net Asset Value, End of Period	$	18.29		$	17.67		$	13.73		$	12.18		$	12.25
Total Return (%) (b)		10.63			35.63			16.39			0.81			11.25
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87			0.87			0.88			0.88			0.88
Net ratio of expenses to average net assets (%) (c)		0.73			0.73			0.75			0.76			0.78
Ratio of net investment income to average net assets (%)		2.28			1.81			2.05			1.85			1.67
Portfolio turnover rate (%)		12			17			16			16			28
Net assets, end of period (in millions)	$	78.0		$	83.5		$	57.0		$	58.1		$	69.9

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Commencement of operations was April 26, 2013.

(e) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

MSF-12

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MFS Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, D, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-13

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

MSF-14

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, return of capital adjustments, convertible preferred stock and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $19,219,098, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MSF-15

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 25, 2014 through April 29, 2014, the Portfolio had bought and sold $237,954,653 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized gains in the amount of $725,134 which are shown under Net realized gain on futures contracts in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

MSF-16

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	415,621,681	$	0	$	1,288,690,324

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Co. that amounted to $1,296,372 in purchases and $13,104,430 in sales of investments, which are included above.

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $156,572,943 in sales transactions, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$24,987,759		0.750	%	Of the first $250 million
		0.700	%	Of the next $2.25 billion
		0.675	%	Of the next $2.5 billion
		0.650	%	On amounts in excess of $5 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, MetLife Advisers has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.100%	On the first $200 million
0.125%	On the next $50 million
0.075%	On the next $1.25 billion
0.200%	On the next $1 billion
0.175%	On the next $2.5 billion
0.150%	On amounts in excess of $5 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

MSF-17

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, D, and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, and E Shares. Under the Distribution and Service Plan, the Class B, D, and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$64,772,682	$	64,176,070	$	185,144,942	$	89,448,783	$	249,917,624	$	153,624,853

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$93,106,209	$	494,648,876	$	986,187,975	$	—	$	1,573,943,060

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as shortterm losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014 the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Acquisition

At the close of business on April 26, 2013, the Portfolio, with aggregate Class A, Class B, Class D, and Class E net assets of $2,665,493,738, $280,252,781, $100 and $ 61,036,104, respectively, acquired all the assets and liabilities of both FI Value Leaders Portfolio of the Metropolitan Series Fund (“FI Value Leaders”) and Met/Franklin Mutual Shares Portfolio of the Met Investors Series Trust (“Met/Franklin”).

MSF-18

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The acquisitions were accomplished by a tax-free exchange of shares of the Portfolio in the following amounts:

Portfolio	Share Class		Shares Prior to Acquisition		Net Assets Prior to Acquisition		Shares Issued By Portfolio
FI Value Leaders		Class A		480,168	$	77,606,786		5,208,509
FI Value Leaders		Class B		359,540		57,986,718		3,915,376
FI Value Leaders		Class D		601,549		97,117,903		6,526,741
FI Value Leaders		Class E		137,895		22,243,068		1,498,859
Met/Franklin		Class A		672,085		3,183,193		213,637
Met/Franklin		Class B		80,321,180		376,054,280		25,391,916

Each shareholder of FI Value Leaders and Met/Franklin received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 26, 2013. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by the FI Value Leaders and Met/Franklin Portfolios may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by the FI Value Leaders and Met/Franklin Portfolios. All other costs associated with the merger were not borne by the shareholders of any of the Portfolios.

FI Value Leaders’ net assets on April 26, 2013 were $77,606,786, $57,986,718, $97,117,903 and $22,243,068 for Classes A, B, D and E shares, respectively, including investments valued at $254,942,635 with a cost basis of $240,096,052. Met/Franklin’s net assets on April 26, 2013 were $3,183,193 and $376,054,280 for Class A and Class B shares, respectively, including investments valued at $377,937,821 with a cost basis of $360,776,791. For financial reporting purposes, assets received, liabilities assumed, and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from FI Value Leaders and Met/Franklin were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Portfolio acquired $118,206,385 in capital loss carry forwards from FI Value Leaders.

The aggregate net assets of the Portfolio immediately after the acquisition were $3,640,974,671, which included $14,846,583 and $17,158,366 of acquired unrealized appreciation on investments and foreign currency transactions from FI Value Leaders and Met/Franklin, respectively.

Assuming the acquisition had been completed on January 1, 2013, the Portfolio’s pro-forma results of operations for the year ended December 31, 2013 are as follows:

Net investment income	$	70,330,838	(a)
Net realized and unrealized gain on investments and foreign currency transactions		1,070,173,929	(b)
Net increase in net assets from operations	$	1,140,504,767

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of FI Value Leaders and Met/Franklin that have been included in the Portfolio’s Statement of Operations since April 26, 2013.

(a) $65,212,083 net investment income as reported December 31, 2013, plus $1,232,581 from FI Value Leaders pre-merger net investment income plus $2,846,657 Met/Franklin premerger, plus $889,131 in lower net advisory fees, plus $150,386 of pro-forma eliminated other expenses.

(b) $1,229,949,996 unrealized appreciation as reported December 31, 2013, minus $638,723,826 pro-forma December 31, 2012 unrealized appreciation, plus $304,976,883 net realized gain as reported December 31, 2013, plus $67,063,501 and $106,907,375 in net realized gain from FI Value Leaders and Met/Franklin pre-merger, respectively.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-19

Metropolitan Series Fund

MFS Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MFS Value Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of MFS Value Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 MFS Value Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-20

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-21

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-22

Metropolitan Series Fund

MFS Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-23

Metropolitan Series Fund

MFS Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-24

Metropolitan Series Fund

MFS Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MFS Value Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Massachusetts Financial Services Company regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the three-year period ended June 30, 2014 and underperformed the median of its Performance Universe and its Lipper Index for the one- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Russell 1000 Value Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board took into account that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-25

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, E, and G shares of the MSCI EAFE Index Portfolio returned -6.00%, -6.27%, -6.11%, and -6.33%, respectively. The Portfolio’s benchmark, the MSCI EAFE Index¹, returned -4.90%.

MARKET ENVIRONMENT / CONDITIONS

Equity indexes reached record highs in 2014, driven by accommodative monetary policies by central banks around the world, strong corporate earnings, and an improving global economy. The year started on a negative note as investors remained concerned about additional Federal Reserve tapering, pressure on emerging market currencies and deteriorating situations in Ukraine, Thailand and Venezuela. Equity indexes recovered in the following months driven by strong earnings and increased corporate activity. During the third quarter, equity markets were volatile as escalating tensions between Israel and Hamas, stalling Iran nuclear talks, and further U.S. and European Union sanctions against Russia contrasted with continued easing policies by central banks around the world and stronger macroeconomic data. Equity markets declined again in October as investors continued to worry about faltering global growth, particularly in Europe and China. Growing protests in Hong Kong and continued fears about the spread of the Ebola virus also weighed on the markets. Equity markets rallied in the fourth quarter as the Bank of Japan unexpectedly expanded its economic stimulus, the People’s Bank of China cut interest rates for the first time in two years, and the European Central Bank Chairman, Mr. Draghi, said the bank was ready to increase quantitative easing if necessary. Equity markets were mixed in December as oil prices dropped significantly, the Russian ruble reached record lows, and political uncertainty continued in Greece.

The U.S. dollar strengthened during the one year period, which negatively impacted the U.S. investors’ MSCI EAFE Index return versus the local currency return by approximately 10.8%.

Nine of the twenty-one countries comprising the MSCI EAFE Index experienced positive returns for the year. Israel (0.4% beginning weight in the benchmark), up 23.7%, was the best-performing country. New Zealand (0.1% beginning weight), up 9.3%, and Denmark (1.2% beginning weight), up 6.7%, were the next best-performing countries. The worst-performing countries were Portugal (0.2% beginning weight), down 35.1% and Austria (0.3% beginning weight), down 29.4%.

The stocks with the largest positive impact on the benchmark return for the year were Teva Pharmaceutical (Israel), up 46.4%; AstraZeneca (U.K.), up 25.7%; and Novartis (Switzerland), up 20.0%. The stocks with the largest negative impact were BG Group (U.K.), down 36.1%; SoftBank (Japan), down 30.9%; and BHP Billiton (Australia), down 25.6%.

Some of the factors driving the foreign equity markets include geopolitical concerns, energy prices, foreign exchange rates, corporate earnings, and global unemployment rates.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the MSCI EAFE Index. This strategy seeks to replicate the performance of the Index by owning a subset of Index constituents and neutralizing exposures across countries. The Portfolio is periodically rebalanced for compositional changes in the MSCI EAFE Index. Factors that impact tracking error include sampling, fair value pricing, transaction costs, cash drag, securities lending, net asset value rounding, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

MSCI EAFE Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
MSCI EAFE Index Portfolio
Class A		-6.00		5.11		4.20		—
Class B		-6.27		4.85		3.94		—
Class E		-6.11		4.95		4.04		—
Class G		-6.33		4.78		—		10.58
MSCI EAFE Index		-4.90		5.33		4.43		—

¹ The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98, 1/2/01, 5/1/01 and 4/28/09, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
iShares MSCI EAFE ETF		4.9
Nestle S.A.		1.8
Novartis AG		1.6
Roche Holding AG		1.4
HSBC Holdings plc		1.4
Toyota Motor Corp.		1.3
Royal Dutch Shell plc- A Shares		1.0
BP plc		0.9
Bayer AG		0.9
Commonwealth Bank of Australia		0.9

Top Countries

	% of Net Assets
Japan		19.7
United Kingdom		19.6
Switzerland		8.8
France		8.7
Germany		8.7
Australia		7.0
Spain		3.3
Hong Kong		2.9
Sweden		2.9
Netherlands		2.5

MSF-2

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

MSCI EAFE Index Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.42	%	$	1,000.00	$	899.20	$	2.01
	Hypothetical*		0.42	%	$	1,000.00	$	1,023.09	$	2.14
Class B(a)	Actual		0.67	%	$	1,000.00	$	898.10	$	3.21
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.83	$	3.41
Class E(a)	Actual		0.57	%	$	1,000.00	$	898.70	$	2.73
	Hypothetical*		0.57	%	$	1,000.00	$	1,022.33	$	2.91
Class G(a)	Actual		0.72	%	$	1,000.00	$	897.60	$	3.44
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.58	$	3.67

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—92.9% of Net Assets

Security Description	Shares		Value
Australia—7.0%
AGL Energy, Ltd.		49,491	$	539,303
Alumina, Ltd. (a)		191,453		278,105
Amcor, Ltd.		95,202		1,050,153
AMP, Ltd.		206,717		922,088
APA Group		78,818		481,049
Asciano, Ltd.		86,457		424,307
ASX, Ltd.		16,055		480,381
Aurizon Holdings, Ltd.		157,842		592,795
AusNet Services		106,030		114,819
Australia & New Zealand Banking Group, Ltd.		199,653		5,205,937
Bank of Queensland, Ltd.		24,917		246,819
Bendigo and Adelaide Bank, Ltd.		35,779		372,738
BHP Billiton, Ltd.		233,631		5,556,970
Boral, Ltd.		61,162		262,977
Brambles, Ltd.		111,315		960,920
Caltex Australia, Ltd.		9,532		264,404
Coca-Cola Amatil, Ltd.		42,510		322,461
Cochlear, Ltd. (b)		3,466		219,272
Commonwealth Bank of Australia		117,922		8,209,279
Computershare, Ltd.		41,806		400,776
Crown Resorts, Ltd.		29,464		303,415
CSL, Ltd.		35,655		2,516,504
Dexus Property Group (REIT) (b)		65,315		370,221
Federation Centres, Ltd.		91,872		214,330
Flight Centre Travel Group, Ltd. (b)		4,009		106,288
Fortescue Metals Group, Ltd. (b)		100,245		221,436
Goodman Group (REIT) (b)		139,425		644,280
GPT Group (REIT) (b)		121,517		430,341
Healthscope, Ltd. (a)		84,711		188,008
Iluka Resources, Ltd.		29,031		139,890
Incitec Pivot, Ltd.		103,981		269,525
Insurance Australia Group, Ltd.		184,566		937,968
Lend Lease Group		37,629		502,218
Macquarie Group, Ltd.		22,297		1,054,902
Medibank Pvt, Ltd. (a)		199,900		394,248
Metcash, Ltd. (b)		63,044		95,031
Mirvac Group (REIT)		298,553		432,201
National Australia Bank, Ltd.		171,345		4,679,837
Newcrest Mining, Ltd. (a)		54,807		489,203
Novion Property Group (b)		151,292		261,086
Orica, Ltd.		26,176		402,125
Origin Energy, Ltd.		78,717		744,631
QBE Insurance Group, Ltd.		94,414		858,418
Ramsay Health Care, Ltd.		8,883		412,898
REA Group, Ltd.		3,716		136,852
Rio Tinto, Ltd.		31,918		1,500,761
Santos, Ltd.		67,710		458,561
Scentre Group (a)		398,014		1,134,473
Seek, Ltd.		22,233		311,023
Sonic Healthcare, Ltd.		32,696		492,187
Stockland (REIT) (b)		161,293		540,097
Suncorp Group, Ltd.		92,598		1,057,689
Sydney Airport		80,467		308,287
TABCORP Holdings, Ltd.		43,902		148,459
Tatts Group, Ltd.		123,533		348,363
Telstra Corp., Ltd.		317,665		1,546,331
Toll Holdings, Ltd.		41,980		200,286
Australia—(Continued)
TPG Telecom, Ltd.		21,039		115,110
Transurban Group (b)		141,082		988,596
Treasury Wine Estates, Ltd.		46,412		180,981
Wesfarmers, Ltd. (a)		80,547		2,733,275
Westfield Corp. (REIT)		143,754		1,053,528
Westpac Banking Corp.		226,172		6,094,870
Woodside Petroleum, Ltd.		54,061		1,684,668
Woolworths, Ltd.		90,176		2,252,131
WorleyParsons, Ltd.		14,841		122,706
				66,983,791
Austria—0.2%
Andritz AG		5,184		284,894
Erste Group Bank AG		19,605		449,472
IMMOFINANZ AG (a)		66,338		167,916
OMV AG (b)		13,980		369,934
Raiffeisen Bank International AG (b)		8,207		122,622
Vienna Insurance Group AG Wiener Versicherung Gruppe		2,791		124,227
Voestalpine AG		7,496		295,498
				1,814,563
Belgium—1.2%
Ageas		15,573		552,277
Anheuser-Busch InBev NV		58,446		6,577,145
Belgacom S.A. (b)		10,680		386,721
Colruyt S.A.		5,430		251,786
Delhaize Group S.A. (b)		6,756		490,769
Groupe Bruxelles Lambert S.A.		5,864		499,128
KBC Groep NV (a)		17,912		994,125
Solvay S.A.		4,588		619,800
Telenet Group Holding NV (a)		4,184		234,990
UCB S.A.		8,852		671,780
Umicore S.A.		8,519		343,121
				11,621,642
Denmark—1.4%
AP Moeller - Maersk A/S - Class A		274		524,317
AP Moeller - Maersk A/S - Class B		566		1,125,172
Carlsberg A/S - Class B		7,997		621,083
Coloplast A/S - Class B		8,608		724,593
Danske Bank A/S		47,275		1,272,533
DSV A/S		13,261		402,894
ISS A/S (a)		7,063		203,358
Novo Nordisk A/S - Class B		146,090		6,182,005
Novozymes A/S - B Shares		17,609		738,885
Pandora A/S		8,100		657,087
TDC A/S		59,338		452,246
Tryg A/S		1,747		195,345
Vestas Wind Systems A/S (a)		15,700		567,218
				13,666,736
Finland—0.8%
Elisa Oyj		9,437		256,844
Fortum Oyj		31,487		680,416

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Finland—(Continued)
Kone Oyj - Class B (b)		24,546	$	1,114,841
Metso Oyj		7,511		224,022
Neste Oil Oyj		9,073		219,847
Nokia Oyj		280,943		2,211,172
Nokian Renkaat Oyj (b)		7,322		179,343
Orion Oyj - Class B		6,402		198,746
Sampo Oyj - A Shares		33,940		1,591,433
Stora Enso Oyj - R Shares		40,497		360,468
UPM-Kymmene Oyj		38,111		625,808
Wartsila Oyj Abp		9,889		443,760
				8,106,700
France—8.7%
Accor S.A.		12,668		567,605
Aeroports de Paris		2,209		267,747
Air Liquide S.A.		25,210		3,110,626
Alcatel-Lucent (a) (b)		192,359		682,908
Alstom S.A. (a)		17,917		577,975
Arkema S.A.		5,073		336,414
AtoS		6,339		501,624
AXA S.A.		129,962		3,001,672
BNP Paribas S.A.		76,956		4,522,264
Bollore S.A. (b)		38,100		172,915
Bouygues S.A.		12,810		462,253
Bureau Veritas S.A.		15,060		332,551
Cap Gemini S.A.		11,630		828,382
Carrefour S.A.		47,015		1,428,411
Casino Guichard Perrachon S.A.		4,364		401,593
Christian Dior S.A.		3,972		678,644
Cie de St-Gobain		33,024		1,390,287
Cie Generale des Etablissements Michelin		14,364		1,302,275
CNP Assurances		10,520		186,287
Credit Agricole S.A.		71,301		916,624
Danone S.A.		41,416		2,724,613
Dassault Systemes S.A.		10,162		618,443
Edenred		13,868		385,074
Electricite de France S.A.		17,389		477,482
Essilor International S.A.		14,606		1,625,891
Eurazeo S.A.		2,249		157,096
Eutelsat Communications S.A.		10,813		349,556
Fonciere Des Regions (REIT)		1,625		150,369
GDF Suez		105,297		2,459,243
Gecina S.A.		1,986		248,565
Groupe Eurotunnel S.A.		32,808		423,505
Hermes International		1,907		679,987
ICADE (REIT)		3,450		276,256
Iliad S.A.		1,838		441,522
Imerys S.A.		2,253		166,145
JCDecaux S.A.		4,706		161,601
Kering		5,893		1,132,974
Klepierre (REIT)		6,803		293,027
L’Oreal S.A.		18,411		3,090,969
Lafarge S.A.		13,327		935,347
Lagardere SCA		8,303		215,490
Legrand S.A.		18,368		961,544
LVMH Moet Hennessy Louis Vuitton S.A. (b)		20,755		3,282,073
France—(Continued)
Natixis S.A.		61,277		402,947
Numericable-SFR (a)		6,900		340,241
Orange S.A.		137,169		2,332,734
Pernod-Ricard S.A.		15,449		1,712,938
Peugeot S.A. (a) (b)		27,000		329,369
Publicis Groupe S.A.		13,551		970,566
Renault S.A.		14,233		1,040,085
Rexel S.A.		20,012		357,351
Safran S.A.		19,416		1,195,035
Sanofi		86,235		7,859,107
Schneider Electric SE		37,978		2,759,552
SCOR SE		11,686		353,651
SES S.A.		24,380		874,537
Societe BIC S.A.		1,753		232,648
Societe Generale S.A.		52,822		2,219,649
Sodexo S.A.		6,625		649,578
Suez Environnement Co.		22,682		393,199
Technip S.A.		6,959		415,547
Thales S.A.		6,811		367,495
Total S.A.		155,565		8,020,811
Unibail-Rodamco SE		6,973		1,782,212
Valeo S.A.		5,216		649,691
Vallourec S.A. (b)		8,091		220,938
Veolia Environnement S.A.		28,889		513,026
Vinci S.A.		35,881		1,963,433
Vivendi S.A. (a)		89,665		2,236,708
Wendel S.A.		2,267		253,358
Zodiac Aerospace		12,210		412,058
				83,784,293
Germany—8.1%
Adidas AG		15,290		1,065,686
Allianz SE		33,153		5,508,493
Axel Springer SE (b)		3,006		181,288
BASF SE		66,810		5,647,697
Bayer AG		60,138		8,221,431
Bayerische Motoren Werke (BMW) AG		23,723		2,576,409
Beiersdorf AG		6,838		557,724
Brenntag AG		12,657		712,201
Commerzbank AG (a)		75,217		999,237
Continental AG		7,824		1,661,446
Daimler AG		69,831		5,826,044
Deutsche Annington Immobilien SE		17,819		606,121
Deutsche Bank AG		98,784		2,985,821
Deutsche Boerse AG		13,869		993,909
Deutsche Lufthansa AG		17,782		297,791
Deutsche Post AG		70,487		2,306,239
Deutsche Telekom AG		231,391		3,708,798
Deutsche Wohnen AG		20,600		489,461
E.ON SE		145,720		2,502,300
Fraport AG Frankfurt Airport Services Worldwide (b)		2,305		133,535
Fresenius Medical Care AG & Co. KGaA		15,540		1,163,027
Fresenius SE & Co. KGaA		26,601		1,389,109
GEA Group AG		12,718		563,113
Hannover Rueck SE		5,287		479,568

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
HeidelbergCement AG		10,797	$	768,080
Henkel AG & Co. KGaA		8,633		840,642
Hugo Boss AG		3,084		378,635
Infineon Technologies AG		79,317		850,361
K&S AG (b)		11,843		328,868
Kabel Deutschland Holding AG (a)		1,650		224,390
Lanxess AG		7,402		344,365
Linde AG		13,518		2,521,374
MAN SE		3,022		337,036
Merck KGaA		9,291		881,396
Metro AG		11,432		350,007
Muenchener Rueckversicherungs-Gesellschaft AG		12,534		2,511,084
OSRAM Licht AG (a)		5,409		213,129
ProSiebenSat.1 Media AG		15,354		646,846
RTL Group S.A. (Frankfurt Exchange) (a)		2,700		256,579
RWE AG		34,949		1,094,180
SAP SE		67,036		4,739,813
Siemens AG		57,671		6,540,480
Symrise AG		8,990		545,189
Telefonica Deutschland Holding AG (a)		38,600		206,141
ThyssenKrupp AG (a)		31,754		816,729
TUI AG		20,000		331,496
TUI AG (a)		12,856		206,671
United Internet AG		8,781		398,201
Volkswagen AG		2,495		543,647
				77,451,787
Hong Kong—2.9%
AIA Group, Ltd.		875,400		4,803,476
ASM Pacific Technology, Ltd. (b)		14,200		134,997
Bank of East Asia, Ltd. (b)		103,920		417,471
BOC Hong Kong Holdings, Ltd. (b)		290,465		965,188
Cathay Pacific Airways, Ltd.		87,000		189,080
Cheung Kong Holdings, Ltd.		105,000		1,754,696
Cheung Kong Infrastructure Holdings, Ltd.		43,000		317,712
CLP Holdings, Ltd.		132,877		1,153,019
First Pacific Co., Ltd.		173,250		170,790
Galaxy Entertainment Group, Ltd.		181,000		1,007,540
Hang Lung Properties, Ltd.		161,000		448,677
Hang Seng Bank, Ltd.		53,200		884,556
Henderson Land Development Co., Ltd.		81,070		561,690
HKT Trust / HKT, Ltd.		189,980		246,693
Hong Kong & China Gas Co., Ltd.		442,163		1,004,538
Hong Kong Exchanges and Clearing, Ltd.		79,300		1,744,450
Hutchison Whampoa, Ltd.		160,000		1,833,782
Hysan Development Co., Ltd.		45,000		199,947
Kerry Properties, Ltd.		46,500		167,694
Li & Fung, Ltd.		429,600		401,752
Link REIT (The)		161,141		1,004,830
MGM China Holdings, Ltd.		71,200		179,485
MTR Corp., Ltd.		95,000		387,991
New World Development Co., Ltd.		348,707		398,850
Noble Group, Ltd.		305,909		262,530
NWS Holdings, Ltd.		93,000		170,073
PCCW, Ltd.		281,000		192,145
Power Assets Holdings, Ltd.		99,549		961,039
Hong Kong—(Continued)
Sands China, Ltd.		190,000		925,309
Sino Land Co., Ltd.		193,600		308,762
SJM Holdings, Ltd.		141,000		221,894
Sun Hung Kai Properties, Ltd.		126,250		1,909,028
Swire Pacific, Ltd. - Class A		43,317		561,123
Swire Properties, Ltd.		83,600		247,253
Techtronic Industries Co., Ltd.		96,000		307,642
WH Group, Ltd. (a) (b)		270,000		153,773
Wharf Holdings, Ltd. (The)		104,976		753,839
Wheelock & Co., Ltd.		68,000		315,723
Wynn Macau, Ltd.		104,000		290,594
Yue Yuen Industrial Holdings, Ltd.		50,500		181,486
				28,141,117
Ireland—0.8%
Bank of Ireland (a)		2,013,826		750,858
CRH plc		54,640		1,314,600
Experian plc		72,050		1,215,825
James Hardie Industries plc		30,172		322,033
Kerry Group plc - Class A		11,180		771,376
Shire plc		44,035		3,116,917
				7,491,609
Israel—0.6%
Bank Hapoalim B.M.		85,977		406,430
Bank Leumi Le-Israel B.M. (a)		101,093		347,623
Bezeq The Israeli Telecommunication Corp., Ltd.		178,026		317,244
Israel Chemicals, Ltd.		45,583		329,553
NICE Systems, Ltd.		5,213		264,503
Teva Pharmaceutical Industries, Ltd.		62,247		3,584,669
				5,250,022
Italy—1.9%
Assicurazioni Generali S.p.A.		82,143		1,678,630
Atlantia S.p.A.		28,975		672,990
Banca Monte dei Paschi di Siena S.p.A. (a)		305,070		173,466
Banco Popolare SC (a)		24,000		287,303
Enel Green Power S.p.A.		152,537		316,922
Enel S.p.A.		474,939		2,123,568
ENI S.p.A.		188,316		3,288,978
Exor S.p.A.		6,830		278,646
Finmeccanica S.p.A. (a)		28,782		267,242
Intesa Sanpaolo S.p.A.		845,395		2,445,593
Intesa Sanpaolo S.p.A. - Risparmio Shares		65,400		160,983
Luxottica Group S.p.A.		11,742		642,847
Mediobanca S.p.A.		44,816		362,862
Pirelli & C S.p.A.		17,048		228,953
Prysmian S.p.A.		13,126		238,909
Saipem S.p.A. (a) (b)		18,391		193,148
Snam S.p.A.		138,413		682,809
Telecom Italia S.p.A. (a) (b)		780,821		828,076
Telecom Italia S.p.A. - Risparmio Shares		501,246		418,959
Terna Rete Elettrica Nazionale S.p.A.		118,746		537,931
UniCredit S.p.A.		315,741		2,012,378

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Italy—(Continued)
Unione di Banche Italiane SCPA		56,320	$	400,906
UnipolSai S.p.A.		64,500		172,832
				18,414,931
Japan—19.7%
Advantest Corp. (b)		12,200		151,859
Aeon Co., Ltd. (b)		51,500		517,873
AEON Financial Service Co., Ltd. (b)		8,400		164,055
Aeon Mall Co., Ltd.		6,800		120,134
Air Water, Inc.		10,000		158,374
Aisin Seiki Co., Ltd.		13,000		466,807
Ajinomoto Co., Inc.		44,000		814,526
Alfresa Holdings Corp.		12,000		144,886
Amada Co., Ltd. (b)		27,000		231,271
ANA Holdings, Inc.		84,000		206,557
Aozora Bank, Ltd.		77,000		238,744
Asahi Glass Co., Ltd. (b)		72,000		351,247
Asahi Group Holdings, Ltd.		30,700		946,684
Asahi Kasei Corp.		97,000		888,091
Asics Corp.		11,000		262,624
Astellas Pharma, Inc.		158,700		2,206,606
Bandai Namco Holdings, Inc.		12,500		265,063
Bank of Kyoto, Ltd. (The)		22,000		183,837
Bank of Yokohama, Ltd. (The)		83,000		450,049
Benesse Holdings, Inc.		5,000		148,386
Bridgestone Corp.		47,200		1,638,668
Brother Industries, Ltd.		16,400		297,256
Calbee, Inc.		5,500		189,682
Canon, Inc.		81,400		2,582,937
Casio Computer Co., Ltd.		16,900		259,288
Central Japan Railway Co.		10,400		1,558,730
Chiba Bank, Ltd. (The)		49,000		321,293
Chubu Electric Power Co., Inc. (a)		47,800		561,800
Chugai Pharmaceutical Co., Ltd.		15,100		370,830
Chugoku Bank, Ltd. (The)		12,000		163,695
Chugoku Electric Power Co., Inc. (The)		23,700		310,072
Citizen Holdings Co., Ltd.		20,500		157,562
Credit Saison Co., Ltd.		10,500		195,173
Dai Nippon Printing Co., Ltd.		40,000		360,662
Dai-ichi Life Insurance Co., Ltd. (The)		77,000		1,167,332
Daicel Corp.		22,000		257,335
Daihatsu Motor Co., Ltd. (b)		14,000		183,465
Daiichi Sankyo Co., Ltd.		45,200		631,312
Daikin Industries, Ltd.		16,800		1,082,516
Daito Trust Construction Co., Ltd.		5,000		565,584
Daiwa House Industry Co., Ltd. (b)		47,500		898,584
Daiwa Securities Group, Inc.		126,000		980,298
Denso Corp.		36,700		1,708,785
Dentsu, Inc.		15,200		639,055
Don Quijote Holdings Co., Ltd.		4,100		279,778
East Japan Railway Co.		24,700		1,848,765
Eisai Co., Ltd.		18,200		704,534
Electric Power Development Co., Ltd.		8,800		297,576
FamilyMart Co., Ltd. (b)		4,300		160,372
FANUC Corp.		13,900		2,291,837
Fast Retailing Co., Ltd.		3,900		1,419,532
Japan—(Continued)
Fuji Electric Co., Ltd.		43,000		171,371
Fuji Heavy Industries, Ltd.		42,000		1,477,614
FUJIFILM Holdings Corp.		32,600		982,885
Fujitsu, Ltd.		135,000		718,437
Fukuoka Financial Group, Inc.		53,000		273,375
Gunma Bank, Ltd. (The)		26,000		168,491
Hachijuni Bank, Ltd. (The)		30,000		192,922
Hakuhodo DY Holdings, Inc. (b)		17,600		168,533
Hamamatsu Photonics KK		4,800		229,146
Hankyu Hanshin Holdings, Inc.		83,000		446,112
Hino Motors, Ltd.		19,000		248,321
Hirose Electric Co., Ltd.		2,200		255,870
Hiroshima Bank, Ltd. (The)		38,000		180,451
Hitachi Chemical Co., Ltd.		8,000		141,578
Hitachi Construction Machinery Co., Ltd.		6,400		135,562
Hitachi High-Technologies Corp.		4,800		138,363
Hitachi Metals, Ltd.		20,000		340,268
Hitachi, Ltd.		347,000		2,536,653
Hokuhoku Financial Group, Inc.		85,000		171,630
Hokuriku Electric Power Co.		12,000		153,098
Honda Motor Co., Ltd.		120,900		3,512,363
Hoya Corp.		31,900		1,067,019
Hulic Co., Ltd.		18,600		184,731
IHI Corp.		99,000		502,174
Inpex Corp.		63,200		700,553
Isetan Mitsukoshi Holdings, Ltd.		22,600		276,794
Isuzu Motors, Ltd.		42,000		511,935
ITOCHU Corp.		116,900		1,248,656
Iyo Bank, Ltd. (The)		17,000		184,091
J Front Retailing Co., Ltd.		15,000		174,512
Japan Airlines Co., Ltd.		8,400		245,134
Japan Exchange Group, Inc.		18,500		430,606
Japan Prime Realty Investment Corp.		49		169,943
Japan Real Estate Investment Corp. (REIT)		105		504,840
Japan Retail Fund Investment Corp. (REIT)		202		425,576
Japan Tobacco, Inc.		82,200		2,254,890
JFE Holdings, Inc.		35,500		789,418
JGC Corp.		14,000		288,250
Joyo Bank, Ltd. (The) (b)		54,000		267,713
JSR Corp.		11,300		193,855
JTEKT Corp.		20,000		338,413
JX Holdings, Inc.		163,100		634,810
Kajima Corp. (b)		59,000		243,603
Kakaku.com, Inc. (b)		11,000		157,995
Kamigumi Co., Ltd.		17,000		151,046
Kansai Electric Power Co., Inc. (The) (a)		55,000		522,752
Kansai Paint Co., Ltd.		15,000		231,596
Kao Corp.		39,800		1,568,587
Kawasaki Heavy Industries, Ltd.		96,000		437,983
KDDI Corp.		42,500		2,656,684
Keihan Electric Railway Co., Ltd.		39,000		208,095
Keikyu Corp.		36,000		266,374
Keio Corp.		45,000		322,646
Keisei Electric Railway Co., Ltd.		20,000		243,652
Keyence Corp.		3,300		1,460,293
Kikkoman Corp.		12,000		294,123
Kintetsu Corp.		121,120		399,101

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Kirin Holdings Co., Ltd. (b)		62,000	$	767,266
Kobe Steel, Ltd.		272,000		470,065
Koito Manufacturing Co., Ltd.		7,000		213,293
Komatsu, Ltd.		67,200		1,488,363
Konami Corp.		8,300		152,892
Konica Minolta, Inc.		37,000		398,720
Kubota Corp.		80,000		1,160,586
Kuraray Co., Ltd.		24,500		279,059
Kurita Water Industries, Ltd.		7,100		148,186
Kyocera Corp.		24,900		1,140,167
Kyowa Hakko Kirin Co., Ltd.		20,000		188,082
Kyushu Electric Power Co., Inc. (a)		28,400		284,156
Lawson, Inc. (b)		4,900		296,011
LIXIL Group Corp.		18,800		397,202
M3, Inc.		18,600		309,005
Mabuchi Motor Co., Ltd.		3,600		141,736
Makita Corp.		9,500		429,402
Marubeni Corp.		133,500		799,470
Marui Group Co., Ltd.		16,000		144,563
Mazda Motor Corp.		41,400		992,818
MEIJI Holdings Co., Ltd. (b)		5,100		464,038
Minebea Co., Ltd.		24,000		350,949
Miraca Holdings, Inc.		4,000		172,213
Mitsubishi Chemical Holdings Corp.		95,500		464,611
Mitsubishi Corp.		101,300		1,856,047
Mitsubishi Electric Corp.		141,000		1,677,140
Mitsubishi Estate Co., Ltd.		91,000		1,924,109
Mitsubishi Gas Chemical Co., Inc. (b)		26,000		130,485
Mitsubishi Heavy Industries, Ltd.		225,000		1,242,870
Mitsubishi Logistics Corp.		10,000		144,437
Mitsubishi Materials Corp.		79,000		262,362
Mitsubishi Motors Corp.		44,999		411,842
Mitsubishi Tanabe Pharma Corp.		15,000		219,600
Mitsubishi UFJ Financial Group, Inc.		928,288		5,083,199
Mitsubishi UFJ Lease & Finance Co., Ltd.		41,500		195,921
Mitsui & Co., Ltd.		122,717		1,638,928
Mitsui Chemicals, Inc. (b)		57,000		161,752
Mitsui Fudosan Co., Ltd.		68,000		1,827,141
Mitsui OSK Lines, Ltd. (b)		75,000		222,569
Mizuho Financial Group, Inc.		1,654,800		2,777,891
MS&AD Insurance Group Holdings		40,200		953,909
Murata Manufacturing Co., Ltd.		15,300		1,669,670
Nabtesco Corp.		7,000		167,889
Nagoya Railroad Co., Ltd. (b)		62,000		230,627
NEC Corp.		185,000		538,813
NGK Insulators, Ltd.		23,000		473,239
NGK Spark Plug Co., Ltd.		12,000		362,020
NH Foods, Ltd.		14,000		305,930
Nidec Corp.		15,700		1,017,365
Nikon Corp.		23,100		306,428
Nintendo Co., Ltd.		7,500		780,910
Nippon Building Fund, Inc. (REIT)		118		590,632
Nippon Express Co., Ltd.		59,000		299,775
Nippon Paint Holdings Co., Ltd. (b)		13,000		376,969
Nippon Prologis REIT, Inc.		109		236,078
Nippon Steel Sumitomo Metal Corp.		556,000		1,378,510
Nippon Telegraph & Telephone Corp.		28,200		1,449,724
Japan—(Continued)
Nippon Yusen KK		142,000		401,255
Nissan Motor Co., Ltd.		181,800		1,582,003
Nisshin Seifun Group, Inc.		15,700		151,976
Nissin Foods Holdings Co., Ltd.		4,700		224,703
Nitori Holdings Co., Ltd.		5,300		284,541
Nitto Denko Corp.		12,600		703,960
NOK Corp.		7,100		180,149
Nomura Holdings, Inc.		274,700		1,561,704
Nomura Real Estate Holdings, Inc.		13,100		224,894
Nomura Research Institute, Ltd.		8,200		251,547
NSK, Ltd.		39,000		461,451
NTT Data Corp.		10,776		402,442
NTT DoCoMo, Inc.		114,200		1,670,073
Obayashi Corp. (b)		45,000		288,938
Odakyu Electric Railway Co., Ltd. (b)		44,000		390,072
OJI Holdings Corp.		68,000		243,792
Olympus Corp. (a)		19,600		689,961
Omron Corp.		16,400		734,350
Ono Pharmaceutical Co., Ltd.		6,400		566,573
Oriental Land Co., Ltd.		4,000		916,399
ORIX Corp.		96,000		1,198,934
Osaka Gas Co., Ltd.		127,000		474,221
Otsuka Holdings Co., Ltd.		28,200		844,961
Panasonic Corp.		161,200		1,892,069
Rakuten, Inc. (a)		56,700		788,655
Recruit Holdings Co., Ltd. (a) (b)		10,200		288,500
Resona Holdings, Inc.		156,800		790,628
Ricoh Co., Ltd.		51,000		517,591
Rinnai Corp.		2,800		188,363
Rohm Co., Ltd.		6,700		406,090
Santen Pharmaceutical Co., Ltd.		5,500		294,055
SBI Holdings, Inc.		19,011		206,234
Secom Co., Ltd.		15,800		906,873
Sega Sammy Holdings, Inc.		13,300		170,468
Seibu Holdings, Inc. (b)		9,000		183,442
Seiko Epson Corp.		10,000		419,631
Sekisui Chemical Co., Ltd.		28,000		336,755
Sekisui House, Ltd.		46,800		612,389
Seven & I Holdings Co., Ltd.		55,000		1,981,987
Seven Bank, Ltd.		43,000		180,804
Sharp Corp. (a) (b)		103,000		228,042
Shikoku Electric Power Co., Inc. (a)		15,100		182,874
Shimadzu Corp.		17,000		172,844
Shimamura Co., Ltd.		1,400		120,506
Shimano, Inc.		5,600		723,666
Shimizu Corp.		54,000		367,344
Shin-Etsu Chemical Co., Ltd.		30,100		1,956,344
Shinsei Bank, Ltd.		160,000		279,062
Shionogi & Co., Ltd.		25,000		647,014
Shiseido Co., Ltd. (b)		29,300		409,906
Shizuoka Bank, Ltd. (The)		41,000		374,670
SMC Corp.		4,000		1,040,629
SoftBank Corp.		70,000		4,161,861
Sompo Japan Nipponkoa Holdings, Inc.		27,699		695,409
Sony Corp.		75,300		1,531,549
Sony Financial Holdings, Inc.		12,800		188,568
Stanley Electric Co., Ltd.		11,800		254,813

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Sumitomo Chemical Co., Ltd.		109,000	$	431,145
Sumitomo Corp.		81,000		831,152
Sumitomo Electric Industries, Ltd.		56,334		702,196
Sumitomo Heavy Industries, Ltd.		39,000		209,388
Sumitomo Metal Mining Co., Ltd.		40,000		596,301
Sumitomo Mitsui Financial Group, Inc.		94,700		3,418,466
Sumitomo Mitsui Trust Holdings, Inc.		232,262		885,551
Sumitomo Realty & Development Co., Ltd.		28,000		952,918
Sumitomo Rubber Industries, Ltd.		12,500		185,933
Suntory Beverage & Food, Ltd.		10,400		358,745
Suruga Bank, Ltd.		13,000		237,962
Suzuken Co., Ltd.		5,300		146,336
Suzuki Motor Corp.		26,200		786,843
Sysmex Corp.		12,400		549,576
T&D Holdings, Inc.		49,200		591,327
Taiheiyo Cement Corp.		82,000		257,780
Taisei Corp. (b)		69,000		392,388
Taisho Pharmaceutical Holdings Co., Ltd.		3,000		182,834
Takashimaya Co., Ltd.		19,000		152,231
Takeda Pharmaceutical Co., Ltd.		56,900		2,358,840
TDK Corp.		8,400		494,450
Teijin, Ltd.		66,000		175,596
Terumo Corp.		21,600		491,461
THK Co., Ltd.		7,700		185,726
Tobu Railway Co., Ltd.		73,000		311,662
Toho Co., Ltd.		8,500		192,684
Toho Gas Co., Ltd. (b)		31,000		151,774
Tohoku Electric Power Co., Inc.		39,800		461,891
Tokio Marine Holdings, Inc.		49,400		1,602,714
Tokyo Electric Power Co., Inc. (a)		97,600		397,327
Tokyo Electron, Ltd.		12,400		940,096
Tokyo Gas Co., Ltd.		170,000		916,468
Tokyo Tatemono Co., Ltd.		29,000		210,994
Tokyu Corp.		96,000		594,990
Tokyu Fudosan Holdings Corp.		37,000		254,699
TonenGeneral Sekiyu KK (b)		18,000		153,724
Toppan Printing Co., Ltd.		41,000		266,657
Toray Industries, Inc.		111,000		888,144
Toshiba Corp.		313,000		1,324,095
TOTO, Ltd.		19,000		220,781
Toyo Seikan Group Holdings, Ltd.		10,200		125,711
Toyo Suisan Kaisha, Ltd. (b)		6,000		193,549
Toyota Industries Corp.		12,600		643,208
Toyota Motor Corp.		200,600		12,497,531
Toyota Tsusho Corp.		14,200		327,883
Trend Micro, Inc. (a) (b)		7,000		191,335
Unicharm Corp.		26,700		641,909
United Urban Investment Corp.		167		262,061
USS Co., Ltd.		16,600		255,212
West Japan Railway Co.		11,700		553,884
Yahoo Japan Corp. (b)		101,500		365,902
Yakult Honsha Co., Ltd. (b)		6,300		332,154
Yamada Denki Co., Ltd. (b)		55,900		186,399
Yamaguchi Financial Group, Inc.		15,000		154,380
Yamaha Corp.		11,000		163,229
Yamaha Motor Co., Ltd.		17,800		357,639
Yamato Holdings Co., Ltd. (b)		27,000		531,131
Japan—(Continued)
Yaskawa Electric Corp. (b)		18,000		230,020
Yokogawa Electric Corp.		16,300		179,256
				189,375,873
Luxembourg—0.2%
Altice S.A. (a)		6,070		478,995
ArcelorMittal		75,087		813,285
Tenaris S.A. (b)		32,705		493,995
				1,786,275
Netherlands—2.5%
Aegon NV		126,769		951,148
Airbus Group NV		42,069		2,089,450
Akzo Nobel NV		16,759		1,162,147
ASML Holding NV		25,568		2,739,271
Boskalis Westminster NV		6,001		328,084
CNH Industrial NV		78,026		628,999
Corio NV		6,705		327,221
Delta Lloyd NV		13,897		305,425
Fiat Chrysler Automobiles NV (a)		59,813		692,635
Gemalto NV (b)		5,659		462,259
Heineken Holding NV		8,233		516,066
Heineken NV		16,408		1,165,613
ING Groep NV (a)		285,044		3,690,639
Koninklijke Ahold NV		66,939		1,189,910
Koninklijke DSM NV		12,095		735,454
Koninklijke KPN NV		230,706		727,365
Koninklijke Philips NV		70,528		2,047,792
Koninklijke Vopak NV (b)		4,391		227,472
NN Group NV (a)		8,893		264,989
OCI NV (a) (b)		6,200		215,173
QIAGEN NV (a)		20,370		477,027
Randstad Holding NV		9,402		452,157
Reed Elsevier NV		53,546		1,279,682
STMicroelectronics NV		44,693		333,303
TNT Express NV		37,717		250,586
Wolters Kluwer NV		20,745		633,462
				23,893,329
New Zealand—0.1%
Auckland International Airport, Ltd.		99,212		327,165
Contact Energy, Ltd.		29,187		145,544
Fletcher Building, Ltd.		56,031		362,114
Ryman Healthcare, Ltd.		29,900		198,892
Spark New Zealand, Ltd.		137,816		334,580
				1,368,295
Norway—0.6%
DNB ASA		70,539		1,033,873
Gjensidige Forsikring ASA		14,357		232,467
Norsk Hydro ASA		92,923		519,530
Orkla ASA		68,492		464,019
Seadrill, Ltd. (b)		27,606		315,895
Statoil ASA		82,820		1,442,750
Subsea 7 S.A. (b)		18,500		187,538

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Norway—(Continued)
Telenor ASA		58,784	$	1,178,240
Yara International ASA		12,261		545,074
				5,919,386
Portugal—0.1%
Banco Comercial Portugues S.A. - Class R (a)		2,472,000		194,386
Banco Espirito Santo S.A. (a) (d)		199,038		0
EDP - Energias de Portugal S.A.		162,515		628,515
Galp Energia SGPS S.A.		31,688		320,586
Jeronimo Martins SGPS S.A. (b)		16,641		166,795
				1,310,282
Singapore—1.5%
Ascendas Real Estate Investment Trust		141,000		253,015
CapitaCommercial Trust (REIT)		143,000		189,224
CapitaLand, Ltd.		174,000		432,172
CapitaMall Trust (REIT)		240,200		369,479
City Developments, Ltd.		34,000		262,417
ComfortDelGro Corp., Ltd.		153,000		299,436
DBS Group Holdings, Ltd.		125,467		1,936,858
Genting Singapore plc (b)		418,200		338,722
Global Logistic Properties, Ltd.		278,000		519,742
Golden Agri-Resources, Ltd.		492,569		170,765
Hutchison Port Holdings Trust - Class U		538,000		370,741
Jardine Cycle & Carriage, Ltd.		8,000		256,792
Keppel Corp., Ltd.		102,700		685,050
Oversea-Chinese Banking Corp., Ltd.		219,364		1,723,477
Sembcorp Industries, Ltd.		71,000		238,016
Sembcorp Marine, Ltd. (b)		63,000		155,136
Singapore Airlines, Ltd.		36,940		322,860
Singapore Exchange, Ltd.		56,000		329,150
Singapore Press Holdings, Ltd. (b)		107,250		340,558
Singapore Technologies Engineering, Ltd.		130,000		332,711
Singapore Telecommunications, Ltd.		581,820		1,707,276
StarHub, Ltd.		44,000		137,738
Suntec Real Estate Investment Trust		179,000		264,501
United Overseas Bank, Ltd.		95,392		1,762,995
UOL Group, Ltd.		33,000		173,119
Wilmar International, Ltd.		130,000		317,025
				13,888,975
Spain—3.3%
Abertis Infraestructuras S.A.		30,059		593,846
ACS Actividades de Construccion y Servicios S.A.		12,561		434,923
Amadeus IT Holding S.A. - A Shares		29,560		1,174,632
Banco Bilbao Vizcaya Argentaria S.A.		440,110		4,142,104
Banco de Sabadell S.A. (b)		247,269		647,782
Banco Popular Espanol S.A. (b)		127,880		633,170
Banco Santander S.A.		898,288		7,511,326
Bankia S.A. (a)		323,299		479,296
Bankinter S.A.		48,939		390,221
CaixaBank S.A.		167,811		871,639
Distribuidora Internacional de Alimentacion S.A.		40,028		269,147
Spain—(Continued)
Enagas S.A.		15,504		490,745
Ferrovial S.A. (b)		29,447		580,214
Gas Natural SDG S.A.		24,586		618,506
Grifols S.A.		11,921		474,547
Iberdrola S.A.		373,386		2,512,206
Inditex S.A.		78,024		2,235,617
International Consolidated Airlines Group S.A. - Class DI (a)		71,373		528,300
Mapfre S.A.		74,474		250,796
Red Electrica Corp. S.A.		7,572		664,723
Repsol S.A. (b)		77,297		1,436,809
Telefonica S.A. (b)		306,208		4,379,988
Zardoya Otis S.A. (b)		9,525		105,406
				31,425,943
Sweden—2.9%
Alfa Laval AB		20,852		392,848
Assa Abloy AB - Class B		25,666		1,350,703
Atlas Copco AB - A Shares (b)		47,637		1,320,538
Atlas Copco AB - B Shares		26,827		684,540
Boliden AB		18,744		297,402
Electrolux AB - Series B		17,118		500,166
Elekta AB - B Shares		26,324		267,544
Getinge AB - B Shares		13,484		304,994
Hennes & Mauritz AB - B Shares		70,872		2,927,618
Hexagon AB - B Shares		17,090		526,298
Husqvarna AB - B Shares		25,677		188,049
ICA Gruppen AB		5,619		219,013
Industrivarden AB - C Shares		8,655		149,698
Investment AB Kinnevik - B Shares		16,520		533,529
Investor AB - B Shares		35,158		1,268,779
Lundin Petroleum AB (a) (b)		16,017		228,072
Millicom International Cellular S.A. (b)		5,384		398,740
Nordea Bank AB		217,262		2,498,786
Sandvik AB		84,986		824,026
Securitas AB - B Shares		21,462		258,952
Skandinaviska Enskilda Banken AB - Class A		113,626		1,431,309
Skanska AB - B Shares		30,119		641,216
SKF AB - B Shares		26,654		558,377
Svenska Cellulosa AB SCA - B Shares		40,587		872,857
Svenska Handelsbanken AB - A Shares		35,702		1,660,061
Swedbank AB - A Shares		64,776		1,605,085
Swedish Match AB		14,499		450,350
Tele2 AB - B Shares		21,032		253,554
Telefonaktiebolaget LM Ericsson - B Shares		219,192		2,643,532
TeliaSonera AB		181,622		1,163,123
Volvo AB - B Shares		112,044		1,205,003
				27,624,762
Switzerland—8.8%
ABB, Ltd. (a)		159,830		3,382,547
Actelion, Ltd. (a)		7,563		870,583
Adecco S.A. (a)		11,954		819,350
Aryzta AG (a)		7,132		548,308
Baloise Holding AG		3,194		408,149
Barry Callebaut AG (a)		132		135,266

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Switzerland—(Continued)
Chocoladefabriken Lindt & Spruengli AG		7	$	401,998
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		81		400,102
Cie Financiere Richemont S.A.		38,761		3,435,246
Coca-Cola HBC AG (a)		13,800		262,680
Credit Suisse Group AG (a)		110,853		2,780,493
EMS-Chemie Holding AG		579		235,205
Geberit AG		2,659		904,117
Givaudan S.A. (a)		646		1,155,724
Holcim, Ltd. (a)		16,305		1,158,461
Julius Baer Group, Ltd. (a)		15,588		711,753
Kuehne & Nagel International AG (b)		4,135		562,387
Lonza Group AG (a)		3,785		426,795
Nestle S.A.		234,387		17,190,438
Novartis AG		167,189		15,384,462
Pargesa Holding S.A.		1,694		130,567
Partners Group Holding AG		1,228		356,326
Roche Holding AG		51,064		13,848,071
Schindler Holding AG		1,428		204,927
Schindler Holding AG (Participation Certificate)		3,222		465,169
SGS S.A.		429		875,190
Sika AG		170		498,887
Sonova Holding AG		4,058		595,204
Sulzer AG		1,649		175,282
Swatch Group AG (The)		3,213		278,060
Swatch Group AG (The) - Bearer Shares		2,384		1,059,171
Swiss Life Holding AG (a)		2,159		510,485
Swiss Prime Site AG (a)		3,833		281,006
Swiss Re AG (a)		25,597		2,142,971
Swisscom AG		1,631		856,914
Syngenta AG		6,727		2,161,238
Transocean, Ltd. (Swiss-Traded Shares) (b)		24,746		453,768
UBS Group AG (a)		265,394		4,564,568
Zurich Insurance Group AG (a)		11,105		3,479,376
				84,111,244
United Kingdom—19.6%
3i Group plc		83,477		580,391
Aberdeen Asset Management plc		61,345		409,902
Admiral Group plc		16,009		327,979
Aggreko plc		17,661		411,645
Amec Foster Wheeler plc		28,170		368,842
Anglo American plc		100,587		1,861,830
Antofagasta plc		26,957		313,109
ARM Holdings plc		102,474		1,578,579
Ashtead Group plc		36,539		646,250
Associated British Foods plc		27,546		1,338,898
AstraZeneca plc		91,758		6,457,464
Aviva plc		220,270		1,651,208
Babcock International Group plc		22,688		371,352
BAE Systems plc		224,576		1,640,094
Barclays plc		1,191,899		4,482,814
BG Group plc		247,868		3,300,678
BHP Billiton plc		156,033		3,338,906
BP plc		1,340,046		8,512,487
British American Tobacco plc		135,314		7,355,194
United Kingdom—(Continued)
British Land Co. plc (The)		73,348		881,502
BT Group plc		588,319		3,653,548
Bunzl plc		27,344		745,704
Burberry Group plc		32,742		829,983
Capita plc		48,717		816,797
Carnival plc		15,318		691,924
Centrica plc		369,393		1,590,514
Cobham plc		73,272		367,568
Compass Group plc		119,290		2,034,065
Croda International plc		9,658		398,113
Diageo plc		182,718		5,242,744
Direct Line Insurance Group plc		105,265		474,977
Dixons Carphone plc		68,700		495,024
easyJet plc		10,815		279,267
Fresnillo plc (b)		22,254		264,193
Friends Life Group, Ltd.		99,349		561,920
G4S plc		106,542		458,702
GKN plc		126,099		669,130
GlaxoSmithKline plc		352,989		7,555,362
Glencore plc (a)		784,869		3,614,057
Hammerson plc		56,484		528,147
Hargreaves Lansdown plc		16,913		263,812
HSBC Holdings plc		1,386,074		13,104,521
ICAP plc (b)		36,213		252,697
IMI plc		20,055		392,765
Imperial Tobacco Group plc		71,347		3,125,810
Inmarsat plc		28,473		352,997
InterContinental Hotels Group plc		18,621		746,494
Intertek Group plc		10,631		385,522
Intu Properties plc (b)		62,951		325,668
Investec plc		41,855		349,792
J Sainsbury plc (b)		85,611		325,607
Johnson Matthey plc		16,508		865,777
Kingfisher plc		164,859		869,104
Land Securities Group plc		59,558		1,066,167
Legal & General Group plc		444,946		1,709,669
Lloyds Banking Group plc (a)		4,150,109		4,902,764
London Stock Exchange Group plc		15,554		534,602
Marks & Spencer Group plc		118,772		877,288
Meggitt plc		55,862		446,711
Melrose Industries plc		72,515		298,501
Merlin Entertainments plc		36,795		227,253
National Grid plc		275,883		3,934,577
Next plc		11,690		1,233,526
Old Mutual plc		378,865		1,114,674
Pearson plc		63,486		1,168,326
Persimmon plc (a)		20,663		505,667
Petrofac, Ltd.		17,337		188,109
Prudential plc		186,374		4,290,653
Randgold Resources, Ltd.		6,351		429,894
Reckitt Benckiser Group plc		48,068		3,879,327
Reed Elsevier plc		81,102		1,380,396
Rexam plc		46,152		324,597
Rio Tinto plc		92,483		4,262,702
Rolls-Royce Holdings plc (a)		138,645		1,868,473
Royal Bank of Scotland Group plc (a)		196,011		1,190,384
Royal Dutch Shell plc - A Shares		285,793		9,476,980

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Royal Dutch Shell plc - B Shares		176,606	$	6,069,637
Royal Mail plc		45,481		302,979
RSA Insurance Group plc (a)		72,429		487,643
SABMiller plc		70,197		3,634,369
Sage Group plc (The)		79,455		573,220
Schroders plc		8,724		361,721
Segro plc		61,844		354,651
Severn Trent plc		16,575		514,119
Sky plc		73,819		1,027,857
Smith & Nephew plc		66,221		1,216,284
Smiths Group plc		31,976		541,423
Sports Direct International plc (a) (b)		18,899		207,357
SSE plc		69,735		1,751,402
Standard Chartered plc		176,519		2,648,358
Standard Life plc		174,865		1,077,691
Tate & Lyle plc		33,576		315,527
Tesco plc		577,804		1,682,066
Travis Perkins plc		16,708		481,225
Tullow Oil plc		61,905		391,852
Unilever NV		118,399		4,651,039
Unilever plc		93,285		3,790,885
United Utilities Group plc		48,207		683,423
Vodafone Group plc		1,921,858		6,587,914
Weir Group plc (The)		17,104		489,753
Whitbread plc		12,742		940,713
William Hill plc		58,853		331,102
WM Morrison Supermarkets plc (b)		166,578		474,273
Wolseley plc		18,911		1,077,021
WPP plc		97,220		2,017,785
				188,455,958
Total Common Stocks (Cost $806,842,510)				891,887,513
Investment Company Security—4.9%
United States—4.9%
iShares MSCI EAFE ETF (b) (c) (Cost $48,389,162)		767,600		46,700,784
Preferred Stocks—0.6%
Germany—0.6%
Bayerische Motoren Werke (BMW) AG		3,505		287,660
Fuchs Petrolub SE (b)		4,900		197,346
Henkel AG & Co. KGaA		12,771		1,381,497
Porsche Automobil Holding SE		11,870		964,450
Volkswagen AG		11,660		2,604,516
Total Preferred Stocks (Cost $3,259,172)				5,435,469
Rights—0.0%
Security Description	Shares/ Principal Amount*		Value
Spain—0.0%
Banco Bilbao Vizcaya Argentaria S.A., Expires 01/07/15 (a) (b)		440,110		42,072
Repsol S.A., Expires 01/08/15 (a) (b)		77,297		42,744
Total Rights (Cost $87,899)				84,816
Short-Term Investments—7.1%
Discount Notes—1.4%
Federal Home Loan Bank
0.059%, 02/09/15 (e)		6,400,000		6,399,584
0.072%, 03/03/15 (e)		575,000		574,930
0.121%, 05/06/15 (e)		1,075,000		1,074,552
0.161%, 05/08/15 (e)		300,000		299,831
Federal Home Loan Mortgage Corp.
0.068%, 01/22/15 (e)		2,925,000		2,924,880
Federal National Mortgage Association
0.119%, 05/01/15 (e)		1,950,000		1,949,229
				13,223,006
Mutual Fund—5.7%
State Street Navigator Securities Lending MET Portfolio (f)		55,093,893		55,093,893
U.S. Treasury—0.0%
U.S. Treasury Bills
0.020%, 03/19/15 (e)		375,000		374,984
0.029%, 03/19/15 (e)		50,000		49,997
				424,981
Total Short-Term Investments (Cost $68,741,880)				68,741,880
Total Investments—105.5% (Cost $927,320,623) (g)				1,012,850,462
Other assets and liabilities (net)—(5.5)%				(52,520,020	)
Net Assets—100.0%			$	960,330,442

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $53,138,241 and the collateral received consisted of cash in the amount of $55,093,893 and non-cash collateral with a value of $559,951. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $912,600.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2014

(d) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent 0.00% of net assets.

(e) The rate shown represents current yield to maturity.

(f) Represents investment of cash collateral received from securities lending transactions.

(g) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $939,508,198. The aggregate unrealized appreciation and depreciation of investments were $198,762,196 and $(125,419,932), respectively, resulting in net unrealized appreciation of $73,342,264 for federal income tax purposes.

(ETF)— Exchange-Traded Fund

(REIT)— A Real Estate Investment Trust is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interest.

Ten Largest Industries as of December 31, 2014 (Unaudited)	% of Net Assets
Banks		12.6
Pharmaceuticals		8.6
Insurance		5.3
Oil, Gas & Consumable Fuels		5.0
Automobiles		3.9
Food Products		3.8
Chemicals		3.2
Diversified Telecommunication Services		3.1
Metals & Mining		3.0
Machinery		2.4

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount		Unrealized Appreciation
MSCI EAFE Mini Index Futures		03/20/15		122		USD 10,706,410	$	16,780

(USD)— United States Dollar

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	394,248	$	66,589,543		$	—	$	66,983,791
Austria		—		1,814,563			—		1,814,563
Belgium		—		11,621,642			—		11,621,642
Denmark		—		13,666,736			—		13,666,736
Finland		—		8,106,700			—		8,106,700
France		—		83,784,293			—		83,784,293
Germany		206,671		77,245,116			—		77,451,787
Hong Kong		—		28,141,117			—		28,141,117
Ireland		—		7,491,609			—		7,491,609
Israel		—		5,250,022			—		5,250,022
Italy		—		18,414,931			—		18,414,931
Japan		—		189,375,873			—		189,375,873
Luxembourg		—		1,786,275			—		1,786,275
Netherlands		692,635		23,200,694			—		23,893,329
New Zealand		—		1,368,295			—		1,368,295
Norway		—		5,919,386			—		5,919,386
Portugal		—		1,310,282			0		1,310,282
Singapore		—		13,888,975			—		13,888,975
Spain		—		31,425,943			—		31,425,943
Sweden		—		27,624,762			—		27,624,762
Switzerland		4,564,568		79,546,676			—		84,111,244
United Kingdom		—		188,455,958			—		188,455,958
Total Common Stocks		5,858,122		886,029,391			0		891,887,513
Total Investment Company Security*		46,700,784		—			—		46,700,784
Total Preferred Stocks*		—		5,435,469			—		5,435,469
Total Rights*		84,816		—			—		84,816
Short-Term Investments
Discount Notes		—		13,223,006			—		13,223,006
Mutual Fund		55,093,893		—			—		55,093,893
U.S. Treasury		—		424,981			—		424,981
Total Short-Term Investments		55,093,893		13,647,987			—		68,741,880
Total Investments	$	107,737,615	$	905,112,847		$	0	$	1,012,850,462
Collateral for securities loaned (Liability)	$	—	$	(55,093,893	)	$	—	$	(55,093,893	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	16,780	$	—		$	—	$	16,780

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Depreciation			Transfers In		Balance as of December 31, 2014		Change in Unrealized Depreciation from Investments Still Held at December 31, 2014
Common Stocks Portugal	$	—	$	(203,723	)	$	203,723	$	0	$	(203,723	)

Common stock transfers into level 3 were due to a trading suspension on the security’s exchange which resulted in the lack of observable inputs.

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,012,850,462
Cash		19,428
Receivable for:
Investments sold		124,804
Fund shares sold		4,022,300
Dividends		1,143,389
Prepaid expenses		2,552
Total Assets		1,018,162,935
Liabilities
Due to bank cash denominated in foreign currencies (c)		104,994
Collateral for securities loaned		55,093,893
Payables for:
Investments purchased		1,602,320
Fund shares redeemed		261,937
Variation margin on futures contracts		70,894
Accrued expenses:
Management fees		242,793
Distribution and service fees		114,209
Deferred trustees’ fees		63,088
Other expenses		278,365
Total Liabilities		57,832,493
Net Assets	$	960,330,442
Net assets consist of:
Paid in surplus	$	889,199,700
Undistributed net investment income		24,138,888
Accumulated net realized loss		(38,499,243	)
Unrealized appreciation on investments, futures contracts and foreign currency transactions		85,491,097
Net Assets	$	960,330,442
Net Assets
Class A	$	430,038,513
Class B		405,251,392
Class E		34,309,022
Class G		90,731,515
Capital Shares Outstanding*
Class A		33,952,412
Class B		32,606,792
Class E		2,723,432
Class G		7,338,406
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.67
Class B		12.43
Class E		12.60
Class G		12.36

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $927,320,623.

(b) Includes securities loaned at value of $53,138,241.

(c) Identified cost of cash denominated in foreign currencies due to bank was $106,655.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	35,668,430
Interest		4,232
Securities lending income		822,010
Total investment income		36,494,672
Expenses
Management fees		2,904,019
Administration fees		22,881
Custodian and accounting fees		511,096
Distribution and service fees—Class B		1,043,202
Distribution and service fees—Class E		55,678
Distribution and service fees—Class G		279,350
Audit and tax services		39,404
Legal		30,014
Trustees’ fees and expenses		29,469
Shareholder reporting		192,819
Insurance		5,741
Miscellaneous		167,648
Total expenses		5,281,321
Less management fee waiver		(23,428	)
Net expenses		5,257,893
Net Investment Income		31,236,779
Net Realized and Unrealized Loss
Net realized loss on:
Investments		(1,650,006	)
Futures contracts		(336,695	)
Foreign currency transactions		(274,784	)
Net realized loss		(2,261,485	)
Net change in unrealized depreciation on:
Investments		(89,329,385	)
Futures contracts		(191,468	)
Foreign currency transactions		(12,643	)
Net change in unrealized depreciation		(89,533,496	)
Net realized and unrealized loss		(91,794,981	)
Net Decrease in Net Assets From Operations	$	(60,558,202	)

(a) Net of foreign withholding taxes of $2,318,530.

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	31,236,779		$	22,508,825
Net realized gain (loss)		(2,261,485	)		7,674,942
Net change in unrealized appreciation (depreciation)		(89,533,496	)		139,589,192
Increase (decrease) in net assets from operations		(60,558,202	)		169,772,959
From Distributions to Shareholders
Net investment income
Class A		(10,334,152	)		(9,990,444	)
Class B		(9,801,239	)		(11,350,490	)
Class E		(904,946	)		(1,112,534	)
Class G		(2,227,213	)		(2,474,557	)
Total distributions		(23,267,550	)		(24,928,025	)
Increase in net assets from capital share transactions		88,627,258			30,762,370
Total increase in net assets		4,801,506			175,607,304
Net Assets
Beginning of period		955,528,936			779,921,632
End of period	$	960,330,442		$	955,528,936
Undistributed net investment income
End of period	$	24,138,888		$	16,343,144

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		7,597,394		$	101,943,757			7,067,968		$	88,601,835
Reinvestments		772,936			10,334,152			846,648			9,990,444
Redemptions		(2,945,620	)		(39,809,978	)		(4,787,744	)		(59,795,824	)
Net increase		5,424,710		$	72,467,931			3,126,872		$	38,796,455
Class B
Sales		3,126,359		$	40,720,123			1,931,611		$	23,970,765
Reinvestments		745,909			9,801,239			978,490			11,350,490
Redemptions		(2,417,922	)		(32,413,489	)		(4,356,077	)		(53,974,265	)
Net increase (decrease)		1,454,346		$	18,107,873			(1,445,976	)	$	(18,653,010	)
Class E
Sales		160,476		$	2,124,600			85,294		$	1,055,384
Reinvestments		67,990			904,946			94,684			1,112,534
Redemptions		(330,142	)		(4,465,186	)		(528,435	)		(6,611,245	)
Net decrease		(101,676	)	$	(1,435,640	)		(348,457	)	$	(4,443,327	)
Class G
Sales		1,583,548		$	20,799,598			2,516,369		$	30,525,341
Reinvestments		170,276			2,227,213			214,247			2,474,557
Redemptions		(1,766,344	)		(23,539,717	)		(1,471,213	)		(17,937,646	)
Net increase (decrease)		(12,520	)	$	(512,906	)		1,259,403		$	15,062,252
Increase derived from capital shares transactions				$	88,627,258					$	30,762,370

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.83		$	11.72		$	10.22		$	11.95		$	11.34
Income (Loss) from Investment Operations
Net investment income (a)		0.45			0.35			0.35			0.36			0.28
Net realized and unrealized gain (loss) on investments		(1.26	)		2.15			1.49			(1.80	)		0.63
Total from investment operations		(0.81	)		2.50			1.84			(1.44	)		0.91
Less Distributions
Distributions from net investment income		(0.35	)		(0.39	)		(0.34	)		(0.29	)		(0.30	)
Total distributions		(0.35	)		(0.39	)		(0.34	)		(0.29	)		(0.30	)
Net Asset Value, End of Period	$	12.67		$	13.83		$	11.72		$	10.22		$	11.95
Total Return (%) (b)		(6.00	)		21.86			18.33			(12.50	)		8.19
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.40			0.40			0.41			0.41			0.41
Net ratio of expenses to average net assets (%) (c)		0.40			0.40			0.40			0.41			0.40
Ratio of net investment income to average net assets (%)		3.34			2.76			3.25			3.09			2.59
Portfolio turnover rate (%)		9			10			8			11			11
Net assets, end of period (in millions)	$	430.0		$	394.5		$	297.7		$	283.2		$	332.7
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.58		$	11.52		$	10.05		$	11.75		$	11.16
Income (Loss) from Investment Operations
Net investment income (a)		0.42			0.31			0.32			0.32			0.25
Net realized and unrealized gain (loss) on investments		(1.25	)		2.11			1.46			(1.76	)		0.62
Total from investment operations		(0.83	)		2.42			1.78			(1.44	)		0.87
Less Distributions
Distributions from net investment income		(0.32	)		(0.36	)		(0.31	)		(0.26	)		(0.28	)
Total distributions		(0.32	)		(0.36	)		(0.31	)		(0.26	)		(0.28	)
Net Asset Value, End of Period	$	12.43		$	13.58		$	11.52		$	10.05		$	11.75
Total Return (%) (b)		(6.27	)		21.52			18.02			(12.65	)		7.91
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65			0.65			0.66			0.66			0.66
Net ratio of expenses to average net assets (%) (c)		0.65			0.65			0.65			0.66			0.65
Ratio of net investment income to average net assets (%)		3.14			2.55			2.99			2.83			2.32
Portfolio turnover rate (%)		9			10			8			11			11
Net assets, end of period (in millions)	$	405.3		$	422.9		$	375.4		$	329.2		$	339.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.75		$	11.66		$	10.17		$	11.89		$	11.29
Income (Loss) from Investment Operations
Net investment income (a)		0.44			0.33			0.33			0.34			0.27
Net realized and unrealized gain (loss) on investments		(1.26	)		2.13			1.48			(1.79	)		0.62
Total from investment operations		(0.82	)		2.46			1.81			(1.45	)		0.89
Less Distributions
Distributions from net investment income		(0.33	)		(0.37	)		(0.32	)		(0.27	)		(0.29	)
Total distributions		(0.33	)		(0.37	)		(0.32	)		(0.27	)		(0.29	)
Net Asset Value, End of Period	$	12.60		$	13.75		$	11.66		$	10.17		$	11.89
Total Return (%) (b)		(6.11	)		21.62			18.13			(12.59	)		8.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55			0.55			0.56			0.56			0.56
Net ratio of expenses to average net assets (%) (c)		0.55			0.55			0.55			0.56			0.55
Ratio of net investment income to average net assets (%)		3.26			2.66			3.11			2.94			2.45
Portfolio turnover rate (%)		9			10			8			11			11
Net assets, end of period (in millions)	$	34.3		$	38.9		$	37.0		$	35.5		$	47.9
	Class G
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.51		$	11.47		$	10.01		$	11.70		$	11.12
Income (Loss) from Investment Operations
Net investment income (a)		0.41			0.31			0.31			0.31			0.23
Net realized and unrealized gain (loss) on investments		(1.25	)		2.09			1.46			(1.75	)		0.62
Total from investment operations		(0.84	)		2.40			1.77			(1.44	)		0.85
Less Distributions
Distributions from net investment income		(0.31	)		(0.36	)		(0.31	)		(0.25	)		(0.27	)
Total distributions		(0.31	)		(0.36	)		(0.31	)		(0.25	)		(0.27	)
Net Asset Value, End of Period	$	12.36		$	13.51		$	11.47		$	10.01		$	11.70
Total Return (%) (b)		(6.33	)		21.44			17.94			(12.65	)		7.76
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.70			0.70			0.71			0.71			0.71
Net ratio of expenses to average net assets (%) (c)		0.70			0.70			0.70			0.71			0.70
Ratio of net investment income to average net assets (%)		3.10			2.49			2.94			2.80			2.16
Portfolio turnover rate (%)		9			10			8			11			11
Net assets, end of period (in millions)	$	90.7		$	99.3		$	69.8		$	58.9		$	45.2

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MSCI EAFE Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-19

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-20

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and passive foreign investment companies (PFICs). These adjustments have no impact on net assets orthe results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MSF-21

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts*	$	16,780

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	(336,695	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(191,468	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	3,363

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

MSF-22

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these 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.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	172,744,100	$	0	$	87,275,936

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.300% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the year ended December 31, 2014 were $2,904,019.

MSF-23

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

MetLife Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, MetLife Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	On the first $500 million
0.040%	Of the next $500 million
0.020%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2014 were $437,094.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$23,267,550	$	24,928,025	$	—	$	—	$	23,267,550	$	24,928,025

MSF-24

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses			Total
$30,644,835	$	—	$	73,287,030	$	(26,531,041	)	$	(6,206,995	)	$	71,193,829

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the post-enactment accumulated long-term capital losses were $6,206,995 and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/18		Total
$23,421,712	$	3,109,329	$	26,531,041

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-25

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MSCI EAFE Index Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of MSCI EAFE Index Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 MSCI EAFE Index Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-26

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-27

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-28

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-29

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-30

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MSCI EAFE Index Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2014. The Board also noted that the Portfolio outperformed its Lipper Index for the one- and three-year periods ended June 30, 2014 and underperformed its Lipper Index for the five-year period ended June 30, 2014. The Board took into account that the Portfolio outperformed its benchmark, the MSCI EAFE Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board took into account that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-31

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Managed by Neuberger Berman Management LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Neuberger Berman Genesis Portfolio returned 0.01%, -0.30%, and -0.19%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 4.22%.

MARKET ENVIRONMENT / CONDITIONS

Despite several periods of heightened volatility, the U.S. stock market generated solid results during the reporting period. The market was supported by improving economic growth in the U.S., generally strong corporate profits and indications that the Federal Reserve would be “patient” in terms of raising interest rates. The overall U.S. stock market, as measured by the S&P 500 Index, gained 13.69% in 2014. This marked the third consecutive year that the market generated a double-digit return. Small-cap stocks generated more modest results, as the Russell 2000 Index gained 4.89% for the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the Russell 2000 Value Index during the reporting period, due to both sector allocation and stock selection. Sector allocations detracted the most from relative performance with a significant part of underperformance due to a lack of exposure to real estate investment trusts (“REITs”), which were up sharply. We typically do not invest directly in REITs as they do not meet our investment criteria as they generally do not generate free cash flow, are typically financed with debt, and are without high barriers to entry.

From a stock selection perspective, holdings in the Financials and Health Care sectors were the largest detractors from results. Within Financials, the Portfolio’s mortgage service-related stocks generated poor results. Altisource Portfolio Solutions was the Portfolio’s largest detractor during the period. The company provides a host of services to the real estate and mortgage marketplace. The stock was negatively impacted by its exit from a high margin line of business and uncertainty around its growth profile in the coming years due to a settlement with Ocwen Financial Corp. Altisource Asset Management Corp., the management company for Altisource Residential, a single family home rental REIT, also detracted from performance. The stock was negatively impacted by uncertainty regarding the company’s exposure to Ocwen Financial and its subsequent settlement with the New York Department of Financial Services. These negatives were partially offset by positive relative performance in the Materials and Information Technology (“IT”) sectors. Technology companies Manhattan Associates, Zebra Technologies, and Sensient Corp. were all strong performers for the Portfolio. Manhattan Associates provides IT solutions designed to enable efficient movement of goods through the supply chain. The stock benefited from strong quarterly results and outlook for a continued strong demand environment for its offerings. Zebra Technologies manufactures and distributes thermal barcode printers, plastic card printers, and products for use in data collection and automatic identification systems. During the year, the company’s fundamentals steadily improved due to solid demand across all geographies and end markets which resulted in better than expected top- and bottom-line performance. Sensient Corp. is a global manufacturer and marketer of colors, flavors and fragrances. It performed well during the period due to improved financial results as well as shareholder-friendly actions.

While there were several changes on the margin, there were no significant adjustments to the Portfolio’s sector positioning during the reporting period.

Our investment approach is predominantly driven by bottom-up considerations. With this caveat, we do overlay the Portfolio to some degree with a top-down point of view. Given our long-term investment horizon, we are not trying to make short- to medium-term economic or market calls. Rather, we try to position the Portfolio to capture what we see as very long-term tailwinds and seek to avoid long-term headwinds, to the extent possible. From a macroeconomic standpoint, we are in uncharted waters from a monetary policy perspective and extreme outcomes are possible, or perhaps even likely. The regulatory environment is equally volatile, as oversight in the U.S. is on the rise and difficult to predict in a growing number of industries.

In recognition of this elevated uncertainty, we do not feel it is appropriate to make significant sector bets at this time. We are much more comfortable focusing on stock-specific analysis, which has always been the backbone of our investment process. In the post-Lehman recovery, the small-cap market in the U.S. has favored lower return, higher leverage and—in some industries—money-losing companies. We have experienced similar market environments in the past (although shorter in duration) and historically the market has always come back to reasonably valued, solid business models, with superior

MSF-1

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Managed by Neuberger Berman Management LLC

Portfolio Manager Commentary*—(Continued)

financials. We can’t predict exactly when, although historically it has done so without much warning, and sometimes quite quickly. In conclusion, we are finding plenty of business models that fit our high quality criteria selling at relatively reasonable prices.

Judith M. Vale,

Robert W. D’Alelio

Michael L. Bowyer

Brett S. Reiner

Portfolio Managers

Neuberger Berman Management LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
Neuberger Berman Genesis Portfolio
Class A		0.01		14.41		4.84
Class B		-0.30		14.12		4.57
Class E		-0.19		14.24		4.68
Russell 2000 Value Index		4.22		14.26		6.89

¹ The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Wabtec Corp.		2.5
Church & Dwight Co., Inc.		2.5
Aptargroup, Inc.		1.9
Sensient Technologies Corp.		1.8
Polaris Industries, Inc.		1.8
West Pharmaceutical Services, Inc.		1.7
Manhattan Associates, Inc.		1.7
CLARCOR, Inc.		1.7
Constellation Software, Inc.		1.6
MWI Veterinary Supply, Inc.		1.5

Top Sectors

	% of Net Assets
Industrials		21.1
Information Technology		18.3
Health Care		13.2
Consumer Discretionary		12.6
Financials		10.7
Materials		9.8
Consumer Staples		6.0
Energy		4.6
Utilities		0.4

MSF-3

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Neuberger Berman Genesis Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.83	%	$	1,000.00	$	995.00	$	4.17
	Hypothetical*		0.83	%	$	1,000.00	$	1,021.02	$	4.23
Class B(a)	Actual		1.08	%	$	1,000.00	$	993.30	$	5.43
	Hypothetical*		1.08	%	$	1,000.00	$	1,019.76	$	5.50
Class E(a)	Actual		0.98	%	$	1,000.00	$	994.40	$	4.93
	Hypothetical*		0.98	%	$	1,000.00	$	1,020.27	$	4.99

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—96.7% of Net Assets

Security Description	Shares		Value
Air Freight & Logistics—0.7%
Forward Air Corp.		197,276	$	9,936,792
Airlines—0.2%
Allegiant Travel Co.		19,800		2,976,534
Auto Components—0.4%
Gentex Corp.		139,300		5,032,909
Banks—7.7%
Bank of Hawaii Corp.		264,000		15,657,840
Bank of the Ozarks, Inc.		303,476		11,507,810
BankUnited, Inc.		280,400		8,123,188
BOK Financial Corp.		169,982		10,205,719
Community Bank System, Inc.		130,487		4,975,469
Cullen/Frost Bankers, Inc.		220,998		15,611,299
CVB Financial Corp.		396,400		6,350,328
First Financial Bankshares, Inc.		420,610		12,567,827
FNB Corp.		456,448		6,079,887
LegacyTexas Financial Group, Inc.		176,600		4,211,910
PacWest Bancorp		253,928		11,543,567
Westamerica Bancorp		119,400		5,852,988
				112,687,832
Beverages—1.1%
Boston Beer Co., Inc. (The) - Class A (a)		53,772		15,569,145
Building Products—1.1%
AAON, Inc.		271,972		6,089,453
AO Smith Corp.		168,000		9,476,880
				15,566,333
Chemicals—4.9%
Balchem Corp.		220,963		14,724,974
Hawkins, Inc.		70,890		3,071,664
Innophos Holdings, Inc.		163,211		9,539,683
NewMarket Corp.		20,217		8,158,166
Quaker Chemical Corp.		7,500		690,300
RPM International, Inc.		146,500		7,429,015
Sensient Technologies Corp.		438,900		26,483,226
Stepan Co.		42,118		1,688,090
				71,785,118
Commercial Services & Supplies—4.1%
G&K Services, Inc. - Class A		19,800		1,402,830
Healthcare Services Group, Inc.		487,814		15,088,087
Rollins, Inc.		631,910		20,916,221
Team, Inc. (a)		90,103		3,645,567
UniFirst Corp.		49,800		6,048,210
United Stationers, Inc.		287,874		12,136,768
				59,237,683
Communications Equipment—0.8%
NETGEAR, Inc. (a)		308,500		10,976,430
Construction & Engineering—0.2%
Primoris Services Corp.		95,700		2,224,068
Construction Materials—0.4%
Eagle Materials, Inc.		82,800		6,295,284
Containers & Packaging—2.6%
Aptargroup, Inc.		420,254		28,089,777
Silgan Holdings, Inc.		187,700		10,060,720
				38,150,497
Distributors—1.4%
Pool Corp.		317,160		20,120,630
Diversified Financial Services—0.3%
MarketAxess Holdings, Inc.		61,600		4,417,336
Electrical Equipment—0.5%
Franklin Electric Co., Inc.		148,000		5,554,440
Thermon Group Holdings, Inc. (a)		90,100		2,179,519
				7,733,959
Electronic Equipment, Instruments & Components—5.1%
Badger Meter, Inc.		144,188		8,557,558
Cognex Corp. (a)		82,700		3,417,991
FARO Technologies, Inc. (a)		51,900		3,253,092
FEI Co.		209,354		18,915,134
Littelfuse, Inc.		80,600		7,791,602
MTS Systems Corp.		40,800		3,061,224
Rogers Corp. (a)		116,200		9,463,328
Zebra Technologies Corp. - Class A (a)		261,082		20,210,357
				74,670,286
Energy Equipment & Services—3.2%
Canadian Energy Services & Technology Corp.		169,100		924,243
CARBO Ceramics, Inc.		138,500		5,546,925
Natural Gas Services Group, Inc. (a)		228,535		5,265,446
Oceaneering International, Inc.		323,100		19,001,511
Pason Systems, Inc.		506,000		9,512,800
ShawCor, Ltd.		167,500		6,091,975
				46,342,900
Food & Staples Retailing—0.2%
North West Co., Inc. (The)		134,500		3,026,250
Food Products—2.2%
B&G Foods, Inc.		210,100		6,281,990
Flowers Foods, Inc.		375,650		7,208,724
J&J Snack Foods Corp.		89,409		9,725,017
Lancaster Colony Corp.		96,100		8,998,804
				32,214,535
Health Care Equipment & Supplies—6.9%
Abaxis, Inc.		163,454		9,289,091
Cyberonics, Inc. (a)		85,774		4,775,896
Haemonetics Corp. (a)		446,708		16,715,814
IDEXX Laboratories, Inc. (a)		142,400		21,113,648
Meridian Bioscience, Inc.		270,381		4,450,471

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
Sirona Dental Systems, Inc. (a)		211,100	$	18,443,807
West Pharmaceutical Services, Inc.		470,766		25,063,582
				99,852,309
Health Care Providers & Services—3.9%
Amsurg Corp. (a)		139,042		7,609,769
Chemed Corp.		68,300		7,217,261
Henry Schein, Inc. (a)		152,000		20,694,800
MWI Veterinary Supply, Inc. (a)		128,455		21,825,789
				57,347,619
Hotels, Restaurants & Leisure—3.9%
Brinker International, Inc.		285,300		16,744,257
Cheesecake Factory, Inc. (The)		163,300		8,215,623
Cracker Barrel Old Country Store, Inc.		79,100		11,134,116
Papa John’s International, Inc.		195,100		10,886,580
Texas Roadhouse, Inc.		286,300		9,665,488
				56,646,064
Household Products—2.5%
Church & Dwight Co., Inc.		456,900		36,008,289
Industrial Conglomerates—0.5%
Raven Industries, Inc.		298,629		7,465,725
Insurance—1.1%
RLI Corp.		213,140		10,529,116
Safety Insurance Group, Inc.		90,500		5,792,905
				16,322,021
Internet Software & Services—0.4%
j2 Global, Inc.		98,700		6,119,400
IT Services—1.4%
Jack Henry & Associates, Inc.		201,800		12,539,852
Sapient Corp. (a)		296,273		7,371,272
				19,911,124
Leisure Products—1.8%
Polaris Industries, Inc.		174,398		26,375,954
Life Sciences Tools & Services—2.4%
Bio-Techne Corp.		68,300		6,310,920
ICON plc (a)		415,437		21,183,133
PAREXEL International Corp. (a)		139,700		7,761,732
				35,255,785
Machinery—10.7%
Chart Industries, Inc. (a)		72,000		2,462,400
CIRCOR International, Inc.		57,200		3,448,016
CLARCOR, Inc.		364,402		24,283,749
Donaldson Co., Inc.		254,900		9,846,787
Graco, Inc.		79,000		6,334,220
Lincoln Electric Holdings, Inc.		57,878		3,998,791
Machinery—(Continued)
Middleby Corp. (The) (a)		159,200		15,776,720
Nordson Corp.		211,362		16,477,782
RBC Bearings, Inc.		71,300		4,600,989
Tennant Co.		99,678		7,193,761
Toro Co. (The)		197,400		12,596,094
Valmont Industries, Inc.		98,000		12,446,000
Wabtec Corp.		421,200		36,598,068
				156,063,377
Media—1.8%
Gray Television, Inc. (a)		15,300		171,360
Media General, Inc. (a)		591,311		9,892,633
Nexstar Broadcasting Group, Inc. - Class A		299,700		15,521,463
				25,585,456
Metals & Mining—1.2%
Alamos Gold, Inc. (a)		601,800		4,290,834
Compass Minerals International, Inc.		157,600		13,684,408
				17,975,242
Multi-Utilities—0.4%
NorthWestern Corp.		94,500		5,346,810
Oil, Gas & Consumable Fuels—1.4%
Evolution Petroleum Corp.		118,300		878,969
Gulfport Energy Corp. (a)		235,500		9,829,770
Laredo Petroleum, Inc. (a)		159,100		1,646,685
Oasis Petroleum, Inc. (a)		130,200		2,153,508
Painted Pony Petroleum, Ltd. (a)		108,400		863,057
Painted Pony Petroleum, Ltd. (U.S. Listed Shares) (a)		158,300		1,267,983
Synergy Resources Corp. (a)		302,900		3,798,366
				20,438,338
Paper & Forest Products—0.6%
Stella-Jones, Inc.		316,000		8,890,407
Professional Services—1.0%
Exponent, Inc.		152,078		12,546,435
Mistras Group, Inc. (a)		120,334		2,205,722
				14,752,157
Real Estate Management & Development—0.8%
Altisource Asset Management Corp. (a)		17,405		5,397,639
Altisource Portfolio Solutions S.A. (a)		175,652		5,935,281
				11,332,920
Road & Rail—0.3%
Genesee & Wyoming, Inc. - Class A (a)		46,900		4,217,248
Semiconductors & Semiconductor Equipment—1.0%
Power Integrations, Inc.		289,330		14,969,934

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Software—9.1%
Advent Software, Inc.		261,500	$	8,012,360
Computer Modelling Group, Ltd.		302,200		3,105,757
Constellation Software, Inc.		80,420		23,911,417
Descartes Systems Group, Inc. (The) (a)		258,800		3,835,416
FactSet Research Systems, Inc.		79,600		11,203,700
Fair Isaac Corp.		68,700		4,967,010
Manhattan Associates, Inc. (a)		609,576		24,821,935
Monotype Imaging Holdings, Inc.		346,393		9,986,510
NetScout Systems, Inc. (a)		224,600		8,206,884
Solera Holdings, Inc.		288,800		14,780,784
Tyler Technologies, Inc. (a)		181,600		19,874,304
				132,706,077
Specialty Retail—2.9%
Hibbett Sports, Inc. (a)		231,500		11,211,545
Sally Beauty Holdings, Inc. (a)		414,000		12,726,360
Tractor Supply Co.		226,800		17,876,376
				41,814,281
Technology Hardware, Storage & Peripherals—0.5%
Electronics For Imaging, Inc. (a)		182,500		7,816,475
Textiles, Apparel & Luxury Goods—0.5%
Wolverine World Wide, Inc.		251,100		7,399,917
Thrifts & Mortgage Finance—0.8%
Home Loan Servicing Solutions, Ltd.		597,839		11,669,817
Trading Companies & Distributors—1.8%
Applied Industrial Technologies, Inc.		250,571		11,423,532
Beacon Roofing Supply, Inc. (a)		71,913		1,999,181
Security Description	Shares/ Principal Amount*		Value
Trading Companies & Distributors—(Continued)
MSC Industrial Direct Co., Inc. - Class A		52,900		4,298,125
Watsco, Inc.		85,325		9,129,775
				26,850,613
Total Common Stocks (Cost $965,737,766)				1,408,097,880
Short-Term Investment—3.3%
Repurchase Agreement—3.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $48,233,613 on 01/02/15, collateralized by $49,900,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $49,203,196.		48,233,613		48,233,613
Total Short-Term Investment (Cost $48,233,613)				48,233,613
Total Investments—100.0% (Cost $1,013,971,379) (b)				1,456,331,493
Other assets and liabilities (net)—0.0%				(135,892	)
Net Assets—100.0%			$	1,456,195,601

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,013,781,129. The aggregate unrealized appreciation and depreciation of investments were $479,314,244 and $(36,763,880), respectively, resulting in net unrealized appreciation of $442,550,364 for federal income tax purposes.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Total Common Stocks*	$	1,408,097,880	$	—	$	—	$	1,408,097,880
Total Short-Term Investment*		—		48,233,613		—		48,233,613
Total Investments	$	1,408,097,880	$	48,233,613	$	—	$	1,456,331,493

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	1,456,331,493
Cash		62,826
Cash denominated in foreign currencies (b)		5,307
Receivable for:
Investments sold		574,101
Fund shares sold		818,186
Dividends		1,041,948
Prepaid expenses		3,820
Total Assets		1,458,837,681
Liabilities
Payables for:
Investments purchased		537,526
Fund shares redeemed		777,679
Accrued expenses:
Management fees		982,589
Distribution and service fees		91,353
Deferred trustees’ fees		97,529
Other expenses		155,404
Total Liabilities		2,642,080
Net Assets	$	1,456,195,601
Net assets consist of:
Paid in surplus	$	1,159,804,142
Undistributed net investment income		4,519,040
Accumulated net realized loss		(150,487,735	)
Unrealized appreciation on investments and foreign currency transactions		442,360,154
Net Assets	$	1,456,195,601
Net Assets
Class A	$	985,843,244
Class B		366,763,765
Class E		103,588,592
Capital Shares Outstanding*
Class A		54,570,915
Class B		20,646,087
Class E		5,799,793
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.07
Class B		17.76
Class E		17.86

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,013,971,379.

(b) Identified cost of cash denominated in foreign currencies was $5,307.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	19,046,973
Total investment income		19,046,973
Expenses
Management fees		12,176,454
Administration fees		35,576
Custodian and accounting fees		135,082
Distribution and service fees—Class B		957,800
Distribution and service fees—Class E		163,491
Audit and tax services		43,231
Legal		30,013
Trustees’ fees and expenses		40,767
Shareholder reporting		225,799
Insurance		9,433
Miscellaneous		3,158
Total expenses		13,820,804
Less management fee waiver		(125,002	)
Less broker commission recapture		(46,305	)
Net expenses		13,649,497
Net Investment Income		5,397,476
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		119,379,186
Futures contracts		(1,061,715	)
Foreign currency transactions		(2,975	)
Net realized gain		118,314,496
Net change in unrealized depreciation on:
Investments		(132,528,280	)
Foreign currency transactions		(224	)
Net change in unrealized depreciation		(132,528,504	)
Net realized and unrealized loss		(14,214,008	)
Net Decrease in Net Assets From Operations	$	(8,816,532	)

(a) Net of foreign withholding taxes of $183,200.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,397,476		$	5,423,485
Net realized gain		118,314,496			172,501,379
Net change in unrealized appreciation (depreciation)		(132,528,504	)		305,308,740
Increase (decrease) in net assets from operations		(8,816,532	)		483,233,604
From Distributions to Shareholders
Net investment income
Class A		(4,302,810	)		(7,826,114	)
Class B		(792,309	)		(764,142	)
Class E		(284,767	)		(667,678	)
Total distributions		(5,379,886	)		(9,257,934	)
Increase (decrease) in net assets from capital share transactions		(224,471,934	)		91,139,738
Total increase (decrease) in net assets		(238,668,352	)		565,115,408
Net Assets
Beginning of period		1,694,863,953			1,129,748,545
End of period	$	1,456,195,601		$	1,694,863,953
Undistributed net investment income
End of period	$	4,519,040		$	5,002,563

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		1,524,678		$	26,544,515			7,032,471		$	102,037,519
Shares issued through acquisition		0			0			6,103,045			87,090,450
Reinvestments		248,430			4,302,810			561,414			7,826,114
Redemptions		(10,804,986	)		(188,921,386	)		(19,908,137	)		(300,671,391	)
Net decrease		(9,031,878	)	$	(158,074,061	)		(6,211,207	)	$	(103,717,308	)
Class B
Sales		988,287		$	17,045,998			1,388,739		$	21,956,905
Shares issued through acquisition		0			0			18,058,543			253,903,111
Reinvestments		46,443			792,309			55,615			764,142
Redemptions		(3,855,708	)		(66,823,780	)		(5,039,255	)		(77,854,399	)
Net increase (decrease)		(2,820,978	)	$	(48,985,473	)		14,463,642		$	198,769,759
Class E
Sales		125,572		$	2,200,050			148,626		$	2,176,092
Shares issued through acquisition		0			0			1,348,885			19,046,267
Reinvestments		16,614			284,767			48,382			667,678
Redemptions		(1,142,075	)		(19,897,217	)		(1,683,324	)		(25,802,750	)
Net decrease		(999,889	)	$	(17,412,400	)		(137,431	)	$	(3,912,713	)
Increase (decrease) derived from capital shares transactions				$	(224,471,934	)				$	91,139,738

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.14		$	13.21		$	12.05		$	11.47		$	9.48
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.07			0.11			0.05			0.11
Net realized and unrealized gain (loss) on investments		(0.08	)		4.98			1.10			0.62			1.93
Total from investment operations		0.00			5.05			1.21			0.67			2.04
Less Distributions
Distributions from net investment income		(0.07	)		(0.12	)		(0.05	)		(0.09	)		(0.05	)
Total distributions		(0.07	)		(0.12	)		(0.05	)		(0.09	)		(0.05	)
Net Asset Value, End of Period	$	18.07		$	18.14		$	13.21		$	12.05		$	11.47
Total Return (%) (b)		0.01			38.52			10.03			5.80			21.58
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83			0.83			0.86			0.86			0.89
Net ratio of expenses to average net assets (%) (c)		0.83			0.82			0.85			0.85			0.88
Ratio of net investment income to average net assets (%)		0.43			0.42			0.89			0.40			1.09
Portfolio turnover rate (%)		9			17			15			12			84
Net assets, end of period (in millions)	$	985.8		$	1,154.0		$	922.1		$	868.1		$	729.6
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	17.85		$	13.00		$	11.86		$	11.30		$	9.34
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.03			0.08			0.02			0.06
Net realized and unrealized gain (loss) on investments		(0.08	)		4.91			1.08			0.61			1.93
Total from investment operations		(0.05	)		4.94			1.16			0.63			1.99
Less Distributions
Distributions from net investment income		(0.04	)		(0.09	)		(0.02	)		(0.07	)		(0.03	)
Total distributions		(0.04	)		(0.09	)		(0.02	)		(0.07	)		(0.03	)
Net Asset Value, End of Period	$	17.76		$	17.85		$	13.00		$	11.86		$	11.30
Total Return (%) (b)		(0.30	)		38.19			9.75			5.51			21.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.08			1.08			1.11			1.11			1.14
Net ratio of expenses to average net assets (%) (c)		1.08			1.07			1.10			1.10			1.13
Ratio of net investment income to average net assets (%)		0.18			0.22			0.63			0.14			0.64
Portfolio turnover rate (%)		9			17			15			12			84
Net assets, end of period (in millions)	$	366.8		$	418.9		$	117.0		$	118.2		$	122.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	17.94		$	13.06		$	11.91		$	11.35		$	9.38
Income (Loss) from Investment Operations
Net investment income (a)		0.05			0.04			0.09			0.03			0.07
Net realized and unrealized gain (loss) on investments		(0.09	)		4.94			1.09			0.60			1.94
Total from investment operations		(0.04	)		4.98			1.18			0.63			2.01
Less Distributions
Distributions from net investment income		(0.04	)		(0.10	)		(0.03	)		(0.07	)		(0.04	)
Total distributions		(0.04	)		(0.10	)		(0.03	)		(0.07	)		(0.04	)
Net Asset Value, End of Period	$	17.86		$	17.94		$	13.06		$	11.91		$	11.35
Total Return (%) (b)		(0.19	)		38.37			9.90			5.56			21.45
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98			0.98			1.01			1.01			1.04
Net ratio of expenses to average net assets (%) (c)		0.98			0.97			1.00			1.00			1.03
Ratio of net investment income to average net assets (%)		0.28			0.28			0.72			0.24			0.71
Portfolio turnover rate (%)		9			17			15			12			84
Net assets, end of period (in millions)	$	103.6		$	122.0		$	90.6		$	97.1		$	112.2

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Neuberger Berman Genesis Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-13

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-14

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, passive foreign investment companies (PFICs), return of capital adjustments and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $48,233,613, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 24, 2014 through April 29, 2014, the Portfolio had bought and sold $56,846,465 in notional cost on equity

MSF-15

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized losses in the amount of $1,061,715 which are shown under Net realized loss on futures contracts in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	128,212,743	$	0	$	348,834,561

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $24,210,472 in sales of investments, which are included above.

MSF-16

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$12,176,454		0.850	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Neuberger Berman Management LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, MetLife Advisers has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.025%		First $500 million

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

MSF-17

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$5,379,886	$	9,257,934	$	—	$	—	$	5,379,886	$	9,257,934

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses			Total
$4,664,018	$	—	$	442,550,404	$	(150,497,187	)	$	(228,247	)	$	296,488,988

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $118,395,770.

As of December 31, 2014, the Portfolio had short term post-enactment accumulated capital losses of $228,247. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/16*		Total
$121,521,199	$	28,975,988	$	150,497,187

* The Portfolio acquired capital losses in its merger with MIST MLA Mid Cap Portfolio on April 26, 2013.

9. Acquisition

At the close of business on April 26, 2013, the Portfolio, with aggregate Class A, Class B and Class E net assets of $921,911,324, $122,572,792 and $93,470,942, respectively, acquired all of the assets and liabilities of MLA Mid Cap Portfolio of the Met Investors Series Trust (“MIST MLA Mid Cap”).

The acquisition was accomplished by a tax-free exchange of 6,103,045 Class A shares of the Portfolio (valued at $87,090,450) for 7,177,798 Class A shares of MIST MLA Mid Cap; 18,058,543 Class B shares of the Portfolio (valued at $253,903,111) for 21,030,031 Class B shares of MIST MLA Mid Cap; and 1,348,885 Class E shares of the Portfolio (valued at $19,046,267) for 1,572,109 Class E shares of MIST MLA Mid Cap. Each shareholder of MIST MLA Mid Cap received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 26, 2013. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by MIST MLA Mid Cap may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by MIST MLA Mid Cap. All other costs associated with the merger were not borne by the shareholders of either portfolio.

MIST MLA Mid Cap’s net assets on April 26, 2013, were $87,090,450, $253,903,111 and $19,046,267 for Class A, Class B and Class E shares, respectively, including investments valued at $360,292,574 with a cost basis of $333,365,815. For financial reporting purposes, assets received and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from MIST MLA Mid Cap were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Portfolio acquired $190,791,929 in capital loss carry forwards from MIST MLA Mid Cap.

The aggregate net assets of the Portfolio immediately after the acquisition were $1,497,994,886, which included $26,926,759 of acquired unrealized appreciation.

MSF-18

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Assuming the acquisition had been completed on January 1, 2013, the Portfolio’s pro-forma results of operations for the year ended December 31, 2013 are as follows:

Net investment income	$	5,528,138	(a)
Net realized and unrealized gain on investments and foreign currency transactions	$	508,833,516	(b)
Net increase in net assets from operations	$	514,361,654

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of MIST MLA Mid Cap that have been included in the Portfolio’s Statement of Operations since April 26, 2013.

(a) $5,423,485 net investment income as reported December 31, 2013 plus $166,526 from MIST MLA Mid Cap pre-merger net investment income minus $106,780 in higher advisory fees, plus $44,907 of pro-forma eliminated other expenses.

(b) $574,888,658 unrealized appreciation as reported December 31, 2013 minus $243,241,046 pro-forma December 31, 2012 unrealized appreciation, plus $172,501,379 net realized gain as reported December 31, 2013, plus $4,684,525 in net realized gain from MIST MLA Mid Cap pre-merger.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-19

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Neuberger Berman Genesis Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Neuberger Berman Genesis Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Neuberger Berman Genesis Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-20

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-21

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-22

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment

MSF-23

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-24

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Neuberger Berman Genesis Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Neuberger Berman Management LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Russell 2000 Value Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance.

The Board also considered that the Portfolio’s actual management fees were below the median of the Expense Group and above the medians of the Expense Universe and the Sub-advised Expense Universe. The Board further noted that the Portfolio’s total expenses (exclusive of 12b-1 fees) were below the Expense Group median and Expense Universe median and equal to the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were slightly above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board took into account that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further considered that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-25

Metropolitan Series Fund

Russell 2000 Index Portfolio

Managed By MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, E, and G shares of the Russell 2000 Index Portfolio returned 5.04%, 4.78%, 4.91%, and 4.73%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 4.89%.

MARKET ENVIRONMENT / CONDITIONS

Equity indexes reached record highs in 2014, driven by accommodative monetary policies by central banks around the world, strong corporate earnings, and an improving global economy. The year started on a negative note as investors remained concerned about additional U.S. Federal Reserve tapering, pressure on emerging market currencies and deteriorating situations in Ukraine, Thailand and Venezuela. Equity indexes recovered in the following months driven by strong earnings and increased corporate activity. During the third quarter, equity markets were volatile as escalating tensions between Israel and Hamas, stalling Iran nuclear talks, and further U.S. and European Union sanctions against Russia contrasted with continued easing policies by central banks around the world and stronger macroeconomic data. Equity markets declined again in October as investors continued to worry about faltering global growth, particularly in Europe and China. Growing protests in Hong Kong and continued fears about the spread of the Ebola virus also weighed on the markets. Equity markets rallied in the fourth quarter as the Bank of Japan unexpectedly expanded its economic stimulus, the People’s Bank of China cut interest rates for the first time in two years, and the European Central Bank Chairman, Mr. Draghi, said the bank was ready to increase quantitative easing if necessary. Better than expected U.S. employment, U.S. retail sales and consumer confidence also contributed to positive performance. Equity markets were mixed in December as oil prices dropped significantly, the Russian ruble reached record lows, and political uncertainty continued in Greece.

During the year, the Federal Open Market Committee (the “Committee”) met eight times and maintained the target range for the Federal Funds Rate at zero to 0.25%. The Committee stated that there had been a substantial improvement in the outlook for the labor market since the inception of its asset purchase program. Also, the Committee had continued to see sufficient underlying strength in the broader economy. Accordingly, the Committee had decided to conclude its asset purchase program in October.

Six of the nine sectors comprising the Russell 2000 Index experienced positive returns for the year. Health Care (13.3% beginning weight in the benchmark), up 19.2%, was the best-performing sector and had the largest positive impact on the benchmark. Consumer Staples (3.4% beginning weight), up 16.8%, and Utilities (4.0% beginning weight), up 16.8%, were the next best-performing sectors. The worst-performing sectors were Energy (5.3% beginning weight), down 39.1% and Producer Durables (14.3% beginning weight), down 0.9%.

The stocks with the largest positive impact on the benchmark return for the year were InterMune, up 401.6%; TriQuint Semiconductor, up 230.3%; and RF Micro Devices, up 221.5%. The stocks with the largest negative impact were Energy XXI, down 87.5%; Civeo, down 83.9%; and Chart Industries, down 64.2%.

Factors that can impact stock prices include developments in the Fed’s interest rate policy, corporate earnings, geopolitical concerns, energy prices, employment data and the value of the U.S. dollar.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the Russell 2000 Index. This strategy seeks to replicate the performance of the Index by owning a subset of Index constituents and neutralizing exposures across sectors. The Portfolio is periodically rebalanced for compositional changes in the Russell 2000 Index. Factors that impact tracking error include sampling, transaction costs, cash drag, securities lending, net asset value rounding, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

Russell 2000 Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
Russell 2000 Index Portfolio
Class A		5.04		15.56		7.69		—
Class B		4.78		15.28		7.42		—
Class E		4.91		15.38		7.53		—
Class G		4.73		15.22		—		19.08
Russell 2000 Index		4.89		15.55		7.77		—

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98, 1/2/01, 5/1/01 and 4/28/09, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
iShares Russell 2000 Index Fund		3.4
Isis Pharmaceuticals, Inc.		0.4
Brunswick Corp.		0.3
TriQuint Semiconductor, Inc.		0.3
RF Micro Devices, Inc.		0.3
Office Depot, Inc.		0.3
Graphic Packaging Holding Co.		0.2
LaSalle Hotel Properties		0.2
Puma Biotechnology, Inc.		0.2
RLJ Lodging Trust		0.2

Top Sectors

	% of Net Assets
Financials		26.2
Information Technology		16.8
Health Care		13.8
Industrials		13.0
Consumer Discretionary		12.9
Materials		4.3
Utilities		3.4
Energy		3.2
Consumer Staples		3.1
Telecommunication Services		0.7

MSF-2

Metropolitan Series Fund

Russell 2000 Index Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Russell 2000 Index Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.33	%	$	1,000.00	$	1,018.20	$	1.68
	Hypothetical*		0.33	%	$	1,000.00	$	1,023.54	$	1.68
Class B(a)	Actual		0.58	%	$	1,000.00	$	1,016.50	$	2.95
	Hypothetical*		0.58	%	$	1,000.00	$	1,022.28	$	2.96
Class E(a)	Actual		0.48	%	$	1,000.00	$	1,017.30	$	2.44
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.79	$	2.45
Class G(a)	Actual		0.63	%	$	1,000.00	$	1,016.60	$	3.20
	Hypothetical*		0.63	%	$	1,000.00	$	1,022.03	$	3.21

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—94.0% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.7%
AAR Corp.		20,590	$	571,990
Aerovironment, Inc. (a)		8,967		244,351
American Science & Engineering, Inc. (b)		3,412		177,083
Astronics Corp. (a)		9,277		513,111
Cubic Corp.		9,993		526,031
Curtiss-Wright Corp.		23,640		1,668,748
DigitalGlobe, Inc. (a)		37,451		1,159,857
Ducommun, Inc. (a)		5,534		139,900
Engility Holdings, Inc. (a)		8,737		373,944
Esterline Technologies Corp. (a)		15,153		1,661,981
GenCorp, Inc. (a) (b)		29,383		537,709
HEICO Corp. (b)		31,652		1,911,781
KEYW Holding Corp. (The) (a) (b)		16,705		173,398
Kratos Defense & Security Solutions, Inc. (a)		22,697		113,939
Moog, Inc. - Class A (a)		20,032		1,482,969
National Presto Industries, Inc. (b)		2,572		149,279
Orbital Sciences Corp. (a)		29,768		800,461
Sparton Corp. (a)		5,744		162,785
Taser International, Inc. (a) (b)		26,071		690,360
Teledyne Technologies, Inc. (a)		17,856		1,834,525
				14,894,202
Air Freight & Logistics—0.5%
Air Transport Services Group, Inc. (a)		26,883		230,119
Atlas Air Worldwide Holdings, Inc. (a)		11,134		548,906
Echo Global Logistics, Inc. (a)		11,852		346,078
Forward Air Corp.		15,560		783,757
HUB Group, Inc. - Class A (a)		17,356		660,917
Park-Ohio Holdings Corp. (b)		4,748		299,266
UTi Worldwide, Inc. (a) (b)		45,516		549,378
XPO Logistics, Inc. (a) (b)		25,511		1,042,890
				4,461,311
Airlines—0.5%
Allegiant Travel Co.		6,311		948,733
Hawaiian Holdings, Inc. (a)		22,098		575,653
JetBlue Airways Corp. (a) (b)		121,414		1,925,626
Republic Airways Holdings, Inc. (a)		25,789		376,261
SkyWest, Inc. (b)		24,419		324,284
Virgin America, Inc. (a)		8,920		385,790
				4,536,347
Auto Components—1.1%
American Axle & Manufacturing Holdings, Inc. (a)		34,595		781,501
Cooper Tire & Rubber Co.		28,364		982,813
Cooper-Standard Holding, Inc. (a)		6,881		398,272
Dana Holding Corp.		82,200		1,787,028
Dorman Products, Inc. (a) (b)		12,774		616,601
Drew Industries, Inc. (a)		11,598		592,310
Federal-Mogul Holdings Corp. (a)		14,782		237,843
Gentherm, Inc. (a)		17,276		632,647
Modine Manufacturing Co. (a)		24,735		336,396
Motorcar Parts of America, Inc. (a)		8,000		248,720
Remy International, Inc. (b)		13,683		286,248
Auto Components—(Continued)
Standard Motor Products, Inc.		9,638		367,401
Stoneridge, Inc. (a)		13,705		176,246
Strattec Security Corp. (b)		1,911		157,810
Superior Industries International, Inc.		12,615		249,651
Tenneco, Inc. (a)		29,432		1,666,146
Tower International, Inc. (a)		10,455		267,125
				9,784,758
Automobiles—0.0%
Winnebago Industries, Inc. (b)		12,257		266,712
Banks—7.3%
1st Source Corp.		8,143		279,386
American National Bankshares, Inc.		4,120		102,217
Ameris Bancorp		13,498		346,089
Ames National Corp.		4,390		113,877
Arrow Financial Corp.		5,706		156,858
Banc of California, Inc.		13,438		154,134
Bancfirst Corp. (b)		3,589		227,507
Banco Latinoamericano de Comercio Exterior S.A. -Class E (b)		14,005		421,550
Bancorp, Inc. (The) (a)		17,608		191,751
BancorpSouth, Inc.		46,488		1,046,445
Bank of Kentucky Financial Corp.		3,484		168,173
Bank of Marin Bancorp (b)		3,199		168,235
Bank of the Ozarks, Inc. (b)		39,067		1,481,421
Banner Corp.		10,387		446,849
BBCN Bancorp, Inc.		39,760		571,749
Blue Hills Bancorp, Inc. (a) (b)		13,063		177,396
BNC Bancorp		10,025		172,530
Boston Private Financial Holdings, Inc.		40,232		541,925
Bridge Bancorp, Inc.		6,098		163,121
Bridge Capital Holdings (a)		5,459		122,172
Bryn Mawr Bank Corp.		6,395		200,163
Camden National Corp. (b)		3,953		157,488
Capital Bank Financial Corp. - Class A (a)		9,384		251,491
Cardinal Financial Corp.		17,067		338,439
Cathay General Bancorp		39,976		1,022,986
Centerstate Banks, Inc.		16,702		198,921
Central Pacific Financial Corp.		7,285		156,628
Chemical Financial Corp.		16,215		496,828
Citizens & Northern Corp. (b)		6,716		138,820
City Holding Co. (b)		8,336		387,874
CNB Financial Corp. (b)		6,782		125,467
CoBiz Financial, Inc. (b)		17,832		234,134
Columbia Banking System, Inc.		26,670		736,359
Community Bank System, Inc. (b)		19,773		753,944
Community Trust Bancorp, Inc.		8,162		298,811
ConnectOne Bancorp, Inc.		12,322		234,118
CU Bancorp (a) (b)		5,201		112,810
Customers Bancorp, Inc. (a) (b)		11,686		227,410
CVB Financial Corp. (b)		52,144		835,347
Eagle Bancorp, Inc. (a)		11,635		413,275
Enterprise Financial Services Corp.		11,259		222,140
FCB Financial Holdings, Inc. - Class A (a)		3,583		88,285
Fidelity Southern Corp.		7,991		128,735

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
Financial Institutions, Inc.		6,461	$	162,494
First Bancorp (b)		8,573		158,343
First Bancorp/Puerto Rico (a)		52,499		308,169
First Busey Corp.		36,777		239,418
First Citizens BancShares, Inc. - Class A		3,723		941,137
First Commonwealth Financial Corp.		46,645		430,067
First Community Bancshares, Inc.		8,470		139,501
First Connecticut Bancorp, Inc.		9,833		160,475
First Financial Bancorp		28,214		524,498
First Financial Bankshares, Inc. (b)		30,535		912,386
First Financial Corp. (b)		6,038		215,074
First Interstate Bancsystem, Inc.		9,233		256,862
First Merchants Corp.		18,171		413,390
First Midwest Bancorp, Inc.		38,435		657,623
First NBC Bank Holding Co. (a)		7,557		266,006
First of Long Island Corp. (The)		5,032		142,758
FirstMerit Corp.		78,803		1,488,589
Flushing Financial Corp.		15,132		306,726
FNB Corp. (b)		81,774		1,089,230
German American Bancorp, Inc. (b)		6,759		206,285
Glacier Bancorp, Inc.		36,532		1,014,494
Great Southern Bancorp, Inc.		6,069		240,757
Great Western Bancorp, Inc. (a)		11,218		255,658
Guaranty Bancorp (b)		8,675		125,267
Hancock Holding Co.		39,950		1,226,465
Hanmi Financial Corp.		15,681		342,003
Heartland Financial USA, Inc.		7,703		208,751
Heritage Financial Corp. (b)		12,896		226,325
Hilltop Holdings, Inc. (a)		34,060		679,497
Home BancShares, Inc.		26,645		856,903
HomeTrust Bancshares, Inc. (a) (b)		10,270		171,098
Horizon Bancorp		5,200		135,928
Hudson Valley Holding Corp.		7,889		214,265
Iberiabank Corp.		15,241		988,379
Independent Bank Corp.		11,863		154,812
Independent Bank Corp. (b)		11,835		506,656
Independent Bank Group, Inc. (b)		4,624		180,613
International Bancshares Corp.		27,173		721,171
Investors Bancorp, Inc.		175,250		1,967,181
Lakeland Bancorp, Inc.		17,320		202,644
Lakeland Financial Corp.		8,139		353,802
LegacyTexas Financial Group, Inc.		20,388		486,254
MainSource Financial Group, Inc.		10,246		214,346
MB Financial, Inc.		32,522		1,068,673
Mercantile Bank Corp.		8,647		181,760
Metro Bancorp, Inc. (a)		7,930		205,546
MidWestOne Financial Group, Inc.		3,645		105,012
National Bank Holdings Corp. - Class A		17,203		333,910
National Bankshares, Inc.		4,218		128,185
National Penn Bancshares, Inc. (b)		59,275		623,869
NBT Bancorp, Inc. (b)		20,117		528,474
NewBridge Bancorp (a)		14,434		125,720
OFG Bancorp (b)		19,884		331,069
Old National Bancorp		57,115		849,871
Pacific Continental Corp.		10,841		153,725
Pacific Premier Bancorp, Inc. (a)		8,535		147,912
Park National Corp. (b)		5,759		509,556
Banks—(Continued)
Park Sterling Corp.		17,566		129,110
Peapack Gladstone Financial Corp.		6,672		123,832
Penns Woods Bancorp, Inc.		1,988		97,929
Peoples Bancorp, Inc.		5,988		155,269
Peoples Financial Services Corp. (b)		3,024		150,232
Pinnacle Financial Partners, Inc.		16,419		649,207
Preferred Bank		6,777		189,011
PrivateBancorp, Inc.		33,931		1,133,295
Prosperity Bancshares, Inc.		34,101		1,887,831
Renasant Corp.		15,636		452,349
Republic Bancorp, Inc. - Class A		5,421		134,007
S&T Bancorp, Inc. (b)		15,660		466,825
Sandy Spring Bancorp, Inc.		13,670		356,514
Seacoast Banking Corp. of Florida (a)		10,342		142,203
Sierra Bancorp		6,446		113,192
Simmons First National Corp. - Class A		7,124		289,591
South State Corp.		12,195		818,041
Southside Bancshares, Inc.		12,379		357,877
Southwest Bancorp, Inc.		11,069		192,158
State Bank Financial Corp.		16,379		327,252
Sterling Bancorp		42,278		607,958
Stock Yards Bancorp, Inc.		7,089		236,347
Stonegate Bank (b)		3,497		103,581
Suffolk Bancorp		6,378		144,844
Susquehanna Bancshares, Inc.		86,650		1,163,709
Talmer Bancorp, Inc. - Class A		7,188		100,920
Texas Capital Bancshares, Inc. (a) (b)		22,102		1,200,802
Tompkins Financial Corp.		7,424		410,547
TowneBank (b)		12,365		186,959
Trico Bancshares		11,155		275,528
TriState Capital Holdings, Inc. (a)		11,422		116,961
Trustmark Corp.		34,161		838,311
UMB Financial Corp.		17,961		1,021,801
Umpqua Holdings Corp.		79,077		1,345,100
Union Bankshares Corp.		22,489		541,535
United Bankshares, Inc. (b)		32,578		1,220,046
United Community Banks, Inc.		24,926		472,098
Univest Corp. of Pennsylvania		9,559		193,474
Valley National Bancorp (b)		109,795		1,066,109
Washington Trust Bancorp, Inc. (b)		7,713		309,908
Webster Financial Corp.		42,401		1,379,305
WesBanco, Inc. (b)		12,861		447,563
West Bancorp, Inc.		8,036		136,773
Westamerica Bancorp (b)		12,513		613,387
Western Alliance Bancorp (a)		37,712		1,048,394
Wilshire Bancorp, Inc.		35,291		357,498
Wintrust Financial Corp.		22,057		1,031,385
Yadkin Financial Corp. (a)		10,344		203,260
				65,539,268
Beverages—0.2%
Boston Beer Co., Inc. (The) - Class A (a)		4,062		1,176,112
Coca-Cola Bottling Co. Consolidated		2,376		209,159
National Beverage Corp. (a)		7,440		168,293
				1,553,564

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—5.2%
ACADIA Pharmaceuticals, Inc. (a) (b)		39,405	$	1,251,109
Acceleron Pharma, Inc. (a) (b)		8,268		322,121
Achillion Pharmaceuticals, Inc. (a) (b)		49,415		605,334
Acorda Therapeutics, Inc. (a) (b)		20,455		835,996
Aegerion Pharmaceuticals, Inc. (a) (b)		14,687		307,546
Agenus, Inc. (a) (b)		32,824		130,311
Agios Pharmaceuticals, Inc. (a) (b)		6,812		763,216
Alder Biopharmaceuticals, Inc. (a)		4,401		128,025
AMAG Pharmaceuticals, Inc. (a) (b)		11,699		498,611
Anacor Pharmaceuticals, Inc. (a)		16,580		534,705
Arena Pharmaceuticals, Inc. (a) (b)		114,562		397,530
ARIAD Pharmaceuticals, Inc. (a) (b)		81,659		560,997
Array BioPharma, Inc. (a) (b)		64,536		305,255
Arrowhead Research Corp. (a) (b)		25,887		191,046
Auspex Pharmaceuticals, Inc. (a) (b)		5,121		268,750
Avalanche Biotechnologies, Inc. (a) (b)		3,625		195,750
BioCryst Pharmaceuticals, Inc. (a) (b)		34,840		423,654
Bluebird Bio, Inc. (a)		10,986		1,007,636
Calithera Biosciences, Inc. (a)		5,669		114,514
Celldex Therapeutics, Inc. (a) (b)		45,622		832,601
Cepheid, Inc. (a) (b)		34,332		1,858,734
Chimerix, Inc. (a) (b)		14,917		600,558
Clovis Oncology, Inc. (a) (b)		12,230		684,880
CTI BioPharma Corp. (a) (b)		70,525		166,439
Dyax Corp. (a)		69,204		973,008
Dynavax Technologies Corp. (a) (b)		13,709		231,134
Emergent Biosolutions, Inc. (a)		13,410		365,154
Enanta Pharmaceuticals, Inc. (a)		5,235		266,200
Epizyme, Inc. (a) (b)		6,547		123,542
Esperion Therapeutics, Inc. (a) (b)		3,379		136,647
Exact Sciences Corp. (a) (b)		40,546		1,112,582
Exelixis, Inc. (a) (b)		97,859		140,917
FibroGen, Inc. (a)		6,346		173,500
Five Prime Therapeutics, Inc. (a) (b)		8,981		242,487
Foundation Medicine, Inc. (a) (b)		7,156		159,006
Genomic Health, Inc. (a) (b)		8,810		281,656
Geron Corp. (a) (b)		81,988		266,461
Halozyme Therapeutics, Inc. (a) (b)		47,510		458,471
Heron Therapeutics, Inc. (a) (b)		14,592		146,796
Hyperion Therapeutics, Inc. (a)		6,976		167,424
Idera Pharmaceuticals, Inc. (a) (b)		32,677		144,106
ImmunoGen, Inc. (a)		44,397		270,822
Immunomedics, Inc. (a) (b)		39,907		191,554
Infinity Pharmaceuticals, Inc. (a)		24,496		413,737
Inovio Pharmaceuticals, Inc. (a) (b)		26,639		244,546
Insmed, Inc. (a)		25,006		386,843
Insys Therapeutics, Inc. (a)		4,440		187,190
Intrexon Corp. (a) (b)		17,705		487,419
Ironwood Pharmaceuticals, Inc. (a) (b)		58,760		900,203
Isis Pharmaceuticals, Inc. (a) (b)		56,969		3,517,266
Karyopharm Therapeutics, Inc. (a) (b)		6,236		233,413
Keryx Biopharmaceuticals, Inc. (a) (b)		46,107		652,414
Kite Pharma, Inc. (a) (b)		4,400		253,748
KYTHERA Biopharmaceuticals, Inc. (a) (b)		8,707		301,959
Lexicon Pharmaceuticals, Inc. (a) (b)		120,249		109,415
Ligand Pharmaceuticals, Inc. (a) (b)		10,234		544,551
MacroGenics, Inc. (a) (b)		10,125		355,084
Biotechnology—(Continued)
MannKind Corp. (a) (b)		111,868		583,392
Merrimack Pharmaceuticals, Inc. (a) (b)		46,931		530,320
MiMedx Group, Inc. (a) (b)		49,469		570,378
Momenta Pharmaceuticals, Inc. (a)		23,710		285,468
Navidea Biopharmaceuticals, Inc. (a) (b)		84,045		158,845
Neurocrine Biosciences, Inc. (a) (b)		35,288		788,334
NewLink Genetics Corp. (a) (b)		8,942		355,445
Northwest Biotherapeutics, Inc. (a) (b)		18,629		99,665
Novavax, Inc. (a) (b)		118,690		703,832
NPS Pharmaceuticals, Inc. (a)		51,119		1,828,527
OncoMed Pharmaceuticals, Inc. (a)		6,539		142,289
Ophthotech Corp. (a) (b)		6,374		286,001
Opko Health, Inc. (a) (b)		95,942		958,461
Orexigen Therapeutics, Inc. (a) (b)		58,227		352,856
Organovo Holdings, Inc. (a) (b)		37,857		274,463
Osiris Therapeutics, Inc. (a) (b)		9,827		157,134
Otonomy, Inc. (a)		3,859		128,620
OvaScience, Inc. (a) (b)		8,516		376,578
PDL BioPharma, Inc. (b)		82,274		634,333
Peregrine Pharmaceuticals, Inc. (a) (b)		94,929		131,951
Portola Pharmaceuticals, Inc. (a) (b)		21,155		599,110
Progenics Pharmaceuticals, Inc. (a) (b)		32,263		243,908
Prothena Corp. plc (a) (b)		13,701		284,433
PTC Therapeutics, Inc. (a) (b)		12,023		622,431
Puma Biotechnology, Inc. (a) (b)		11,332		2,144,808
Radius Health, Inc. (a)		4,217		164,083
Raptor Pharmaceutical Corp. (a) (b)		30,816		324,184
Receptos, Inc. (a)		10,658		1,305,712
Regulus Therapeutics, Inc. (a) (b)		7,553		121,150
Repligen Corp. (a)		18,018		356,756
Retrophin, Inc. (a)		12,865		157,468
Rigel Pharmaceuticals, Inc. (a)		48,713		110,579
Sage Therapeutics, Inc. (a) (b)		2,969		108,665
Sangamo Biosciences, Inc. (a) (b)		31,616		480,879
Sarepta Therapeutics, Inc. (a) (b)		19,766		286,014
Spectrum Pharmaceuticals, Inc. (a) (b)		30,932		214,359
Synageva BioPharma Corp. (a) (b)		10,577		981,440
Synergy Pharmaceuticals, Inc. (a) (b)		42,569		129,835
TESARO, Inc. (a) (b)		9,695		360,557
TG Therapeutics, Inc. (a) (b)		12,383		196,147
Ultragenyx Pharmaceutical, Inc. (a) (b)		3,657		160,469
Vanda Pharmaceuticals, Inc. (a) (b)		20,273		290,309
Xencor, Inc. (a)		7,999		128,304
XOMA Corp. (a) (b)		41,315		148,321
ZIOPHARM Oncology, Inc. (a) (b)		38,299		194,176
				46,885,562
Building Products—0.8%
AAON, Inc. (b)		21,161		473,795
Advanced Drainage Systems, Inc.		6,912		158,838
American Woodmark Corp. (a)		5,650		228,486
Apogee Enterprises, Inc.		13,684		579,791
Builders FirstSource, Inc. (a) (b)		25,665		176,318
Continental Building Products, Inc. (a)		6,361		112,780
Gibraltar Industries, Inc. (a)		14,856		241,559
Griffon Corp.		16,917		224,996

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Building Products—(Continued)
Insteel Industries, Inc.		9,958	$	234,810
Masonite International Corp. (a)		14,468		889,203
NCI Building Systems, Inc. (a)		14,301		264,854
Nortek, Inc. (a) (b)		4,481		364,440
Patrick Industries, Inc. (a)		3,662		161,055
PGT, Inc. (a)		24,381		234,789
Ply Gem Holdings, Inc. (a) (b)		11,295		157,904
Quanex Building Products Corp.		17,697		332,350
Simpson Manufacturing Co., Inc.		20,877		722,344
Trex Co., Inc. (a) (b)		16,564		705,295
Universal Forest Products, Inc.		10,498		558,494
				6,822,101
Capital Markets—1.4%
Arlington Asset Investment Corp. - Class A (b)		10,056		267,590
Ashford, Inc. (a) (b)		363		34,122
BGC Partners, Inc. - Class A		86,085		787,678
Calamos Asset Management, Inc. - Class A		11,175		148,851
Cohen & Steers, Inc. (b)		9,693		407,881
Cowen Group, Inc. - Class A (a) (b)		58,121		278,981
Diamond Hill Investment Group, Inc. (b)		1,546		213,410
Evercore Partners, Inc. - Class A		16,148		845,671
FBR & Co. (a)		5,282		129,884
Financial Engines, Inc. (b)		24,757		904,868
FXCM, Inc. - Class A (b)		22,823		378,177
GAMCO Investors, Inc. - Class A		3,184		283,185
GFI Group, Inc.		39,099		213,090
Greenhill & Co., Inc. (b)		13,790		601,244
HFF, Inc. - Class A		15,189		545,589
International FCStone, Inc. (a) (b)		7,668		157,731
Investment Technology Group, Inc. (a)		17,949		373,698
Janus Capital Group, Inc. (b)		69,578		1,122,293
KCG Holdings, Inc. - Class A (a)		18,746		218,391
Ladenburg Thalmann Financial Services, Inc. (a) (b)		51,090		201,805
Moelis & Co. - Class A		2,712		94,730
OM Asset Management plc (a)		14,839		240,985
Oppenheimer Holdings, Inc. - Class A		5,749		133,664
Piper Jaffray Cos. (a)		7,967		462,803
Safeguard Scientifics, Inc. (a) (b)		11,857		235,006
Stifel Financial Corp. (a)		31,775		1,621,160
SWS Group, Inc. (a)		16,337		112,889
Virtus Investment Partners, Inc.		3,430		584,781
Walter Investment Management Corp. (a) (b)		19,069		314,829
Westwood Holdings Group, Inc.		3,352		207,221
WisdomTree Investments, Inc. (b)		50,887		797,654
				12,919,861
Chemicals—2.1%
A. Schulman, Inc.		15,164		614,597
Advanced Emissions Solutions, Inc. (a) (b)		9,564		217,964
American Vanguard Corp. (b)		14,887		172,987
Axiall Corp.		33,226		1,411,108
Balchem Corp. (b)		15,297		1,019,392
Calgon Carbon Corp. (a)		26,333		547,200
Chase Corp.		3,533		127,153
Chemicals—(Continued)
Chemtura Corp. (a)		39,487		976,513
Ferro Corp. (a)		34,923		452,602
Flotek Industries, Inc. (a) (b)		26,380		494,097
FutureFuel Corp.		10,195		132,739
Hawkins, Inc.		4,778		207,031
HB Fuller Co.		23,919		1,065,113
Innophos Holdings, Inc.		10,139		592,624
Innospec, Inc.		12,490		533,323
Intrepid Potash, Inc. (a) (b)		27,693		384,379
KMG Chemicals, Inc.		5,249		104,980
Koppers Holdings, Inc.		10,265		266,685
Kraton Performance Polymers, Inc. (a)		16,524		343,534
Kronos Worldwide, Inc. (b)		10,959		142,686
Landec Corp. (a)		14,010		193,478
LSB Industries, Inc. (a)		9,253		290,914
Minerals Technologies, Inc.		16,901		1,173,774
Olin Corp. (b)		38,118		867,947
OM Group, Inc.		16,641		495,902
OMNOVA Solutions, Inc. (a)		24,497		199,406
PolyOne Corp.		45,404		1,721,266
Quaker Chemical Corp.		6,591		606,636
Rentech, Inc. (a) (b)		115,307		145,287
Senomyx, Inc. (a) (b)		22,054		132,544
Sensient Technologies Corp.		24,300		1,466,262
Stepan Co.		8,339		334,227
Trecora Resources (a)		10,819		159,039
Tredegar Corp.		13,367		300,624
Trinseo S.A. (a) (b)		6,293		109,813
Tronox, Ltd. - Class A		30,359		724,973
Zep, Inc.		10,762		163,044
				18,891,843
Commercial Services & Supplies—2.1%
ABM Industries, Inc.		27,975		801,484
ACCO Brands Corp. (a)		56,671		510,606
ARC Document Solutions, Inc. (a)		21,379		218,493
Brady Corp. - Class A		22,732		621,493
Brink’s Co. (The)		24,924		608,395
Ceco Environmental Corp.		9,240		143,590
Civeo Corp.		45,952		188,863
Deluxe Corp.		23,936		1,490,016
Ennis, Inc.		14,123		190,237
G&K Services, Inc. - Class A		9,849		697,802
Healthcare Services Group, Inc. (b)		34,663		1,072,127
Herman Miller, Inc.		29,708		874,306
HNI Corp.		22,107		1,128,783
InnerWorkings, Inc. (a) (b)		18,030		140,454
Interface, Inc.		31,333		516,054
Kimball International, Inc. - Class B		18,813		171,574
Knoll, Inc.		23,781		503,444
Matthews International Corp. - Class A		15,251		742,266
McGrath RentCorp		13,375		479,627
Mobile Mini, Inc.		22,905		927,881
MSA Safety, Inc.		14,087		747,879
Multi-Color Corp. (b)		6,168		341,830
Performant Financial Corp. (a)		12,041		80,073

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—(Continued)
Quad/Graphics, Inc.		13,076	$	300,225
SP Plus Corp. (a)		8,683		219,072
Steelcase, Inc. - Class A		41,383		742,825
Team, Inc. (a)		10,055		406,825
Tetra Tech, Inc. (e)		31,618		844,201
U.S. Ecology, Inc. (b)		10,067		403,888
UniFirst Corp.		7,187		872,861
United Stationers, Inc. (b)		18,238		768,914
Viad Corp.		11,786		314,215
West Corp.		18,891		623,403
				18,693,706
Communications Equipment—1.4%
ADTRAN, Inc.		26,122		569,460
Aruba Networks, Inc. (a)		50,397		916,217
Bel Fuse, Inc. - Class B		5,512		150,698
Black Box Corp.		6,291		150,355
CalAmp Corp. (a) (b)		19,380		354,654
Calix, Inc. (a)		19,494		195,330
Ciena Corp. (a) (b)		51,644		1,002,410
Comtech Telecommunications Corp.		8,068		254,303
Digi International, Inc. (a)		14,316		132,996
Emulex Corp. (a)		40,667		230,582
Extreme Networks, Inc. (a)		49,338		174,163
Finisar Corp. (a) (b)		50,382		977,915
Harmonic, Inc. (a)		48,063		336,922
Infinera Corp. (a) (b)		59,921		882,037
InterDigital, Inc. (b)		17,703		936,489
Ixia (a)		28,748		323,415
KVH Industries, Inc. (a)		8,641		109,309
NETGEAR, Inc. (a)		17,479		621,903
Plantronics, Inc.		20,899		1,108,065
Polycom, Inc. (a)		67,951		917,338
Ruckus Wireless, Inc. (a) (b)		32,295		388,186
ShoreTel, Inc. (a)		28,961		212,863
Sonus Networks, Inc. (a) (b)		111,897		444,231
Ubiquiti Networks, Inc. (b)		14,660		434,522
ViaSat, Inc. (a) (b)		19,916		1,255,305
				13,079,668
Construction & Engineering—0.7%
Aegion Corp. (a)		20,173		375,420
Argan, Inc.		6,140		206,550
Comfort Systems USA, Inc.		19,376		331,717
Dycom Industries, Inc. (a)		16,749		587,722
EMCOR Group, Inc.		33,263		1,479,871
Furmanite Corp. (a)		19,494		152,443
Granite Construction, Inc.		19,068		724,965
Great Lakes Dredge & Dock Corp. (a)		30,172		258,272
Layne Christensen Co. (a) (b)		10,645		101,553
MasTec, Inc. (a)		32,059		724,854
MYR Group, Inc. (a)		10,017		274,466
Northwest Pipe Co. (a)		4,794		144,395
Orion Marine Group, Inc. (a)		14,575		161,054
Primoris Services Corp.		17,845		414,718
Tutor Perini Corp. (a)		19,192		461,952
				6,399,952
Construction Materials—0.1%
Headwaters, Inc. (a)		38,364		575,076
U.S. Concrete, Inc. (a) (b)		7,217		205,324
				780,400
Consumer Finance—0.6%
Cash America International, Inc.		14,003		316,748
Credit Acceptance Corp. (a) (b)		2,944		401,591
Encore Capital Group, Inc. (a) (b)		12,804		568,497
Enova International, Inc. (a)		12,812		285,195
Ezcorp, Inc. - Class A (a) (b)		24,505		287,934
First Cash Financial Services, Inc. (a)		14,639		814,953
Green Dot Corp. - Class A (a)		15,649		320,648
Nelnet, Inc. - Class A		10,320		478,126
PRA Group, Inc. (a) (b)		23,875		1,383,079
Springleaf Holdings, Inc. (a) (b)		11,201		405,140
World Acceptance Corp. (a) (b)		3,560		282,842
				5,544,753
Containers & Packaging—0.4%
AEP Industries, Inc. (a)		2,193		127,523
Berry Plastics Group, Inc. (a)		44,247		1,395,993
Graphic Packaging Holding Co. (a)		160,202		2,181,951
Myers Industries, Inc.		13,337		234,731
				3,940,198
Distributors—0.2%
Core-Mark Holding Co., Inc.		11,864		734,738
Pool Corp.		21,723		1,378,107
				2,112,845
Diversified Consumer Services—1.0%
2U, Inc. (a)		5,705		112,160
American Public Education, Inc. (a) (b)		7,357		271,253
Ascent Capital Group, Inc. - Class A (a)		6,860		363,100
Bright Horizons Family Solutions, Inc. (a)		15,292		718,877
Capella Education Co.		5,633		433,516
Career Education Corp. (a)		30,241		210,477
Carriage Services, Inc.		9,414		197,223
Chegg, Inc. (a) (b)		37,968		262,359
Grand Canyon Education, Inc. (a)		22,843		1,065,854
Houghton Mifflin Harcourt Co. (a)		53,858		1,115,399
ITT Educational Services, Inc. (a) (b)		12,709		122,134
K12, Inc. (a)		17,337		205,790
LifeLock, Inc. (a) (b)		40,242		744,879
Regis Corp. (a)		24,117		404,201
Sotheby’s (b)		30,046		1,297,386
Steiner Leisure, Ltd. (a)		7,524		347,684
Strayer Education, Inc. (a)		5,524		410,323
Universal Technical Institute, Inc.		11,178		109,992
Weight Watchers International, Inc. (a) (b)		14,219		353,200
				8,745,807
Diversified Financial Services—0.3%
Gain Capital Holdings, Inc.		12,111		109,241
MarketAxess Holdings, Inc.		17,813		1,277,370

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Financial Services—(Continued)
NewStar Financial, Inc. (a)		14,397	$	184,282
PHH Corp. (a) (b)		24,884		596,221
PICO Holdings, Inc. (a)		12,147		228,971
				2,396,085
Diversified Telecommunication Services—0.6%
8x8, Inc. (a) (b)		43,269		396,344
Atlantic Tele-Network, Inc.		4,754		321,323
Cincinnati Bell, Inc. (a)		102,081		325,638
Cogent Communications Holdings, Inc.		22,011		778,969
Consolidated Communications Holdings, Inc. (b)		24,229		674,293
Fairpoint Communications, Inc. (a)		11,602		164,864
General Communication, Inc. - Class A (a)		16,537		227,384
Globalstar, Inc. (a) (b)		125,841		346,063
Hawaiian Telcom Holdco, Inc. (a) (b)		6,401		176,476
IDT Corp. - Class B		8,438		171,376
inContact, Inc. (a) (b)		27,382		240,688
Inteliquent, Inc.		16,025		314,571
Intelsat S.A. (a) (b)		13,533		234,933
Iridium Communications, Inc. (a) (b)		40,171		391,667
Lumos Networks Corp.		8,454		142,196
ORBCOMM, Inc. (a)		27,147		177,541
Premiere Global Services, Inc. (a)		24,982		265,309
Vonage Holdings Corp. (a)		74,697		284,596
				5,634,231
Electric Utilities—1.3%
ALLETE, Inc.		21,460		1,183,304
Cleco Corp.		29,040		1,583,842
El Paso Electric Co.		18,779		752,287
Empire District Electric Co. (The)		22,399		666,146
IDACORP, Inc. (b)		23,679		1,567,313
MGE Energy, Inc.		16,879		769,851
NRG Yield, Inc. - Class A (b)		11,593		546,494
Otter Tail Corp. (b)		18,873		584,308
PNM Resources, Inc.		37,169		1,101,318
Portland General Electric Co. (b)		36,592		1,384,275
UIL Holdings Corp. (b)		27,339		1,190,340
Unitil Corp.		7,429		272,422
				11,601,900
Electrical Equipment—0.9%
AZZ, Inc.		12,522		587,532
Capstone Turbine Corp. (a) (b)		165,155		122,099
Encore Wire Corp.		10,537		393,346
EnerSys (b)		22,957		1,416,906
Enphase Energy, Inc. (a)		9,620		137,470
Franklin Electric Co., Inc.		23,378		877,376
FuelCell Energy, Inc. (a) (b)		111,070		171,048
Generac Holdings, Inc. (a) (b)		33,669		1,574,363
General Cable Corp.		24,951		371,770
Global Power Equipment Group, Inc.		8,163		112,731
GrafTech International, Ltd. (a) (b)		58,953		298,302
Plug Power, Inc. (a) (b)		78,410		235,230
Polypore International, Inc. (a) (b)		21,441		1,008,799
Electrical Equipment—(Continued)
Powell Industries, Inc. (b)		4,404		216,104
Power Solutions International, Inc. (a) (b)		2,293		118,342
PowerSecure International, Inc. (a) (b)		9,992		116,407
Thermon Group Holdings, Inc. (a)		15,847		383,339
Vicor Corp. (a)		8,633		104,459
				8,245,623
Electronic Equipment, Instruments & Components—2.5%
Anixter International, Inc. (a)		13,642		1,206,771
Badger Meter, Inc. (b)		6,820		404,767
Belden, Inc.		21,125		1,664,861
Benchmark Electronics, Inc. (a)		26,588		676,399
Checkpoint Systems, Inc. (a)		21,005		288,399
Cognex Corp. (a)		42,029		1,737,059
Coherent, Inc. (a)		12,319		748,010
CTS Corp.		18,070		322,188
Daktronics, Inc.		18,513		231,598
DTS, Inc. (a)		9,298		285,914
Electro Rent Corp.		9,062		127,230
Fabrinet (a)		17,507		310,574
FARO Technologies, Inc. (a)		8,551		535,977
FEI Co.		19,981		1,805,283
GSI Group, Inc. (a)		18,739		275,838
II-VI, Inc. (a) (b)		27,302		372,672
Insight Enterprises, Inc. (a) (e)		19,337		500,635
InvenSense, Inc. (a) (b)		34,992		568,970
Itron, Inc. (a)		19,812		837,850
Kimball Electronics, Inc. (a)		14,109		169,590
Littelfuse, Inc.		11,202		1,082,897
Maxwell Technologies, Inc. (a) (b)		14,377		131,118
Mercury Systems, Inc. (a)		15,581		216,888
Mesa Laboratories, Inc.		1,474		113,955
Methode Electronics, Inc.		19,169		699,860
MTS Systems Corp.		7,482		561,374
Newport Corp. (a)		20,202		386,060
OSI Systems, Inc. (a)		10,001		707,771
Park Electrochemical Corp.		10,569		263,485
PC Connection, Inc.		5,366		131,735
Plexus Corp. (a) (e)		17,502		721,257
RealD, Inc. (a)		18,684		220,471
Rofin-Sinar Technologies, Inc. (a)		15,227		438,081
Rogers Corp. (a)		8,965		730,110
Sanmina Corp. (a)		38,743		911,623
ScanSource, Inc. (a)		14,516		582,963
SYNNEX Corp.		13,438		1,050,314
TTM Technologies, Inc. (a) (b)		26,923		202,730
Universal Display Corp. (a) (b)		21,034		583,694
Vishay Precision Group, Inc. (a)		6,727		115,435
				22,922,406
Energy Equipment & Services—1.2%
Basic Energy Services, Inc. (a) (b)		14,197		99,521
Bristow Group, Inc.		17,044		1,121,325
C&J Energy Services, Inc. (a)		23,819		314,649
CARBO Ceramics, Inc. (b)		9,345		374,267
Era Group, Inc. (a)		10,332		218,522

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—(Continued)
Exterran Holdings, Inc.		28,971	$	943,875
Forum Energy Technologies, Inc. (a)		29,182		604,943
Geospace Technologies Corp. (a) (b)		6,866		181,949
Gulf Island Fabrication, Inc.		7,812		151,475
GulfMark Offshore, Inc. - Class A (b)		13,516		330,061
Helix Energy Solutions Group, Inc. (a)		52,891		1,147,735
Hercules Offshore, Inc. (a) (b)		82,886		82,886
Hornbeck Offshore Services, Inc. (a) (b)		18,165		453,580
ION Geophysical Corp. (a) (b)		64,763		178,098
Key Energy Services, Inc. (a)		64,648		107,962
Matrix Service Co. (a)		14,196		316,855
McDermott International, Inc. (a) (b)		116,414		338,765
Natural Gas Services Group, Inc. (a)		6,643		153,055
Newpark Resources, Inc. (a)		42,672		407,091
Nordic American Offshore, Ltd. (a) (b)		13,678		167,966
Parker Drilling Co. (a)		61,149		187,727
PHI, Inc. (a)		6,426		240,332
Pioneer Energy Services Corp. (a)		31,825		176,310
RigNet, Inc. (a) (b)		5,320		218,280
SEACOR Holdings, Inc. (a) (b)		10,116		746,662
Tesco Corp.		16,366		209,812
TETRA Technologies, Inc. (a)		39,068		260,974
U.S. Silica Holdings, Inc. (b)		26,394		678,062
Willbros Group, Inc. (a) (b)		22,413		140,529
				10,553,268
Food & Staples Retailing—1.0%
Andersons, Inc. (The)		13,251		704,158
Casey’s General Stores, Inc. (b)		18,741		1,692,687
Chefs’ Warehouse, Inc. (The) (a) (b)		8,577		197,614
Diplomat Pharmacy, Inc. (a)		9,007		246,522
Fresh Market, Inc. (The) (a) (b)		21,412		882,174
Ingles Markets, Inc. - Class A		6,173		228,957
Natural Grocers by Vitamin Cottage, Inc. (a) (b)		5,060		142,540
Pantry, Inc. (The) (a)		12,441		461,063
Pricesmart, Inc. (b)		8,697		793,340
Smart & Final Stores, Inc. (a)		9,850		154,941
SpartanNash Co.		19,948		521,441
SUPERVALU, Inc. (a)		101,674		986,238
United Natural Foods, Inc. (a)		24,142		1,866,780
Weis Markets, Inc.		6,205		296,723
				9,175,178
Food Products—1.5%
B&G Foods, Inc. (b)		26,523		793,038
Boulder Brands, Inc. (a) (b)		31,712		350,735
Cal-Maine Foods, Inc. (b)		14,936		582,952
Calavo Growers, Inc.		7,353		347,797
Chiquita Brands International, Inc. (a)		24,259		350,785
Darling Ingredients, Inc. (a)		80,172		1,455,924
Dean Foods Co. (b)		46,603		903,166
Diamond Foods, Inc. (a) (b)		11,938		337,010
Farmer Bros Co. (a)		4,203		123,778
Fresh Del Monte Produce, Inc.		16,577		556,158
Freshpet, Inc. (a) (b)		8,991		153,386
J&J Snack Foods Corp.		7,446		809,901
Food Products—(Continued)
John B Sanfilippo & Son, Inc.		4,642		211,211
Lancaster Colony Corp.		8,511		796,970
Limoneira Co. (b)		4,954		123,751
Omega Protein Corp. (a)		11,349		119,959
Post Holdings, Inc. (a) (b)		22,440		940,012
Sanderson Farms, Inc. (b)		11,435		960,826
Seaboard Corp. (a) (b)		128		537,338
Seneca Foods Corp. - Class A (a)		4,612		124,662
Snyders-Lance, Inc.		22,934		700,634
Tootsie Roll Industries, Inc. (b)		10,237		313,764
TreeHouse Foods, Inc. (a)		20,661		1,767,135
				13,360,892
Gas Utilities—1.1%
Chesapeake Utilities Corp. (b)		6,975		346,379
Laclede Group, Inc. (The)		20,981		1,116,189
New Jersey Resources Corp.		19,650		1,202,580
Northwest Natural Gas Co. (b)		12,275		612,522
ONE Gas, Inc.		25,410		1,047,400
Piedmont Natural Gas Co., Inc.		38,534		1,518,625
South Jersey Industries, Inc.		15,904		937,223
Southwest Gas Corp.		22,160		1,369,710
WGL Holdings, Inc. (b)		25,094		1,370,634
				9,521,262
Health Care Equipment & Supplies—3.3%
Abaxis, Inc. (b)		10,347		588,020
ABIOMED, Inc. (a)		19,803		753,702
Accuray, Inc. (a) (b)		37,218		280,996
Analogic Corp.		6,542		553,519
AngioDynamics, Inc. (a)		13,423		255,171
Anika Therapeutics, Inc. (a)		7,087		288,724
Antares Pharma, Inc. (a) (b)		63,955		164,364
AtriCure, Inc. (a)		16,421		327,763
Atrion Corp. (b)		874		297,169
Cantel Medical Corp.		16,951		733,300
Cardiovascular Systems, Inc. (a)		12,840		386,227
Cerus Corp. (a) (b)		39,154		244,321
CONMED Corp.		14,206		638,702
CryoLife, Inc.		17,220		195,103
Cyberonics, Inc. (a)		13,162		732,860
Cynosure, Inc. - Class A (a)		11,463		314,315
Derma Sciences, Inc. (a) (b)		10,829		100,818
DexCom, Inc. (a)		36,695		2,020,060
Endologix, Inc. (a) (b)		32,408		495,518
Exactech, Inc. (a)		5,322		125,440
GenMark Diagnostics, Inc. (a) (b)		19,362		263,517
Globus Medical, Inc. - Class A (a)		32,393		769,982
Greatbatch, Inc. (a)		12,931		637,498
Haemonetics Corp. (a)		26,522		992,453
HeartWare International, Inc. (a) (b)		8,570		629,295
ICU Medical, Inc. (a)		6,398		523,996
Insulet Corp. (a)		27,643		1,273,237
Integra LifeSciences Holdings Corp. (a)		12,903		699,730
Invacare Corp.		15,930		266,987
LDR Holding Corp. (a)		8,441		276,696

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
Masimo Corp. (a)		21,582	$	568,470
Meridian Bioscience, Inc. (b)		22,552		371,206
Merit Medical Systems, Inc. (a)		21,638		374,987
Natus Medical, Inc. (a)		16,472		593,651
Neogen Corp. (a)		17,828		884,091
Nevro Corp. (a) (b)		5,390		208,431
NuVasive, Inc. (a)		21,973		1,036,247
NxStage Medical, Inc. (a)		30,508		547,008
OraSure Technologies, Inc. (a)		29,491		299,039
Orthofix International NV (a) (b)		9,598		288,516
Quidel Corp. (a) (b)		13,903		402,075
Rockwell Medical, Inc. (a)		22,438		230,663
RTI Surgical, Inc. (a)		30,534		158,777
Spectranetics Corp. (The) (a) (b)		21,548		745,130
STAAR Surgical Co. (a) (b)		19,419		176,907
STERIS Corp.		28,172		1,826,954
SurModics, Inc. (a) (b)		5,420		119,782
Symmetry Surgical, Inc. (a)		5,265		41,014
Thoratec Corp. (a)		28,903		938,191
Tornier NV (a)		17,693		451,171
Unilife Corp. (a) (b)		55,575		186,176
Utah Medical Products, Inc.		2,002		120,220
Vascular Solutions, Inc. (a)		9,953		270,323
Volcano Corp. (a) (b)		27,732		495,848
West Pharmaceutical Services, Inc.		33,415		1,779,015
Wright Medical Group, Inc. (a)		24,578		660,411
Zeltiq Aesthetics, Inc. (a) (b)		14,709		410,528
				30,014,314
Health Care Providers & Services—2.4%
Acadia Healthcare Co., Inc. (a) (b)		21,047		1,288,287
Adeptus Health, Inc. - Class A (a)		3,115		116,501
Air Methods Corp. (a) (b)		18,730		824,682
Almost Family, Inc. (a)		4,667		135,110
Amedisys, Inc. (a)		13,972		410,078
AMN Healthcare Services, Inc. (a)		23,983		470,067
Amsurg Corp. (a)		20,846		1,140,902
Bio-Reference Labs, Inc. (a) (b)		12,716		408,565
BioScrip, Inc. (a) (b)		29,688		207,519
BioTelemetry, Inc. (a)		15,006		150,510
Capital Senior Living Corp. (a)		14,260		355,217
Chemed Corp. (b)		8,215		868,079
Corvel Corp. (a)		5,325		198,196
Cross Country Healthcare, Inc. (a)		16,495		205,858
Ensign Group, Inc. (The)		9,034		401,019
ExamWorks Group, Inc. (a) (b)		17,240		717,012
Gentiva Health Services, Inc. (a)		16,117		307,029
Hanger, Inc. (a)		17,356		380,096
HealthEquity, Inc. (a)		5,645		143,665
HealthSouth Corp.		42,069		1,617,974
Healthways, Inc. (a) (b)		16,239		322,831
IPC The Hospitalist Co., Inc. (a)		9,377		430,310
Kindred Healthcare, Inc.		34,461		626,501
Landauer, Inc. (b)		5,165		176,333
LHC Group, Inc. (a)		6,847		213,489
Magellan Health, Inc. (a)		13,774		826,853
Health Care Providers & Services—(Continued)
Molina Healthcare, Inc. (a)		14,027		750,865
MWI Veterinary Supply, Inc. (a)		6,043		1,026,766
National Healthcare Corp.		5,246		329,659
Owens & Minor, Inc. (b)		31,521		1,106,702
PharMerica Corp. (a)		13,843		286,689
Providence Service Corp. (The) (a)		4,961		180,779
RadNet, Inc. (a)		17,918		153,020
Select Medical Holdings Corp.		38,917		560,405
Surgical Care Affiliates, Inc. (a) (b)		7,471		251,399
Team Health Holdings, Inc. (a)		34,473		1,983,232
Triple-S Management Corp. - Class B (a)		12,074		288,689
U.S. Physical Therapy, Inc.		6,011		252,222
Universal American Corp. (a)		20,509		190,323
WellCare Health Plans, Inc. (a)		21,378		1,754,279
				22,057,712
Health Care Technology—0.5%
Computer Programs & Systems, Inc. (b)		5,856		355,752
HealthStream, Inc. (a)		10,052		296,333
HMS Holdings Corp. (a) (b)		44,959		950,433
MedAssets, Inc. (a)		31,309		618,666
Medidata Solutions, Inc. (a) (b)		26,770		1,278,268
Merge Healthcare, Inc. (a)		38,387		136,658
Omnicell, Inc. (a)		18,760		621,331
Quality Systems, Inc.		24,814		386,850
Vocera Communications, Inc. (a)		11,244		117,162
				4,761,453
Hotels, Restaurants & Leisure—2.9%
Belmond, Ltd. - Class A (a)		45,218		559,347
Biglari Holdings, Inc. (a)		871		347,973
BJ’s Restaurants, Inc. (a) (b)		10,878		546,184
Bloomin’ Brands, Inc. (a)		38,253		947,144
Bob Evans Farms, Inc.		12,754		652,750
Boyd Gaming Corp. (a) (b)		35,670		455,863
Bravo Brio Restaurant Group, Inc. (a)		9,979		138,808
Buffalo Wild Wings, Inc. (a) (b)		9,275		1,673,024
Caesars Acquisition Co. - Class A (a)		27,244		280,886
Caesars Entertainment Corp. (a) (b)		25,824		405,179
Carrols Restaurant Group, Inc. (a) (b)		20,354		155,301
Cheesecake Factory, Inc. (The) (b)		23,244		1,169,406
Churchill Downs, Inc.		6,136		584,761
Chuy’s Holdings, Inc. (a) (b)		8,272		162,710
ClubCorp Holdings, Inc.		11,474		205,729
Cracker Barrel Old Country Store, Inc. (b)		9,028		1,270,781
Del Frisco’s Restaurant Group, Inc. (a)		12,052		286,114
Denny’s Corp. (a)		44,196		455,661
Diamond Resorts International, Inc. (a) (b)		17,878		498,796
DineEquity, Inc.		7,910		819,792
Fiesta Restaurant Group, Inc. (a) (b)		13,371		812,957
Habit Restaurants, Inc. (The) - Class A (a)		4,280		138,458
International Speedway Corp. - Class A		12,533		396,669
Interval Leisure Group, Inc. (b)		19,771		413,016
Jack in the Box, Inc.		19,588		1,566,256
Jamba, Inc. (a) (b)		9,661		145,784
Krispy Kreme Doughnuts, Inc. (a) (b)		33,031		652,032

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—(Continued)
La Quinta Holdings, Inc. (a)		19,995	$	441,090
Life Time Fitness, Inc. (a)		20,079		1,136,873
Marcus Corp.		6,771		125,331
Marriott Vacations Worldwide Corp.		13,105		976,847
Morgans Hotel Group Co. (a)		12,602		98,800
Nathan’s Famous, Inc. (a)		1,762		140,960
Noodles & Co. (a) (b)		5,702		150,248
Papa John’s International, Inc.		14,171		790,742
Penn National Gaming, Inc. (a)		39,538		542,857
Pinnacle Entertainment, Inc. (a) (b)		27,272		606,802
Popeyes Louisiana Kitchen, Inc. (a)		11,867		667,756
Red Robin Gourmet Burgers, Inc. (a)		7,250		558,069
Ruby Tuesday, Inc. (a) (b)		31,853		217,875
Ruth’s Hospitality Group, Inc.		17,912		268,680
Scientific Games Corp. - Class A (a)		22,727		289,315
Sonic Corp.		27,410		746,374
Speedway Motorsports, Inc.		7,078		154,796
Texas Roadhouse, Inc.		33,641		1,135,720
Vail Resorts, Inc.		17,733		1,616,008
				26,406,524
Household Durables—1.1%
Beazer Homes USA, Inc. (a) (b)		13,700		265,232
Cavco Industries, Inc. (a)		4,452		352,910
CSS Industries, Inc.		4,201		116,116
Ethan Allen Interiors, Inc. (b)		12,159		376,564
Helen of Troy, Ltd. (a)		13,964		908,498
Hovnanian Enterprises, Inc. - Class A (a) (b)		56,064		231,544
iRobot Corp. (a)		14,746		511,981
KB Home (b)		43,434		718,833
La-Z-Boy, Inc.		26,643		715,098
LGI Homes, Inc. (a) (b)		7,793		116,272
Libbey, Inc. (a)		10,247		322,166
M/I Homes, Inc. (a)		12,868		295,449
MDC Holdings, Inc. (b)		19,869		525,932
Meritage Homes Corp. (a)		19,962		718,432
NACCO Industries, Inc. - Class A		2,380		141,277
Ryland Group, Inc. (The) (b)		23,149		892,625
Standard Pacific Corp. (a) (b)		71,989		524,800
TRI Pointe Homes, Inc. (a)		72,675		1,108,294
Universal Electronics, Inc. (a)		7,461		485,189
WCI Communities, Inc. (a) (b)		6,498		127,231
William Lyon Homes - Class A (a)		9,057		183,585
				9,638,028
Household Products—0.2%
Central Garden and Pet Co. - Class A (a)		23,384		223,317
Harbinger Group, Inc. (a)		41,219		583,661
Orchids Paper Products Co.		3,667		106,747
WD-40 Co. (b)		7,863		668,984
				1,582,709
Independent Power and Renewable Electricity Producers—0.4%
Abengoa Yield plc (b)		13,281		362,837
Atlantic Power Corp. (b)		59,196		160,421
Dynegy, Inc. (a)		59,317		1,800,271
Independent Power and Renewable Electricity Producers—(Continued)
Ormat Technologies, Inc.		9,298		252,720
Pattern Energy Group, Inc.		19,338		476,875
TerraForm Power, Inc. - Class A		13,829		427,040
Vivint Solar, Inc. (a)		15,451		142,458
				3,622,622
Industrial Conglomerates—0.1%
Raven Industries, Inc. (b)		18,658		466,450
Insurance—2.4%
Ambac Financial Group, Inc. (a)		22,444		549,878
American Equity Investment Life Holding Co.		34,776		1,015,112
AMERISAFE, Inc.		9,298		393,863
Amtrust Financial Services, Inc. (b)		14,572		819,675
Argo Group International Holdings, Ltd.		12,861		713,400
Baldwin & Lyons, Inc. - Class B		4,133		106,549
Citizens, Inc. (a) (b)		22,172		168,507
CNO Financial Group, Inc.		98,977		1,704,384
Crawford & Co. - Class B (b)		14,358		147,600
eHealth, Inc. (a)		9,723		242,297
Employers Holdings, Inc.		16,380		385,094
Enstar Group, Ltd. (a) (b)		4,185		639,845
FBL Financial Group, Inc. - Class A		4,790		277,964
Federated National Holding Co.		5,884		142,157
Fidelity & Guaranty Life		4,816		116,884
First American Financial Corp. (b)		52,300		1,772,970
Global Indemnity plc (a)		3,335		94,614
Greenlight Capital Re, Ltd. - Class A (a) (b)		13,998		457,035
HCI Group, Inc. (b)		5,174		223,724
Horace Mann Educators Corp.		18,131		601,587
Infinity Property & Casualty Corp.		5,597		432,424
Kemper Corp.		22,886		826,414
Maiden Holdings, Ltd. (b)		26,833		343,194
Meadowbrook Insurance Group, Inc. (b)		26,803		226,753
Montpelier Re Holdings, Ltd. (b)		17,757		636,056
National General Holdings Corp.		15,899		295,880
National Interstate Corp.		3,807		113,449
National Western Life Insurance Co. - Class A		1,212		326,331
Navigators Group, Inc. (The) (a)		5,301		388,775
OneBeacon Insurance Group, Ltd. - Class A		11,496		186,235
Phoenix Cos., Inc. (The) (a) (b)		3,332		229,475
Platinum Underwriters Holdings, Ltd.		12,541		920,760
Primerica, Inc.		26,691		1,448,254
RLI Corp.		20,825		1,028,755
Safety Insurance Group, Inc.		6,815		436,228
Selective Insurance Group, Inc.		28,514		774,725
State Auto Financial Corp.		7,940		176,427
State National Cos., Inc. (b)		16,981		203,432
Stewart Information Services Corp.		11,286		418,033
Symetra Financial Corp.		37,115		855,501
Third Point Reinsurance, Ltd. (a)		28,266		409,574
United Fire Group, Inc.		9,732		289,332
United Insurance Holdings Corp.		8,654		189,955
Universal Insurance Holdings, Inc. (b)		16,046		328,141
				22,057,242

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Internet & Catalog Retail—0.5%
1-800-Flowers.com, Inc. - Class A (a)		13,704	$	112,921
Blue Nile, Inc. (a) (b)		6,605		237,846
Coupons.com, Inc. (a)		6,725		119,369
EVINE Live, Inc. (a)		23,836		157,079
FTD Cos., Inc. (a)		9,600		334,272
HSN, Inc.		16,131		1,225,956
Lands’ End, Inc. (a) (b)		8,472		457,149
Nutrisystem, Inc.		14,262		278,822
Orbitz Worldwide, Inc. (a)		26,854		221,008
Overstock.com, Inc. (a)		6,447		156,469
PetMed Express, Inc. (b)		11,281		162,108
RetailMeNot, Inc. (a) (b)		15,308		223,803
Shutterfly, Inc. (a) (b)		19,128		797,542
Travelport Worldwide, Ltd.		17,496		314,928
Wayfair, Inc. - Class A (a) (b)		8,599		170,690
				4,969,962
Internet Software & Services—2.2%
Actua Corp. (a)		20,148		372,134
Angie’s List, Inc. (a) (b)		21,237		132,306
Bankrate, Inc. (a) (b)		33,123		411,719
Bazaarvoice, Inc. (a) (b)		25,119		201,957
Blucora, Inc. (a)		20,338		281,681
Brightcove, Inc. (a) (b)		17,409		135,442
Carbonite, Inc. (a)		9,568		136,535
ChannelAdvisor Corp. (a) (b)		10,403		224,497
Cimpress NV (a) (b)		16,340		1,222,886
comScore, Inc. (a)		16,327		758,063
Constant Contact, Inc. (a) (b)		15,503		568,960
Cornerstone OnDemand, Inc. (a) (b)		26,060		917,312
Cvent, Inc. (a) (b)		9,029		251,367
Dealertrack Technologies, Inc. (a) (b)		26,273		1,164,157
Demandware, Inc. (a) (b)		14,754		848,945
Dice Holdings, Inc. (a)		16,579		165,956
Digital River, Inc. (a) (b)		14,920		368,972
E2open, Inc. (a)		12,715		122,191
EarthLink Holdings Corp.		52,679		231,261
Endurance International Group Holdings, Inc. (a) (b)		15,481		285,315
Envestnet, Inc. (a)		16,750		823,095
Gogo, Inc. (a) (b)		27,419		453,236
GrubHub, Inc. (a)		3,643		132,314
GTT Communications, Inc. (a)		8,766		115,974
Internap Corp. (a) (b)		29,790		237,128
IntraLinks Holdings, Inc. (a)		20,583		244,938
j2 Global, Inc. (b)		23,025		1,427,550
Liquidity Services, Inc. (a) (b)		12,493		102,068
LivePerson, Inc. (a)		29,330		413,553
LogMeIn, Inc. (a) (b)		11,323		558,677
Marin Software, Inc. (a)		13,563		114,743
Marketo, Inc. (a) (b)		12,776		418,031
Monster Worldwide, Inc. (a) (b)		45,420		209,840
NIC, Inc.		33,146		596,296
Perficient, Inc. (a)		17,369		323,584
QuinStreet, Inc. (a)		19,302		117,163
Reis, Inc.		4,641		121,455
Internet Software & Services—(Continued)
Rocket Fuel, Inc. (a) (b)		9,223		148,675
SciQuest, Inc. (a)		15,491		223,845
Shutterstock, Inc. (a) (b)		7,587		524,262
SPS Commerce, Inc. (a)		7,550		427,556
Stamps.com, Inc. (a)		6,857		329,067
Textura Corp. (a) (b)		9,452		269,098
Trulia, Inc. (a)		18,166		836,181
United Online, Inc. (a)		1		15
Web.com Group, Inc. (a)		25,502		484,283
WebMD Health Corp. (a) (b)		19,045		753,230
Wix.com, Ltd. (a)		7,180		150,780
XO Group, Inc. (a)		11,690		212,875
Xoom Corp. (a) (b)		15,422		270,039
Zix Corp. (a)		32,312		116,323
				19,957,530
IT Services—2.4%
Acxiom Corp. (a)		37,591		761,970
Blackhawk Network Holdings, Inc. (a) (b)		24,769		961,037
CACI International, Inc. - Class A (a) (e)		11,906		1,026,059
Cardtronics, Inc. (a) (b)		20,736		799,995
Cass Information Systems, Inc. (b)		5,928		315,666
CIBER, Inc. (a)		40,848		145,010
Convergys Corp.		47,930		976,334
CSG Systems International, Inc. (b)		18,310		459,032
Datalink Corp. (a)		10,457		134,895
EPAM Systems, Inc. (a)		17,528		836,962
Euronet Worldwide, Inc. (a)		25,270		1,387,323
EVERTEC, Inc.		32,365		716,237
ExlService Holdings, Inc. (a)		16,429		471,677
Forrester Research, Inc.		5,782		227,579
Global Cash Access Holdings, Inc. (a)		32,995		235,914
Hackett Group, Inc. (The)		13,330		117,171
Heartland Payment Systems, Inc. (b)		17,385		937,921
iGATE Corp. (a)		17,995		710,443
Lionbridge Technologies, Inc. (a)		32,857		188,928
Luxoft Holding, Inc. (a)		4,055		156,158
ManTech International Corp. - Class A		12,440		376,061
MAXIMUS, Inc.		32,153		1,763,270
MoneyGram International, Inc. (a)		11,813		107,380
NeuStar, Inc. - Class A (a) (b)		26,451		735,338
Sapient Corp. (a)		55,778		1,387,757
Science Applications International Corp.		18,820		932,155
ServiceSource International, Inc. (a) (b)		30,987		145,019
Sykes Enterprises, Inc. (a)		20,461		480,220
Syntel, Inc. (a) (b)		15,962		717,971
TeleTech Holdings, Inc. (a)		7,377		174,687
Unisys Corp. (a)		26,228		773,201
Virtusa Corp. (a) (b)		13,325		555,253
WEX, Inc. (a)		18,556		1,835,559
				21,550,182
Leisure Products—0.4%
Arctic Cat, Inc.		6,783		240,797
Brunswick Corp.		44,823		2,297,627
Callaway Golf Co. (b)		40,594		312,574

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Leisure Products—(Continued)
LeapFrog Enterprises, Inc. (a) (b)		32,500	$	153,400
Nautilus, Inc. (a)		16,328		247,859
Smith & Wesson Holding Corp. (a) (b)		25,637		242,782
Sturm Ruger & Co., Inc. (b)		10,261		355,338
				3,850,377
Life Sciences Tools & Services—0.5%
Accelerate Diagnostics, Inc. (a) (b)		11,348		217,768
Affymetrix, Inc. (a) (b) (e)		41,239		407,029
Albany Molecular Research, Inc. (a) (b)		12,484		203,239
Cambrex Corp. (a)		15,180		328,192
Fluidigm Corp. (a) (b)		13,200		445,236
INC Research Holdings, Inc. - Class A (a)		6,623		170,145
Luminex Corp. (a)		18,464		346,385
Pacific Biosciences of California, Inc. (a) (b)		27,011		211,766
PAREXEL International Corp. (a)		27,302		1,516,899
PRA Health Sciences, Inc. (a)		11,583		280,540
Sequenom, Inc. (a) (b)		60,324		223,199
				4,350,398
Machinery—2.9%
Actuant Corp. - Class A		30,311		825,672
Alamo Group, Inc.		3,532		171,090
Albany International Corp. - Class A		14,147		537,444
Altra Industrial Motion Corp.		13,385		380,000
American Railcar Industries, Inc. (b)		4,708		242,462
Astec Industries, Inc.		10,141		398,643
Barnes Group, Inc.		27,049		1,001,083
Blount International, Inc. (a)		25,829		453,816
Briggs & Stratton Corp. (b)		23,052		470,722
Chart Industries, Inc. (a)		15,307		523,499
CIRCOR International, Inc.		8,835		532,574
CLARCOR, Inc. (b)		24,715		1,647,008
Columbus McKinnon Corp.		10,074		282,475
Douglas Dynamics, Inc.		9,877		211,664
Dynamic Materials Corp. (b)		7,259		116,289
EnPro Industries, Inc. (a)		11,493		721,301
ESCO Technologies, Inc.		13,728		506,563
Federal Signal Corp.		31,915		492,768
FreightCar America, Inc.		7,047		185,407
Global Brass & Copper Holdings, Inc.		11,099		146,063
Gorman-Rupp Co. (The) (b)		10,331		331,832
Graham Corp.		5,399		155,329
Greenbrier Cos., Inc. (b)		13,566		728,901
Harsco Corp.		39,595		747,950
Hillenbrand, Inc.		31,050		1,071,225
Hurco Cos., Inc.		3,395		115,736
Hyster-Yale Materials Handling, Inc.		4,976		364,243
John Bean Technologies Corp.		15,202		499,538
Kadant, Inc.		5,766		246,151
LB Foster Co. - Class A		5,476		265,969
Lindsay Corp. (b)		5,740		492,148
Lydall, Inc. (a)		9,530		312,775
Meritor, Inc. (a)		50,463		764,514
Miller Industries, Inc.		6,185		128,586
Machinery—(Continued)
Mueller Industries, Inc.		28,336		967,391
Mueller Water Products, Inc. - Class A		80,834		827,740
NN, Inc.		9,533		195,998
Proto Labs, Inc. (a) (b)		11,113		746,349
RBC Bearings, Inc.		11,531		744,095
Rexnord Corp. (a)		36,997		1,043,685
Standex International Corp.		6,262		483,802
Sun Hydraulics Corp.		10,558		415,774
Tennant Co.		8,929		644,406
Titan International, Inc. (b)		21,944		233,265
Trimas Corp. (a)		22,514		704,463
Wabash National Corp. (a) (b)		30,254		373,939
Watts Water Technologies, Inc. - Class A		13,983		887,081
Woodward, Inc.		31,969		1,573,834
				25,913,262
Marine—0.1%
Matson, Inc.		21,468		741,075
Navios Maritime Holdings, Inc.		39,414		161,992
Scorpio Bulkers, Inc. (a)		61,755		121,657
				1,024,724
Media—1.3%
AH Belo Corp. - Class A		11,177		116,017
AMC Entertainment Holdings, Inc. - Class A		9,526		249,391
Carmike Cinemas, Inc. (a)		12,031		316,054
Central European Media Enterprises, Ltd. - Class A (a) (b)		39,060		125,383
Cumulus Media, Inc. - Class A (a)		68,341		289,082
Daily Journal Corp. (a) (b)		598		157,280
Entercom Communications Corp. - Class A (a) (b)		14,538		176,782
Entravision Communications Corp. - Class A		29,645		192,100
Eros International plc (a)		8,899		188,303
EW Scripps Co. (The) - Class A (a) (b)		16,943		378,676
Global Eagle Entertainment, Inc. (a) (b)		19,718		268,362
Gray Television, Inc. (a)		26,074		292,029
Harte-Hanks, Inc.		26,098		201,999
Journal Communications, Inc. - Class A (a)		24,659		281,852
Lee Enterprises, Inc. (a) (b)		29,668		109,178
Loral Space & Communications, Inc. (a)		6,669		524,917
McClatchy Co. (The) - Class A (a)		32,395		107,551
MDC Partners, Inc. - Class A		19,483		442,654
Media General, Inc. (a)		27,244		455,792
Meredith Corp. (b)		18,123		984,441
National CineMedia, Inc.		31,052		446,217
New Media Investment Group, Inc.		18,547		438,266
New York Times Co. (The) - Class A (b)		68,375		903,918
Nexstar Broadcasting Group, Inc. - Class A (b)		14,830		768,046
Reading International, Inc. - Class A (a)		9,450		125,307
Rentrak Corp. (a) (b)		5,237		381,358
Scholastic Corp. (b)		14,077		512,684
Sinclair Broadcast Group, Inc. - Class A (b)		34,322		939,050
Time, Inc. (b)		54,305		1,336,446
World Wrestling Entertainment, Inc. - Class A (b)		14,120		174,241
				11,883,376

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—0.9%
AK Steel Holding Corp. (a) (b)		86,412	$	513,287
Century Aluminum Co. (a)		25,320		617,808
Coeur Mining, Inc. (a) (b)		52,874		270,186
Commercial Metals Co.		58,786		957,624
Globe Specialty Metals, Inc.		31,634		545,054
Haynes International, Inc.		6,653		322,670
Hecla Mining Co. (b)		169,761		473,633
Horsehead Holding Corp. (a) (b)		24,392		386,125
Kaiser Aluminum Corp. (b)		8,525		608,941
Materion Corp.		10,677		376,151
RTI International Metals, Inc. (a)		16,034		405,019
Schnitzer Steel Industries, Inc. - Class A (b)		13,529		305,214
Stillwater Mining Co. (a) (b)		56,563		833,739
SunCoke Energy, Inc.		35,308		682,857
Worthington Industries, Inc.		24,642		741,478
				8,039,786
Multi-Utilities—0.4%
Avista Corp. (b)		30,460		1,076,761
Black Hills Corp.		20,984		1,112,991
NorthWestern Corp.		22,620		1,279,840
				3,469,592
Multiline Retail—0.2%
Burlington Stores, Inc. (a)		14,444		682,623
Fred’s, Inc. - Class A		16,556		288,240
Tuesday Morning Corp. (a) (b)		19,604		425,407
				1,396,270
Oil, Gas & Consumable Fuels—2.0%
Abraxas Petroleum Corp. (a) (b)		46,276		136,051
Alon USA Energy, Inc. (b)		12,159		154,055
Alpha Natural Resources, Inc. (a) (b)		111,628		186,419
Approach Resources, Inc. (a) (b)		17,593		112,419
Arch Coal, Inc.		105,697		188,141
Ardmore Shipping Corp.		9,686		115,941
Bill Barrett Corp. (a)		24,966		284,363
Bonanza Creek Energy, Inc. (a) (b)		16,075		385,800
Callon Petroleum Co. (a)		27,924		152,186
Carrizo Oil & Gas, Inc. (a)		21,672		901,555
Clayton Williams Energy, Inc. (a) (b)		3,222		205,564
Clean Energy Fuels Corp. (a) (b)		35,238		176,014
Cloud Peak Energy, Inc. (a)		31,583		289,932
Comstock Resources, Inc. (b)		24,676		168,044
Contango Oil & Gas Co. (a)		7,670		224,271
Delek U.S. Holdings, Inc.		29,102		793,903
DHT Holdings, Inc. (b)		46,222		337,883
Diamondback Energy, Inc. (a)		20,426		1,221,066
Eclipse Resources Corp. (a) (b)		19,258		135,384
Energy XXI, Ltd. (b)		45,315		147,727
EXCO Resources, Inc. (b)		85,891		186,383
GasLog, Ltd. (b)		20,748		422,222
Green Plains, Inc. (b)		18,400		455,952
Halcon Resources Corp. (a) (b)		127,821		227,521
Magnum Hunter Resources Corp. (a) (b)		97,509		306,178
Matador Resources Co. (a) (b)		35,906		726,378
Oil, Gas & Consumable Fuels—(Continued)
Navios Maritime Acquisition Corp.		29,801		108,178
Nordic American Tankers, Ltd. (b)		45,633		459,524
Northern Oil and Gas, Inc. (a) (b)		32,713		184,828
Pacific Ethanol, Inc. (a)		10,287		106,265
Panhandle Oil and Gas, Inc. - Class A (b)		6,216		144,708
Parsley Energy, Inc. - Class A (a) (b)		26,890		429,164
PDC Energy, Inc. (a)		17,964		741,374
Penn Virginia Corp. (a) (b)		32,308		215,817
PetroQuest Energy, Inc. (a)		28,823		107,798
Renewable Energy Group, Inc. (a) (b)		17,354		168,507
REX American Resources Corp. (a)		2,900		179,713
Rex Energy Corp. (a) (b)		22,443		114,459
Ring Energy, Inc. (a) (b)		12,573		132,017
Rosetta Resources, Inc. (a)		30,879		688,911
RSP Permian, Inc. (a) (b)		10,526		264,624
Sanchez Energy Corp. (a) (b)		24,958		231,860
Scorpio Tankers, Inc. (b)		72,913		633,614
SemGroup Corp. - Class A		20,439		1,397,823
Ship Finance International, Ltd. (b)		28,428		401,403
Stone Energy Corp. (a) (b)		27,971		472,151
Synergy Resources Corp. (a) (b)		32,872		412,215
Teekay Tankers, Ltd. - Class A (b)		32,292		163,398
Triangle Petroleum Corp. (a) (b)		35,098		167,768
VAALCO Energy, Inc. (a)		25,290		115,322
W&T Offshore, Inc. (b)		18,499		135,783
Western Refining, Inc.		25,776		973,817
Westmoreland Coal Co. (a)		7,463		247,846
				18,040,239
Paper & Forest Products—0.7%
Boise Cascade Co. (a)		19,596		727,992
Clearwater Paper Corp. (a)		9,575		656,366
Deltic Timber Corp.		6,001		410,468
KapStone Paper and Packaging Corp.		41,235		1,208,598
Louisiana-Pacific Corp. (a) (b)		69,384		1,148,999
Neenah Paper, Inc.		7,745		466,791
PH Glatfelter Co.		21,278		544,079
Resolute Forest Products, Inc. (a)		32,474		571,867
Schweitzer-Mauduit International, Inc.		14,898		630,185
Wausau Paper Corp. (b)		23,588		268,196
				6,633,541
Personal Products—0.2%
Elizabeth Arden, Inc. (a) (b)		12,466		266,648
IGI Laboratories, Inc. (a) (b)		17,535		154,308
Inter Parfums, Inc.		8,191		224,843
Medifast, Inc. (a) (b)		7,275		244,076
Revlon, Inc. - Class A (a)		6,172		210,835
USANA Health Sciences, Inc. (a) (b)		2,803		287,560
				1,388,270
Pharmaceuticals—1.8%
Aerie Pharmaceuticals, Inc. (a) (b)		5,743		167,638
Akorn, Inc. (a) (b)		29,811		1,079,158
ANI Pharmaceuticals, Inc. (a)		3,380		190,598
Aratana Therapeutics, Inc. (a) (b)		12,495		222,661

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—(Continued)
Auxilium Pharmaceuticals, Inc. (a) (b)		24,788	$	852,335
AVANIR Pharmaceuticals, Inc. - Class A (a)		94,061		1,594,334
Bio-Path Holdings, Inc. (a) (b)		41,522		110,449
BioDelivery Sciences International, Inc. (a) (b)		20,287		243,850
Catalent, Inc. (a)		23,488		654,845
Cempra, Inc. (a) (b)		11,324		266,227
Depomed, Inc. (a)		31,001		499,426
Endocyte, Inc. (a) (b)		21,515		135,329
Horizon Pharma plc (a) (b)		29,283		377,458
Impax Laboratories, Inc. (a) (b)		34,206		1,083,646
Intra-Cellular Therapies, Inc. (a) (b)		11,830		208,800
Lannett Co., Inc. (a) (b)		12,710		545,005
Medicines Co. (The) (a)		32,038		886,492
Nektar Therapeutics (a) (b)		62,084		962,302
Omeros Corp. (a) (b)		16,069		398,190
Pacira Pharmaceuticals, Inc. (a) (b)		17,459		1,547,915
Pernix Therapeutics Holdings, Inc. (a) (b)		17,177		161,292
Phibro Animal Health Corp. - Class A		6,026		190,120
Pozen, Inc. (a) (b)		15,222		121,776
Prestige Brands Holdings, Inc. (a)		26,054		904,595
Relypsa, Inc. (a)		8,607		265,096
Repros Therapeutics, Inc. (a)		13,428		133,877
Sagent Pharmaceuticals, Inc. (a) (b)		11,006		276,361
Sciclone Pharmaceuticals, Inc. (a)		27,839		243,870
Sucampo Pharmaceuticals, Inc. - Class A (a)		9,684		138,288
Supernus Pharmaceuticals, Inc. (a) (b)		15,103		125,355
Tetraphase Pharmaceuticals, Inc. (a)		13,240		525,760
TherapeuticsMD, Inc. (a)		51,625		229,731
Theravance Biopharma, Inc. (a)		11,720		174,862
Theravance, Inc. (b)		40,393		571,561
Vivus, Inc. (a) (b)		46,905		135,086
XenoPort, Inc. (a) (b)		30,042		263,468
ZS Pharma, Inc. (a) (b)		3,236		134,521
				16,622,277
Professional Services—1.3%
Acacia Research Corp. (b)		26,332		446,064
Advisory Board Co. (The) (a) (b)		18,149		888,938
Barrett Business Services, Inc. (b)		3,858		105,709
CBIZ, Inc. (a) (b)		20,130		172,313
CDI Corp.		7,746		137,182
Corporate Executive Board Co. (The)		16,546		1,200,081
CRA International, Inc. (a)		4,935		149,629
Exponent, Inc.		6,721		554,483
Franklin Covey Co. (a)		5,394		104,428
FTI Consulting, Inc. (a)		19,255		743,821
GP Strategies Corp. (a)		5,793		196,557
Heidrick & Struggles International, Inc.		9,634		222,064
Huron Consulting Group, Inc. (a)		11,680		798,795
ICF International, Inc. (a)		10,002		409,882
Insperity, Inc.		12,162		412,170
Kelly Services, Inc. - Class A (b)		14,944		254,347
Kforce, Inc.		12,692		306,258
Korn/Ferry International (a)		24,691		710,113
Mistras Group, Inc. (a)		8,222		150,709
Navigant Consulting, Inc. (a)		22,006		338,232
Professional Services—(Continued)
On Assignment, Inc. (a)		26,669		885,144
Paylocity Holding Corp. (a) (b)		4,427		115,589
Pendrell Corp. (a)		81,209		112,068
Resources Connection, Inc.		20,687		340,301
RPX Corp. (a)		26,264		361,918
TriNet Group, Inc. (a)		7,891		246,830
TrueBlue, Inc. (a)		19,573		435,499
VSE Corp.		2,185		143,992
WageWorks, Inc. (a)		17,251		1,113,897
				12,057,013
Real Estate Investment Trusts—8.7%
Acadia Realty Trust		31,093		995,909
AG Mortgage Investment Trust, Inc.		14,345		266,387
Agree Realty Corp.		8,695		270,328
Alexander’s, Inc.		1,029		449,858
Altisource Residential Corp.		29,057		563,706
American Assets Trust, Inc.		17,413		693,212
American Capital Mortgage Investment Corp.		26,073		491,215
American Realty Capital Healthcare Trust, Inc. (b)		79,677		948,156
American Residential Properties, Inc. (a) (b)		16,166		284,037
AmREIT, Inc.		8,595		228,111
Anworth Mortgage Asset Corp.		46,254		242,833
Apollo Commercial Real Estate Finance, Inc. (b)		22,194		363,094
Apollo Residential Mortgage, Inc.		16,439		259,243
Ares Commercial Real Estate Corp.		11,438		131,308
Armada Hoffler Properties, Inc.		12,863		122,070
ARMOUR Residential REIT, Inc. (b)		168,092		618,579
Ashford Hospitality Prime, Inc.		12,917		221,656
Ashford Hospitality Trust, Inc.		31,632		331,503
Associated Estates Realty Corp.		29,461		683,790
Aviv REIT, Inc.		9,910		341,697
Campus Crest Communities, Inc. (b)		33,908		247,867
Capstead Mortgage Corp. (b)		46,246		567,901
CareTrust REIT, Inc.		7,979		98,381
CatchMark Timber Trust, Inc. - Class A		9,966		112,815
Cedar Realty Trust, Inc.		37,954		278,582
Chambers Street Properties		118,956		958,785
Chatham Lodging Trust		16,701		483,828
Chesapeake Lodging Trust		25,632		953,767
Colony Financial, Inc.		52,491		1,250,336
CorEnergy Infrastructure Trust, Inc.		23,718		153,693
Coresite Realty Corp.		10,812		422,209
Cousins Properties, Inc.		107,425		1,226,793
CubeSmart		78,343		1,729,030
CyrusOne, Inc.		16,302		449,120
CYS Investments, Inc. (b)		80,947		705,858
DCT Industrial Trust, Inc.		40,451		1,442,483
DiamondRock Hospitality Co.		92,386		1,373,780
DuPont Fabros Technology, Inc. (b)		30,926		1,027,980
Dynex Capital, Inc. (b)		28,987		239,143
EastGroup Properties, Inc.		15,137		958,475
Education Realty Trust, Inc.		22,842		835,789
Empire State Realty Trust, Inc. - Class A (b)		45,186		794,370
EPR Properties		27,688		1,595,659
Equity One, Inc.		30,429		771,679

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—(Continued)
Excel Trust, Inc.		30,346	$	406,333
FelCor Lodging Trust, Inc.		61,144		661,578
First Industrial Realty Trust, Inc.		53,380		1,097,493
First Potomac Realty Trust		30,465		376,547
Franklin Street Properties Corp.		45,751		561,365
Geo Group, Inc. (The)		34,250		1,382,330
Getty Realty Corp.		13,375		243,559
Gladstone Commercial Corp. (b)		10,038		172,352
Glimcher Realty Trust		70,281		965,661
Government Properties Income Trust		33,503		770,904
Gramercy Property Trust, Inc. (b)		90,928		627,403
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		13,259		188,676
Hatteras Financial Corp.		47,468		874,835
Healthcare Realty Trust, Inc.		44,822		1,224,537
Hersha Hospitality Trust		98,686		693,763
Highwoods Properties, Inc.		43,003		1,904,173
Hudson Pacific Properties, Inc.		26,059		783,334
Inland Real Estate Corp.		40,747		446,180
Invesco Mortgage Capital, Inc. (b)		58,562		905,369
Investors Real Estate Trust		51,434		420,216
iStar Financial, Inc. (a) (b)		42,568		581,053
Kite Realty Group Trust		16,314		468,864
LaSalle Hotel Properties		53,828		2,178,419
Lexington Realty Trust (b)		100,966		1,108,607
LTC Properties, Inc. (b)		16,934		731,041
Mack-Cali Realty Corp.		43,604		831,092
Medical Properties Trust, Inc. (b)		83,538		1,151,154
Monmouth Real Estate Investment Corp. - Class A		28,868		319,569
National Health Investors, Inc.		18,125		1,268,025
New Residential Investment Corp.		69,147		883,007
New York Mortgage Trust, Inc. (b)		51,550		397,450
New York REIT, Inc.		78,710		833,539
One Liberty Properties, Inc.		6,290		148,884
Parkway Properties, Inc.		38,318		704,668
Pebblebrook Hotel Trust		34,483		1,573,459
Pennsylvania Real Estate Investment Trust		33,427		784,197
PennyMac Mortgage Investment Trust		35,722		753,377
Physicians Realty Trust		23,363		387,826
Potlatch Corp.		19,692		824,504
PS Business Parks, Inc.		8,885		706,713
QTS Realty Trust, Inc. - Class A (b)		6,344		214,681
RAIT Financial Trust (b)		42,801		328,284
Ramco-Gershenson Properties Trust		37,976		711,670
Redwood Trust, Inc.		42,013		827,656
Resource Capital Corp. (b)		64,302		324,082
Retail Opportunity Investments Corp.		44,363		744,855
Rexford Industrial Realty, Inc.		22,859		359,115
RLJ Lodging Trust		62,808		2,105,952
Rouse Properties, Inc. (b)		18,643		345,268
Ryman Hospitality Properties, Inc. (b)		20,380		1,074,841
Sabra Health Care REIT, Inc.		26,327		799,551
Saul Centers, Inc.		4,164		238,139
Select Income REIT (b)		18,245		445,360
Silver Bay Realty Trust Corp. (b)		19,300		319,608
Sovran Self Storage, Inc.		15,960		1,392,031
STAG Industrial, Inc.		27,564		675,318
Real Estate Investment Trusts—(Continued)
Starwood Waypoint Residential Trust (b)		19,398		511,525
STORE Capital Corp. (b)		17,642		381,244
Strategic Hotels & Resorts, Inc. (a)		129,028		1,707,040
Summit Hotel Properties, Inc.		40,984		509,841
Sun Communities, Inc.		23,280		1,407,509
Sunstone Hotel Investors, Inc.		100,307		1,656,069
Terreno Realty Corp.		20,992		433,065
UMH Properties, Inc. (b)		10,207		97,477
Universal Health Realty Income Trust		6,109		293,965
Urstadt Biddle Properties, Inc. - Class A		13,207		288,969
Washington Real Estate Investment Trust (b)		32,300		893,418
Western Asset Mortgage Capital Corp. (b)		20,929		307,656
Whitestone REIT (b)		9,513		143,741
				78,065,001
Real Estate Management & Development—0.4%
Alexander & Baldwin, Inc.		23,959		940,630
Altisource Asset Management Corp. (a)		696		215,844
Altisource Portfolio Solutions S.A. (a) (b)		6,018		203,348
Consolidated-Tomoka Land Co.		2,461		137,324
Forestar Group, Inc. (a)		17,933		276,168
Kennedy-Wilson Holdings, Inc.		35,325		893,722
Marcus & Millichap, Inc. (a)		4,271		142,011
RE/MAX Holdings, Inc. - Class A		4,716		161,523
St. Joe Co. (The) (a) (b)		31,148		572,812
Tejon Ranch Co. (a) (b)		7,566		222,894
				3,766,276
Road & Rail—0.7%
ArcBest Corp.		12,815		594,231
Celadon Group, Inc.		9,437		214,125
FRP Holdings, Inc. (a) (b)		3,479		136,412
Heartland Express, Inc. (b)		26,840		724,948
Knight Transportation, Inc. (b)		29,563		995,091
Marten Transport, Ltd.		13,224		289,077
Quality Distribution, Inc. (a)		11,883		126,435
Roadrunner Transportation Systems, Inc. (a)		13,855		323,514
Saia, Inc. (a)		11,835		655,186
Swift Transportation Co. (a) (b)		41,359		1,184,108
Werner Enterprises, Inc.		20,102		626,177
YRC Worldwide, Inc. (a)		14,785		332,515
				6,201,819
Semiconductors & Semiconductor Equipment—3.8%
Advanced Energy Industries, Inc. (a)		20,778		492,439
Alpha & Omega Semiconductor, Ltd. (a)		11,449		101,324
Ambarella, Inc. (a) (b)		14,300		725,296
Amkor Technology, Inc. (a)		42,324		300,500
Applied Micro Circuits Corp. (a) (b)		37,494		244,461
Axcelis Technologies, Inc. (a)		60,811		155,676
Brooks Automation, Inc.		36,289		462,685
Cabot Microelectronics Corp. (a)		12,507		591,831
Cavium, Inc. (a) (b)		24,872		1,537,587
Ceva, Inc. (a) (b)		8,626		156,476
Cirrus Logic, Inc. (a) (b)		30,584		720,865
Cohu, Inc.		11,848		140,991

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—(Continued)
Cypress Semiconductor Corp. (a) (b)		74,159	$	1,058,990
Diodes, Inc. (a)		18,315		504,945
DSP Group, Inc. (a)		12,177		132,364
Entegris, Inc. (a)		70,530		931,701
Entropic Communications, Inc. (a)		47,035		118,999
Exar Corp. (a) (e)		20,123		205,255
Fairchild Semiconductor International, Inc. (a)		61,372		1,035,959
FormFactor, Inc. (a) (e)		27,182		233,765
Inphi Corp. (a)		13,845		255,856
Integrated Device Technology, Inc. (a)		62,926		1,233,350
Integrated Silicon Solution, Inc.		14,137		234,250
International Rectifier Corp. (a)		35,512		1,416,929
Intersil Corp. - Class A		65,241		944,037
IXYS Corp.		13,771		173,515
Kopin Corp. (a)		35,526		128,604
Lattice Semiconductor Corp. (a)		61,578		424,272
M/A-COM Technology Solutions Holdings, Inc. (a)		6,053		189,338
MaxLinear, Inc. - Class A (a)		12,849		95,211
Micrel, Inc.		25,489		369,845
Microsemi Corp. (a)		47,110		1,336,982
MKS Instruments, Inc.		27,174		994,568
Monolithic Power Systems, Inc.		18,931		941,628
Nanometrics, Inc. (a) (b)		12,771		214,808
NVE Corp. (a) (b)		2,605		184,408
OmniVision Technologies, Inc. (a)		26,397		686,322
PDF Solutions, Inc. (a)		13,439		199,704
Pericom Semiconductor Corp. (a)		12,144		164,430
Photronics, Inc. (a) (b)		30,362		252,308
PMC - Sierra, Inc. (a)		85,553		783,665
Power Integrations, Inc.		14,941		773,047
Rambus, Inc. (a) (b)		52,223		579,153
RF Micro Devices, Inc. (a) (b)		136,648		2,266,990
Rudolph Technologies, Inc. (a)		18,288		187,086
Semtech Corp. (a)		31,199		860,156
Silicon Image, Inc. (a)		40,507		223,599
Silicon Laboratories, Inc. (a)		21,331		1,015,782
Spansion, Inc. - Class A (a)		29,804		1,019,893
Synaptics, Inc. (a) (b)		17,633		1,213,856
Tessera Technologies, Inc.		27,229		973,709
TriQuint Semiconductor, Inc. (a) (e)		83,225		2,292,849
Ultra Clean Holdings, Inc. (a)		13,513		125,401
Ultratech, Inc. (a) (b)		13,618		252,750
Veeco Instruments, Inc. (a) (b)		20,425		712,424
Vitesse Semiconductor Corp. (a) (b)		30,139		113,925
Xcerra Corp. (a)		26,473		242,493
				33,929,252
Software—4.0%
ACI Worldwide, Inc. (a)		55,734		1,124,155
Actuate Corp. (a)		25,226		166,492
Advent Software, Inc. (b)		25,347		776,632
American Software, Inc. - Class A		12,761		116,253
Aspen Technology, Inc. (a) (e)		44,793		1,568,651
AVG Technologies NV (a)		17,393		343,338
Barracuda Networks, Inc. (a)		4,133		148,127
Software—(Continued)
Blackbaud, Inc.		23,345		1,009,905
Bottomline Technologies de, Inc. (a)		19,170		484,618
BroadSoft, Inc. (a) (b)		14,701		426,623
Callidus Software, Inc. (a)		24,272		396,362
CommVault Systems, Inc. (a)		23,645		1,222,210
Comverse, Inc. (a)		11,872		222,956
Digimarc Corp.		3,621		98,310
Ebix, Inc. (b)		16,296		276,869
Ellie Mae, Inc. (a)		13,561		546,779
EnerNOC, Inc. (a) (b)		13,640		210,738
EPIQ Systems, Inc.		15,846		270,650
ePlus, Inc. (a)		2,282		172,725
Fair Isaac Corp.		15,160		1,096,068
FleetMatics Group plc (a) (b)		18,434		654,223
Gigamon, Inc. (a) (b)		12,234		216,909
Glu Mobile, Inc. (a) (b)		45,368		176,935
Guidewire Software, Inc. (a) (b)		33,292		1,685,574
HubSpot, Inc. (a)		4,305		144,691
Imperva, Inc. (a) (b)		10,304		509,327
Infoblox, Inc. (a)		27,141		548,520
Interactive Intelligence Group, Inc. (a) (b)		7,901		378,458
Jive Software, Inc. (a) (b)		20,334		122,614
Kofax, Ltd. (a)		31,865		224,011
Manhattan Associates, Inc. (a)		36,621		1,491,207
Mentor Graphics Corp.		48,583		1,064,939
MicroStrategy, Inc. - Class A (a)		4,507		731,937
Model N, Inc. (a)		10,589		112,455
Monotype Imaging Holdings, Inc.		18,592		536,007
NetScout Systems, Inc. (a) (b)		17,336		633,457
Pegasystems, Inc.		16,572		344,200
Progress Software Corp. (a)		25,065		677,256
Proofpoint, Inc. (a) (b)		18,243		879,860
PROS Holdings, Inc. (a) (b)		10,832		297,663
QLIK Technologies, Inc. (a)		42,908		1,325,428
Qualys, Inc. (a)		10,117		381,917
Rally Software Development Corp. (a) (b)		12,922		146,923
RealPage, Inc. (a) (b)		23,771		522,011
Rosetta Stone, Inc. (a)		11,797		115,139
SeaChange International, Inc. (a)		15,237		97,212
Silver Spring Networks, Inc. (a) (b)		17,691		149,135
SS&C Technologies Holdings, Inc.		33,357		1,951,051
Synchronoss Technologies, Inc. (a)		17,427		729,494
Take-Two Interactive Software, Inc. (a)		41,148		1,153,378
Tangoe, Inc. (a) (b)		19,395		252,717
TiVo, Inc. (a)		48,404		573,103
Tyler Technologies, Inc. (a)		15,971		1,747,866
Ultimate Software Group, Inc. (The) (a)		13,861		2,035,003
VASCO Data Security International, Inc. (a) (b)		15,031		424,024
Verint Systems, Inc. (a)		29,277		1,706,264
VirnetX Holding Corp. (a) (b)		22,272		122,273
Zendesk, Inc. (a) (b)		5,010		122,094
				35,663,736
Specialty Retail—3.2%
America’s Car-Mart, Inc. (a)		3,580		191,100
American Eagle Outfitters, Inc. (b)		95,976		1,332,147

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Specialty Retail—(Continued)
ANN, Inc. (a)		23,714	$	865,087
Asbury Automotive Group, Inc. (a)		15,098		1,146,240
Barnes & Noble, Inc. (a) (b)		20,590		478,100
Big 5 Sporting Goods Corp.		10,041		146,900
Brown Shoe Co., Inc.		20,256		651,230
Buckle, Inc. (The) (b)		14,188		745,154
Build-A-Bear Workshop, Inc. (a)		6,759		135,856
Cato Corp. (The) - Class A (b)		14,157		597,142
Children’s Place, Inc. (The) (b)		10,765		613,605
Christopher & Banks Corp. (a)		19,194		109,598
Citi Trends, Inc. (a)		8,551		215,913
Conn’s, Inc. (a) (b)		13,796		257,847
Container Store Group, Inc. (The) (a) (b)		8,770		167,770
Destination Maternity Corp.		7,452		118,859
Express, Inc. (a)		42,861		629,628
Finish Line, Inc. (The) - Class A		24,015		583,805
Five Below, Inc. (a) (b)		26,805		1,094,448
Francesca’s Holdings Corp. (a)		22,196		370,673
Genesco, Inc. (a)		11,779		902,507
Group 1 Automotive, Inc.		11,970		1,072,751
Guess?, Inc.		30,485		642,624
Haverty Furniture Cos., Inc.		10,391		228,706
Hibbett Sports, Inc. (a) (b)		12,576		609,056
Kirkland’s, Inc. (a) (b)		9,307		220,017
Lithia Motors, Inc. - Class A		11,200		970,928
Lumber Liquidators Holdings, Inc. (a) (b)		13,856		918,791
MarineMax, Inc. (a)		12,696		254,555
Mattress Firm Holding Corp. (a) (b)		6,947		403,482
Men’s Wearhouse, Inc. (The) (b)		24,177		1,067,415
Monro Muffler Brake, Inc. (b)		14,534		840,065
Office Depot, Inc. (a)		263,053		2,255,680
Outerwall, Inc. (a) (b)		9,248		695,635
Pep Boys-Manny Moe & Jack (The) (a)		28,658		281,422
Pier 1 Imports, Inc.		47,023		724,154
Rent-A-Center, Inc. (b)		26,759		971,887
Restoration Hardware Holdings, Inc. (a) (b)		15,345		1,473,273
Select Comfort Corp. (a)		27,441		741,730
Shoe Carnival, Inc.		8,227		211,352
Sonic Automotive, Inc. - Class A		18,792		508,136
Stage Stores, Inc. (b)		16,362		338,693
Stein Mart, Inc.		15,504		226,668
Tile Shop Holdings, Inc. (a) (b)		14,624		129,861
Vitamin Shoppe, Inc. (a)		15,659		760,714
West Marine, Inc. (a)		9,569		123,631
Winmark Corp. (b)		1,305		113,431
Zumiez, Inc. (a)		8,998		347,593
				28,485,859
Technology Hardware, Storage & Peripherals—0.5%
Cray, Inc. (a) (b)		20,870		719,598
Dot Hill Systems Corp. (a)		31,081		137,378
Eastman Kodak Co. (a)		7,370		160,003
Electronics for Imaging, Inc. (a)		22,627		969,114
Immersion Corp. (a) (b)		16,446		155,744
Intevac, Inc. (a)		13,246		102,921
Nimble Storage, Inc. (a) (b)		4,797		131,918
Technology Hardware, Storage & Peripherals—(Continued)
QLogic Corp. (a)		44,263		589,583
Quantum Corp. (a) (b)		116,162		204,445
Silicon Graphics International Corp. (a) (b)		18,071		205,648
Super Micro Computer, Inc. (a)		17,788		620,445
Violin Memory, Inc. (a) (b)		40,996		196,371
				4,193,168
Textiles, Apparel & Luxury Goods—1.0%
Columbia Sportswear Co.		12,824		571,181
Crocs, Inc. (a) (e)		43,218		539,793
G-III Apparel Group, Ltd. (a) (b)		9,377		947,171
Iconix Brand Group, Inc. (a) (b)		23,416		791,227
Movado Group, Inc.		10,013		284,069
Oxford Industries, Inc. (b)		7,658		422,798
Perry Ellis International, Inc. (a)		7,318		189,756
Quiksilver, Inc. (a) (b)		70,460		155,717
Sequential Brands Group, Inc. (a)		9,317		121,773
Skechers U.S.A., Inc. - Class A (a) (b)		18,674		1,031,738
Steven Madden, Ltd. (a)		28,585		909,860
Tumi Holdings, Inc. (a) (b)		24,156		573,222
Unifi, Inc. (a)		7,892		234,629
Vera Bradley, Inc. (a) (b)		10,263		209,160
Vince Holding Corp. (a) (b)		5,176		135,301
Wolverine World Wide, Inc. (b)		50,526		1,489,001
				8,606,396
Thrifts & Mortgage Finance—1.7%
Anchor BanCorp Wisconsin, Inc. (a)		4,716		162,419
Astoria Financial Corp.		42,231		564,206
Bank Mutual Corp.		24,034		164,873
BankFinancial Corp.		12,038		142,771
Beneficial Mutual Bancorp, Inc. (a) (b)		12,197		149,657
Berkshire Hills Bancorp, Inc.		13,053		347,993
BofI Holding, Inc. (a) (b)		7,041		547,860
Brookline Bancorp, Inc.		37,158		372,695
Capitol Federal Financial, Inc.		67,397		861,334
Clifton Bancorp, Inc.		13,646		185,449
Dime Community Bancshares, Inc.		15,501		252,356
ESB Financial Corp.		6,580		124,625
Essent Group, Ltd. (a) (b)		20,744		533,328
EverBank Financial Corp. (b)		44,827		854,403
Federal Agricultural Mortgage Corp. - Class C		5,480		166,263
First Defiance Financial Corp.		5,038		171,594
Flagstar Bancorp, Inc. (a)		9,133		143,662
Fox Chase Bancorp, Inc.		7,539		125,675
Franklin Financial Corp. (a) (b)		5,028		106,493
Home Loan Servicing Solutions, Ltd. (b)		36,012		702,954
HomeStreet, Inc. (b)		6,935		120,738
Kearny Financial Corp. (a) (b)		8,068		110,935
Ladder Capital Corp. - Class A (a) (b)		6,177		121,131
Meridian Bancorp, Inc. (a)		11,355		127,403
Meta Financial Group, Inc.		3,308		115,912
MGIC Investment Corp. (a) (b)		164,487		1,533,019
NMI Holdings, Inc. - Class A (a)		20,655		188,580
Northfield Bancorp, Inc.		26,346		389,921
Northwest Bancshares, Inc.		43,929		550,431

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Thrifts & Mortgage Finance—(Continued)
OceanFirst Financial Corp.		6,649	$	113,964
Oritani Financial Corp.		22,475		346,115
PennyMac Financial Services, Inc. - Class A (a)		8,785		151,981
Provident Financial Services, Inc.		29,417		531,271
Radian Group, Inc. (b)		90,306		1,509,916
Tree.com, Inc. (a)		3,375		163,148
TrustCo Bank Corp. (b)		47,249		343,028
United Community Financial Corp.		26,587		142,772
United Financial Bancorp, Inc.		28,056		402,884
Walker & Dunlop, Inc. (a)		8,778		153,966
Washington Federal, Inc.		49,752		1,102,007
Waterstone Financial, Inc. (b)		17,578		231,151
WSFS Financial Corp.		4,212		323,861
				15,454,744
Tobacco—0.1%
Universal Corp. (b)		12,065		530,618
Vector Group, Ltd. (b)		37,196		792,647
				1,323,265
Trading Companies & Distributors—0.8%
Aceto Corp. (b)		12,889		279,691
Aircastle, Ltd. (b)		31,863		680,912
Applied Industrial Technologies, Inc.		20,463		932,908
Beacon Roofing Supply, Inc. (a)		24,991		694,750
CAI International, Inc. (a) (b)		7,804		181,053
DXP Enterprises, Inc. (a)		6,409		323,847
H&E Equipment Services, Inc.		15,412		432,923
Houston Wire & Cable Co.		10,450		124,878
Kaman Corp.		14,024		562,222
Rush Enterprises, Inc. - Class A (a) (b)		16,786		537,991
Stock Building Supply Holdings, Inc. (a)		7,700		117,964
TAL International Group, Inc. (a)		16,976		739,644
Textainer Group Holdings, Ltd.		10,746		368,803
Titan Machinery, Inc. (a) (b)		8,967		125,000
Watsco, Inc.		12,890		1,379,230
				7,481,816
Transportation Infrastructure—0.0%
Wesco Aircraft Holdings, Inc. (a) (b)		25,919		362,348
Water Utilities—0.2%
American States Water Co.		19,788		745,216
California Water Service Group		24,670		607,129
Connecticut Water Service, Inc.		4,766		172,958
Middlesex Water Co.		7,497		172,881
SJW Corp.		7,394		237,495
York Water Co. (b)		6,695		155,391
				2,091,070
Wireless Telecommunication Services—0.1%
RingCentral, Inc. - Class A (a) (b)		14,216		212,103
Shenandoah Telecommunications Co. (b)		12,542		391,938
Wireless Telecommunication Services—(Continued)
Spok Holdings, Inc.		11,723		203,511
				807,552
Total Common Stocks (Cost $597,591,809)				847,449,858
Investment Company Security—3.4%
iShares Russell 2000 Index Fund (b) (Cost $28,758,687)		253,400		30,324,378
Rights—0.0%
Life Sciences Tools & Services—0.0%
Furiex Pharmaceuticals, Inc., Expires 07/02/16 (a) (d)		3,553		34,713
Machinery—0.0%
Gerber Scientific, Inc. (a) (b) (c)		14,024		0
Wireless Telecommunication Services—0.0%
Leap Wireless International, Inc., Expires 03/13/17 (a) (d)		27,485		69,262
Total Rights (Cost $103,975)				103,975
Warrant—0.0%
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., Expires 04/15/16 (a) (b) (c) (Cost $0)		8,794		0
Short-Term Investments—31.2%
Discount Notes—2.4%
Federal Home Loan Bank
0.010%, 01/22/15 (f)		1,325,000		1,324,992
0.028%, 01/14/15 (f)		1,175,000		1,174,987
0.070%, 03/03/15 (f)		6,725,000		6,724,202
0.083%, 03/06/15 (f)		5,650,000		5,649,168
0.131%, 05/06/15 (f)		3,075,000		3,073,606
0.161%, 05/08/15 (f)		1,025,000		1,024,421
Federal National Mortgage Association
0.070%, 02/25/15 (f)		1,575,000		1,574,832
0.111%, 05/01/15 (f)		1,175,000		1,174,569
				21,720,777
Mutual Fund—28.7%
State Street Navigator Securities Lending MET Portfolio (g)		258,814,586		258,814,586

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Short-Term Investments—(Continued)

Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—0.1%
U.S. Treasury Bills
0.020%, 03/19/15 (f)		325,000	$	324,986
0.029%, 03/19/15 (f)		675,000		674,958
				999,944
Total Short-Term Investments (Cost $281,535,307)				281,535,307
Total Investments—128.6% (Cost $907,989,778) (h)				1,159,413,518
Other assets and liabilities (net)—(28.6)%				(257,604,426	)
Net Assets—100.0%			$	901,809,092

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $252,726,246 and the collateral received consisted of cash in the amount of $258,814,586 and non-cash collateral with a value of $1,869,461. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Illiquid security. As of December 31, 2014, these securities represent 0.0% of net assets.

(d) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent less than 0.05% of net assets.

(e) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $3,599,616.

(f) The rate shown represents current yield to maturity.

(g) Represents investment of cash collateral received from securities lending transactions.

(h) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $911,496,528. The aggregate unrealized appreciation and depreciation of investments were $295,830,078 and $(47,913,088), respectively, resulting in net unrealized appreciation of $247,916,990 for federal income tax purposes.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
Russell 2000 Mini Index Futures		03/20/15		197		USD	23,258,165	$	395,625

(USD)— United States Dollar

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	847,449,858	$	—		$	—	$	847,449,858
Total Investment Company Security		30,324,378		—			—		30,324,378
Total Rights*		—		—			103,975		103,975
Total Warrant*		0		—			—		0
Short-Term Investments
Discount Notes		—		21,720,777			—		21,720,777
Mutual Fund		258,814,586		—			—		258,814,586
U.S. Treasury		—		999,944			—		999,944
Total Short-Term Investments		258,814,586		22,720,721			—		281,535,307
Total Investments	$	1,136,588,822	$	22,720,721		$	103,975	$	1,159,413,518
Collateral for Securities Loaned (Liability)	$	—	$	(258,814,586	)	$	—	$	(258,814,586	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	395,625	$	—		$	—	$	395,625

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Appreciation		Purchases		Transfers into Level 3		Balance as of December 31, 2014		Change in Unrealized Appreciation from Investments Still Held at December 31, 2014
Rights
Life Sciences Tools & Services	$	—	$	—	$	34,713	$	—	$	34,713	$	—
Machinery		—		—		—		0		0		—
Wireless Telecommunication Services		—		—		69,262		—		69,262		—
Total	$	—	$	—	$	103,975	$	0	$	103,975	$	—

Rights in the amount of $0 were transferred into Level 3 due to a decline in market activity for significant observables which resulted in a lack of available market inputs to determine price.

See accompanying notes to financial statements.

MSF-22

Metropolitan Series Fund

Russell 2000 Index Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,159,413,518
Cash		15,340
Receivable for:
Investments sold		2,570,920
Fund shares sold		912,160
Dividends		1,037,524
Prepaid expenses		2,225
Total Assets		1,163,951,687
Liabilities
Collateral for securities loaned		258,814,586
Payables for:
Investments purchased		360,007
Fund shares redeemed		2,263,764
Variation margin on futures contracts		191,090
Accrued expenses:
Management fees		187,787
Distribution and service fees		90,645
Deferred trustees’ fees		63,842
Other expenses		170,874
Total Liabilities		262,142,595
Net Assets	$	901,809,092
Net assets consist of:
Paid in surplus	$	592,736,546
Undistributed net investment income		9,442,440
Accumulated net realized gain		47,810,738
Unrealized appreciation on investments, futures contracts and foreign currency transactions		251,819,368
Net Assets	$	901,809,092
Net Assets
Class A	$	488,257,546
Class B		240,166,218
Class E		28,716,125
Class G		144,669,203
Capital Shares Outstanding*
Class A		24,281,739
Class B		12,183,858
Class E		1,435,872
Class G		7,362,091
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	20.11
Class B		19.71
Class E		20.00
Class G		19.65

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $907,989,778.

(b) Includes securities loaned at value of $252,726,246.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	11,474,968
Interest		15,368
Securities lending income		2,305,973
Total investment income		13,796,309
Expenses
Management fees		2,192,905
Administration fees		20,802
Custodian and accounting fees		168,082
Distribution and service fees—Class B		581,631
Distribution and service fees—Class E		43,537
Distribution and service fees—Class G		412,464
Audit and tax services		39,910
Legal		30,014
Trustees’ fees and expenses		38,592
Shareholder reporting		205,580
Insurance		5,119
Miscellaneous		79,757
Total expenses		3,818,393
Less management fee waiver		(18,858	)
Net expenses		3,799,535
Net Investment Income		9,996,774
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		51,217,063
Futures contracts		1,982,004
Foreign currency transactions		(26	)
Net realized gain		53,199,041
Net change in unrealized appreciation (depreciation) on:
Investments		(19,501,228	)
Futures contracts		(852,023	)
Foreign currency transactions		3
Net change in unrealized depreciation		(20,353,248	)
Net realized and unrealized gain		32,845,793
Net Increase in Net Assets From Operations	$	42,842,567

(a) Net of foreign withholding taxes of $6,039.

See accompanying notes to financial statements.

MSF-23

Metropolitan Series Fund

Russell 2000 Index Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	9,996,774		$	8,288,446
Net realized gain		53,199,041			49,695,385
Net change in unrealized appreciation (depreciation)		(20,353,248	)		193,039,235
Increase in net assets from operations		42,842,567			251,023,066
From Distributions to Shareholders
Net investment income
Class A		(5,529,382	)		(6,573,953	)
Class B		(2,181,006	)		(2,873,317	)
Class E		(299,757	)		(406,777	)
Class G		(1,285,279	)		(1,391,711	)
Net realized capital gains
Class A		(10,714,714	)		0
Class B		(5,253,695	)		0
Class E		(663,422	)		0
Class G		(3,130,624	)		0
Total distributions		(29,057,879	)		(11,245,758	)
Decrease in net assets from capital share transactions		(7,413,817	)		(11,227,054	)
Total increase in net assets		6,370,871			228,550,254
Net Assets
Beginning of period		895,438,221			666,887,967
End of period	$	901,809,092		$	895,438,221
Undistributed net investment income
End of period	$	9,442,440		$	8,956,569

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		3,845,842		$	74,846,406			4,227,274		$	71,959,396
Reinvestments		879,011			16,244,096			431,362			6,573,953
Redemptions		(4,931,542	)		(95,849,744	)		(5,376,472	)		(91,266,242	)
Net decrease		(206,689	)	$	(4,759,242	)		(717,836	)	$	(12,732,893	)
Class B
Sales		1,322,439		$	24,862,083			1,525,782		$	25,652,777
Reinvestments		409,626			7,434,701			191,810			2,873,317
Redemptions		(1,791,260	)		(34,103,516	)		(2,470,791	)		(41,465,694	)
Net decrease		(59,195	)	$	(1,806,732	)		(753,199	)	$	(12,939,600	)
Class E
Sales		254,366		$	4,895,769			232,358		$	4,024,631
Reinvestments		52,347			963,179			26,797			406,777
Redemptions		(423,422	)		(8,149,381	)		(480,266	)		(8,259,524	)
Net decrease		(116,709	)	$	(2,290,433	)		(221,111	)	$	(3,828,116	)
Class G
Sales		1,477,585		$	27,856,317			2,240,269		$	38,047,111
Reinvestments		243,973			4,415,903			93,091			1,391,711
Redemptions		(1,637,996	)		(30,829,630	)		(1,274,577	)		(21,165,267	)
Net increase		83,562		$	1,442,590			1,058,783		$	18,273,555
Decrease derived from capital shares transactions				$	(7,413,817	)				$	(11,227,054	)

See accompanying notes to financial statements.

MSF-24

Metropolitan Series Fund

Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	19.83		$	14.56		$	12.66		$	13.33		$	10.61
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.20			0.28			0.15			0.14
Net realized and unrealized gain (loss) on investments		0.71			5.33			1.78			(0.68	)		2.71
Total from investment operations		0.95			5.53			2.06			(0.53	)		2.85
Less Distributions
Distributions from net investment income		(0.23	)		(0.26	)		(0.16	)		(0.14	)		(0.13	)
Distributions from net realized capital gains		(0.44	)		0.00			0.00			0.00			0.00
Total distributions		(0.67	)		(0.26	)		(0.16	)		(0.14	)		(0.13	)
Net Asset Value, End of Period	$	20.11		$	19.83		$	14.56		$	12.66		$	13.33
Total Return (%) (b)		5.04			38.55			16.35			(4.10	)		26.92
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.32			0.31			0.33			0.31			0.32
Net ratio of expenses to average net assets (%) (c)		0.31			0.31			0.33			0.31			0.31
Ratio of net investment income to average net assets (%)		1.26			1.18			2.01			1.12			1.24
Portfolio turnover rate (%)		24			25			26			25			26
Net assets, end of period (in millions)	$	488.3		$	485.5		$	366.9		$	350.3		$	406.2
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	19.45		$	14.29		$	12.43		$	13.09		$	10.43
Income (Loss) from Investment Operations
Net investment income (a)		0.19			0.16			0.24			0.11			0.11
Net realized and unrealized gain (loss) on investments		0.69			5.23			1.75			(0.66	)		2.65
Total from investment operations		0.88			5.39			1.99			(0.55	)		2.76
Less Distributions
Distributions from net investment income		(0.18	)		(0.23	)		(0.13	)		(0.11	)		(0.10	)
Distributions from net realized capital gains		(0.44	)		0.00			0.00			0.00			0.00
Total distributions		(0.62	)		(0.23	)		(0.13	)		(0.11	)		(0.10	)
Net Asset Value, End of Period	$	19.71		$	19.45		$	14.29		$	12.43		$	13.09
Total Return (%) (b)		4.78			38.18			16.05			(4.29	)		26.58
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.57			0.56			0.58			0.56			0.57
Net ratio of expenses to average net assets (%) (c)		0.56			0.56			0.58			0.56			0.56
Ratio of net investment income to average net assets (%)		1.01			0.93			1.77			0.89			1.00
Portfolio turnover rate (%)		24			25			26			25			26
Net assets, end of period (in millions)	$	240.2		$	238.1		$	185.7		$	168.0		$	174.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-25

Metropolitan Series Fund

Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	19.72		$	14.48		$	12.60		$	13.26		$	10.57
Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.17			0.25			0.13			0.12
Net realized and unrealized gain (loss) on investments		0.71			5.31			1.77			(0.67	)		2.68
Total from investment operations		0.92			5.48			2.02			(0.54	)		2.80
Less Distributions
Distributions from net investment income		(0.20	)		(0.24	)		(0.14	)		(0.12	)		(0.11	)
Distributions from net realized capital gains		(0.44	)		0.00			0.00			0.00			0.00
Total distributions		(0.64	)		(0.24	)		(0.14	)		(0.12	)		(0.11	)
Net Asset Value, End of Period	$	20.00		$	19.72		$	14.48		$	12.60		$	13.26
Total Return (%) (b)		4.91			38.35			16.10			(4.16	)		26.60
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.47			0.46			0.48			0.46			0.47
Net ratio of expenses to average net assets (%) (c)		0.46			0.46			0.48			0.46			0.46
Ratio of net investment income to average net assets (%)		1.10			1.03			1.85			0.96			1.08
Portfolio turnover rate (%)		24			25			26			25			26
Net assets, end of period (in millions)	$	28.7		$	30.6		$	25.7		$	25.1		$	32.6
	Class G
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	19.40		$	14.26		$	12.41		$	13.07		$	10.41
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.15			0.24			0.11			0.12
Net realized and unrealized gain (loss) on investments		0.69			5.22			1.73			(0.66	)		2.64
Total from investment operations		0.87			5.37			1.97			(0.55	)		2.76
Less Distributions
Distributions from net investment income		(0.18	)		(0.23	)		(0.12	)		(0.11	)		(0.10	)
Distributions from net realized capital gains		(0.44	)		0.00			0.00			0.00			0.00
Total distributions		(0.62	)		(0.23	)		(0.12	)		(0.11	)		(0.10	)
Net Asset Value, End of Period	$	19.65		$	19.40		$	14.26		$	12.41		$	13.07
Total Return (%) (b)		4.73			38.12			15.94			(4.33	)		26.54
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62			0.61			0.63			0.61			0.62
Net ratio of expenses to average net assets (%) (c)		0.61			0.61			0.63			0.61			0.61
Ratio of net investment income to average net assets (%)		0.96			0.89			1.81			0.88			1.09
Portfolio turnover rate (%)		24			25			26			25			26
Net assets, end of period (in millions)	$	144.7		$	141.2		$	88.7		$	61.5		$	41.2

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-26

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Russell 2000 Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-27

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-28

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, return of capital adjustments, passive foreign investment companies (PFICs) and real estate investment trust (REIT) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MSF-29

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts*	$	395,625

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	1,982,004
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(852,023	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	19,700

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist

MSF-30

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	204,192,358	$	0	$	223,665,565

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the year ended December 31, 2014 were $2,192,905.

MetLife Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, MetLife Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows::

% per annum	Average Daily Net Assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2014 were $313,149.

Management Fee Waiver - Pursuant to a management fee waiver agreement, MetLife Advisers has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

MSF-31

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$9,295,424	$	11,245,758	$	19,762,455	$	—	$	29,057,879	$	11,245,758

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Other Accumulated Capital Losses		Total
$10,280,397	$	50,938,998	$	247,916,993	$	—	$	—	$	309,136,388

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

MSF-32

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-33

Metropolitan Series Fund

Russell 2000 Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Russell 2000 Index Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Russell 2000 Index Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Russell 2000 Index Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-34

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

MSF-35

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisors, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President , MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-36

Metropolitan Series Fund

Russell 2000 Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-37

Metropolitan Series Fund

Russell 2000 Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-38

Metropolitan Series Fund

Russell 2000 Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Russell 2000 Index Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio performed at the median of its Performance Universe for the one year period ended June 30, 2014 and outperformed the median of its Performance Universe for the three and five year periods ended June 30, 2014. The Board also considered that the Portfolio outperformed its Lipper Index for the one , three and five year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Russell 2000 Index, for the one- and five-year periods ended October 31, 2014 and underperformed its benchmark for the three-year period ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-39

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the T. Rowe Price Large Cap Growth Portfolio returned 9.09%, 8.83%, and 8.93%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 13.05%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose in 2014 for the sixth consecutive year, as the economy recovered strongly from a first-quarter weather-related contraction. Falling long-term interest rates, solid employment growth, favorable corporate earnings, and expanded stimulus measures by major non-U.S. central banks boosted returns. As measured by various Russell indexes, large-cap stocks reached new highs in December and outpaced small- and mid-caps. Value stocks outperformed growth among large- and mid-caps, while the opposite was true for small-cap shares. Within the Russell 1000 Growth Index, Health Care and Utilities led returns, while Energy ended deep in negative territory.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio turned in positive results but underperformed the benchmark, the Russell 1000 Growth Index. Broadly speaking, stock selection accounted for the majority of underperformance, while sector allocation partly mitigated that effect. Consumer Discretionary and Information Technology (“IT”) detracted from relative returns, and Health Care and Materials helped.

Consumer Discretionary hurt relative results, due to stock choices and a detrimental overweight. Among the underperformers was Amazon.com, as the company’s investments in new products and infrastructure held back profit margins. Economic growth is still sluggish; however, we continue to find companies that can grow at above-average rates in the Consumer Discretionary space. We remain optimistic about select multinational businesses with strong brands that can benefit from the growing purchasing power of emerging market consumers. Additionally, fundamentals for U.S.-focused consumer businesses are improving.

The Portfolio’s IT holdings underperformed their benchmark peers as well. Google weighed on results here, as investors responded negatively to the firm’s decision to improve the quality of response to mobile ads to preserve its pricing power, a move that led to some decrease in ad volume. Among IT names, we favor areas where business spending is shifting, such as data infrastructure; cloud computing; and business services. We moderated the Portfolio’s exposure to mobile computing devices in the face of maturing consumer tablet and smartphone markets that are struggling to compete simultaneously in pricing and innovation.

Health Care contributed to relative value, owing to a combination of stock choices and a beneficial overweight. Vertex Pharmaceuticals was a key name here, as shares soared on news that the company’s new cystic fibrosis treatment received favorable trial results and would soon be submitted for full regulatory approval in the U.S. and Europe. We continue to invest in biotechnology companies with promising new treatments and pharmaceutical companies with strong and diverse drug portfolios. We are also finding opportunities to take advantage of larger industry trends like broader insurance coverage, increased generic drug availability, and cost-saving distribution methods.

In Materials, stock selection provided a boost. A leading performer was Sherwin Williams, where all divisions performed well. In addition, a recent acquisition, Comex Group, returned better-than-expected results. Among Materials names, we emphasize companies that we think will benefit from favorable demand and supply trends in the medium to long term. We have a bullish outlook on companies with exposure to the U.S. housing market, but we remain mindful of valuations.

The Portfolio ended the period with overweights to Consumer Discretionary, Health Care, Industrials, and Financials. It was roughly in line with the benchmark’s exposure in Utilities and underweight in Consumer Staples, Energy, Materials, IT, and Telecommunication Services.

Joseph B. Fath

Portfolio Manager

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
T. Rowe Price Large Cap Growth Portfolio
Class A		9.09		15.89		8.69
Class B		8.83		15.60		8.42
Class E		8.93		15.71		8.52
Russell 1000 Growth Index		13.05		15.81		8.49

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Amazon.com, Inc.		3.5
Visa, Inc. - Class A		3.3
Priceline Group, Inc. (The)		3.1
Google, Inc. - Class C		2.7
Google, Inc. - Class A		2.7
MasterCard, Inc. - Class A		2.3
Facebook, Inc. - Class A		2.2
McKesson Corp.		2.2
American Airlines Group, Inc.		2.2
Gilead Sciences, Inc.		2.2

Top Sectors

	% of Net Assets
Information Technology		26.7
Consumer Discretionary		26.6
Health Care		18.4
Industrials		13.5
Financials		6.5
Consumer Staples		2.6
Energy		2.2
Materials		2.0
Telecommunication Services		0.6

MSF-2

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

T. Rowe Price Large Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.59	%	$	1,000.00	$	1,060.40	$	3.06
	Hypothetical*		0.59	%	$	1,000.00	$	1,022.23	$	3.01
Class B(a)	Actual		0.84	%	$	1,000.00	$	1,059.20	$	4.36
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.97	$	4.28
Class E(a)	Actual		0.74	%	$	1,000.00	$	1,059.40	$	3.84
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.48	$	3.77

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—98.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.7%
Boeing Co. (The)		280,100	$	36,407,398
Precision Castparts Corp.		172,980		41,667,422
United Technologies Corp.		98,200		11,293,000
				89,367,820
Air Freight & Logistics—0.7%
FedEx Corp.		95,800		16,636,628
Airlines—3.1%
American Airlines Group, Inc.		964,000		51,699,320
United Continental Holdings, Inc. (a)		341,100		22,816,179
				74,515,499
Auto Components—0.8%
Delphi Automotive plc		262,900		19,118,088
Automobiles—0.9%
Tesla Motors, Inc. (a) (b)		95,490		21,237,931
Biotechnology—9.6%
Alexion Pharmaceuticals, Inc. (a)		177,540		32,850,226
Biogen Idec, Inc. (a)		147,290		49,997,591
Celgene Corp. (a)		302,034		33,785,523
Gilead Sciences, Inc. (a)		546,200		51,484,812
Incyte Corp. (a)		167,900		12,275,169
Pharmacyclics, Inc. (a) (b)		100,500		12,287,130
Regeneron Pharmaceuticals, Inc. (a)		47,450		19,466,363
Vertex Pharmaceuticals, Inc. (a)		147,200		17,487,360
				229,634,174
Capital Markets—2.7%
BlackRock, Inc.		31,600		11,298,896
Invesco, Ltd.		29,042		1,147,740
Morgan Stanley		621,700		24,121,960
State Street Corp.		196,200		15,401,700
TD Ameritrade Holding Corp.		378,400		13,539,152
				65,509,448
Chemicals—1.8%
Ashland, Inc.		97,700		11,700,552
Ecolab, Inc.		33,800		3,532,776
Sherwin-Williams Co. (The)		102,720		27,019,469
				42,252,797
Commercial Services & Supplies—0.6%
Tyco International plc		311,600		13,666,776
Communications Equipment—0.2%
Palo Alto Networks, Inc. (a)		38,200		4,682,174
Construction Materials—0.3%
Martin Marietta Materials, Inc. (b)		58,600		6,464,752
Diversified Financial Services—0.7%
Intercontinental Exchange, Inc.		78,208		17,150,232
Food & Staples Retailing—2.2%
Costco Wholesale Corp.		89,600		12,700,800
CVS Health Corp.		278,000		26,774,180
Walgreens Boots Alliance, Inc.		183,800		14,005,560
				53,480,540
Health Care Equipment & Supplies—1.4%
Intuitive Surgical, Inc. (a)		61,300		32,424,022
Health Care Providers & Services—3.6%
Humana, Inc.		109,613		15,743,715
McKesson Corp.		250,100		51,915,758
UnitedHealth Group, Inc.		192,000		19,409,280
				87,068,753
Hotels, Restaurants & Leisure—5.9%
Chipotle Mexican Grill, Inc. (a)		22,800		15,606,828
Las Vegas Sands Corp.		347,500		20,210,600
MGM Resorts International (a)		1,128,020		24,117,067
Starbucks Corp.		335,800		27,552,390
Starwood Hotels & Resorts Worldwide, Inc.		130,000		10,539,100
Wynn Macau, Ltd.		3,878,800		10,838,325
Wynn Resorts, Ltd.		223,580		33,259,761
				142,124,071
Industrial Conglomerates—3.1%
Danaher Corp.		576,700		49,428,957
Roper Industries, Inc.		163,940		25,632,019
				75,060,976
Internet & Catalog Retail—8.7%
Amazon.com, Inc. (a)		272,105		84,447,787
Ctrip.com International, Ltd. (ADR) (a)		300,300		13,663,650
Netflix, Inc. (a)		58,100		19,847,541
Priceline Group, Inc. (The) (a)		64,040		73,019,048
Vipshop Holdings, Ltd. (ADR) (a)		901,100		17,607,494
				208,585,520
Internet Software & Services—13.4%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		340,456		35,386,997
Baidu, Inc. (ADR) (a)		194,890		44,429,073
Dropbox, Inc. - Class A (a) (c) (d)		214,763		4,102,231
Facebook, Inc. - Class A (a)		680,800		53,116,016
Google, Inc. - Class A (a)		121,170		64,300,072
Google, Inc. - Class C (a)		123,670		65,099,888
LinkedIn Corp. - Class A (a)		85,520		19,644,799
NAVER Corp.		11,453		7,398,872
Pandora Media, Inc. (a) (b)		221,900		3,956,477
Tencent Holdings, Ltd.		1,023,985		14,692,481
Twitter, Inc. (a)		228,300		8,189,121
				320,316,027

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—6.0%
Fiserv, Inc. (a)		147,000	$	10,432,590
MasterCard, Inc. - Class A		625,400		53,884,464
Visa, Inc. - Class A		304,430		79,821,546
				144,138,600
Machinery—1.1%
Flowserve Corp.		114,300		6,838,569
Wabtec Corp.		210,800		18,316,412
				25,154,981
Media—1.6%
Twenty-First Century Fox, Inc. - Class A		221,100		8,491,345
Walt Disney Co. (The)		326,346		30,738,530
				39,229,875
Oil, Gas & Consumable Fuels—2.2%
Continental Resources, Inc. (a) (b)		149,000		5,715,640
EOG Resources, Inc.		51,600		4,750,812
EQT Corp.		184,900		13,996,930
Pioneer Natural Resources Co.		105,160		15,653,066
Range Resources Corp.		221,758		11,852,965
				51,969,413
Personal Products—0.4%
Estee Lauder Cos., Inc. (The) - Class A		119,400		9,098,280
Pharmaceuticals—3.8%
Actavis plc (a)		107,000		27,542,870
Allergan, Inc.		130,700		27,785,513
Valeant Pharmaceuticals International, Inc. (a)		247,700		35,448,347
				90,776,730
Real Estate Investment Trusts—3.1%
American Tower Corp.		364,900		36,070,365
Crown Castle International Corp.		471,978		37,144,669
				73,215,034
Road & Rail—1.2%
J.B. Hunt Transport Services, Inc. (b)		149,800		12,620,650
Kansas City Southern		135,900		16,583,877
				29,204,527
Semiconductors & Semiconductor Equipment—0.6%
ASML Holding NV		122,400		13,198,392
Software—4.0%
Mobileye NV (a) (b)		149,100		6,047,496
NetSuite, Inc. (a) (b)		117,400		12,816,558
Red Hat, Inc. (a)		231,400		15,998,996
Salesforce.com, Inc. (a)		534,360		31,692,892
ServiceNow, Inc. (a)		174,300		11,826,255
VMware, Inc. - Class A (a) (b)		139,300		11,495,036
Workday, Inc. - Class A (a) (b)		66,900		5,459,709
				95,336,942
Specialty Retail—6.5%
AutoZone, Inc. (a)		47,740		29,556,312
CarMax, Inc. (a) (b)		352,900		23,496,082
Home Depot, Inc. (The)		255,600		26,830,332
Lowe’s Cos., Inc.		537,800		37,000,640
Ross Stores, Inc.		113,800		10,726,788
Tractor Supply Co.		336,782		26,545,157
				154,155,311
Technology Hardware, Storage & Peripherals—2.3%
Apple, Inc.		434,640		47,975,563
Stratasys, Ltd. (a) (b)		77,000		6,399,470
				54,375,033
Textiles, Apparel & Luxury Goods—2.1%
Hanesbrands, Inc.		175,900		19,633,958
Michael Kors Holdings, Ltd. (a)		111,400		8,366,140
NIKE, Inc. - Class B		141,300		13,585,995
Under Armour, Inc. - Class A (a) (b)		137,500		9,336,250
				50,922,343
Wireless Telecommunication Services—0.6%
SoftBank Corp.		236,200		14,056,790
Total Common Stocks (Cost $1,743,710,281)				2,364,128,479
Convertible Preferred Stocks—0.2%
Internet Software & Services—0.2%
Airbnb, Inc. - Series D (a) (c) (d)		97,047		4,892,139
Living Social, Inc. - Class F (a) (c) (d)		101,591		26,414
Total Convertible Preferred Stocks (Cost $4,732,312)				4,918,553
Short-Term Investments—5.3%
Mutual Funds—5.3%
State Street Navigator Securities Lending MET Portfolio (e)		99,978,392		99,978,392
T. Rowe Price Government Reserve Investment Fund (f)		27,425,131		27,425,131
Total Short-Term Investments (Cost $127,403,523)				127,403,523
Total Investments—104.4% (Cost $1,875,846,116) (g)				2,496,450,555
Other assets and liabilities (net)—(4.4)%				(105,749,694	)
Net Assets—100.0%			$	2,390,700,861

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $104,994,939 and the collateral received consisted of cash in the amount of $99,978,392 and non-cash collateral with a value of $8,023,755. The cash collateral is

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent 0.4% of net assets.

(d) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2014, the market value of restricted securities was $9,020,784, which is 0.4% of net assets. See details shown in the Restricted Securities table that follows.

(e) Represents investment of cash collateral received from securities lending transactions.

(f) Affiliated Issuer. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(g) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,878,380,214. The aggregate unrealized appreciation and depreciation of investments were $656,155,825 and $(38,085,484), respectively, resulting in net unrealized appreciation of $618,070,341 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Airbnb, Inc. - Series D		04/16/14		97,047	$	3,951,078	$	4,892,139
Dropbox, Inc. - Class A		11/07/14		214,763		4,102,231		4,102,231
Living Social, Inc. - Class F		11/18/11		101,591		781,235		26,414
							$	9,020,784

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	89,367,820	$	—		$	—	$	89,367,820
Air Freight & Logistics		16,636,628		—			—		16,636,628
Airlines		74,515,499		—			—		74,515,499
Auto Components		19,118,088		—			—		19,118,088
Automobiles		21,237,931		—			—		21,237,931
Biotechnology		229,634,174		—			—		229,634,174
Capital Markets		65,509,448		—			—		65,509,448
Chemicals		42,252,797		—			—		42,252,797
Commercial Services & Supplies		13,666,776		—			—		13,666,776
Communications Equipment		4,682,174		—			—		4,682,174
Construction Materials		6,464,752		—			—		6,464,752
Diversified Financial Services		17,150,232		—			—		17,150,232
Food & Staples Retailing		53,480,540		—			—		53,480,540
Health Care Equipment & Supplies		32,424,022		—			—		32,424,022
Health Care Providers & Services		87,068,753		—			—		87,068,753
Hotels, Restaurants & Leisure		131,285,746		10,838,325			—		142,124,071
Industrial Conglomerates		75,060,976		—			—		75,060,976
Internet & Catalog Retail		208,585,520		—			—		208,585,520
Internet Software & Services		294,122,443		22,091,353			4,102,231		320,316,027
IT Services		144,138,600		—			—		144,138,600
Machinery		25,154,981		—			—		25,154,981
Media		39,229,875		—			—		39,229,875
Oil, Gas & Consumable Fuels		51,969,413		—			—		51,969,413
Personal Products		9,098,280		—			—		9,098,280
Pharmaceuticals		90,776,730		—			—		90,776,730
Real Estate Investment Trusts		73,215,034		—			—		73,215,034
Road & Rail		29,204,527		—			—		29,204,527
Semiconductors & Semiconductor Equipment		13,198,392		—			—		13,198,392
Software		95,336,942		—			—		95,336,942
Specialty Retail		154,155,311		—			—		154,155,311
Technology Hardware, Storage & Peripherals		54,375,033		—			—		54,375,033
Textiles, Apparel & Luxury Goods		50,922,343		—			—		50,922,343
Wireless Telecommunication Services		—		14,056,790			—		14,056,790
Total Common Stocks		2,313,039,780		46,986,468			4,102,231		2,364,128,479
Total Convertible Preferred Stocks*		—		—			4,918,553		4,918,553
Total Short-Term Investments*		127,403,523		—			—		127,403,523
Total Investments	$	2,440,443,303	$	46,986,468		$	9,020,784	$	2,496,450,555
Collateral for securities loaned (Liability)	$	—	$	(99,978,392	)	$	—	$	(99,978,392	)

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Appreciation		Purchases		Balance as of December 31, 2014		Change in Unrealized Appreciation from Investments Still Held at December 31, 2014
Common Stock
Internet Software & Services	$	—	$	—	$	4,102,231	$	4,102,231	$	—
Convertible Preferred Stocks
Internet Software & Services		64,002		903,473		3,951,078		4,918,553		903,473
Total	$	64,002	$	903,473	$	8,053,309	$	9,020,784	$	903,473

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	2,469,025,424
Affiliated investments at value (c)		27,425,131
Cash denominated in foreign currencies (d)		45,474
Receivable for:
Investments sold		4,268,332
Fund shares sold		461,636
Dividends		964,690
Dividends on affiliated investments		1,416
Prepaid expenses		6,327
Total Assets		2,502,198,430
Liabilities
Collateral for securities loaned		99,978,392
Payables for:
Investments purchased		8,757,068
Fund shares redeemed		1,219,897
Accrued expenses:
Management fees		1,133,584
Distribution and service fees		141,029
Deferred trustees’ fees		97,529
Other expenses		170,070
Total Liabilities		111,497,569
Net Assets	$	2,390,700,861
Net assets consist of:
Paid in surplus	$	1,361,642,397
Undistributed net investment income		1,989,955
Accumulated net realized gain		406,473,776
Unrealized appreciation on investments and foreign currency transactions		620,594,733
Net Assets	$	2,390,700,861
Net Assets
Class A	$	1,710,197,390
Class B		642,418,803
Class E		38,084,668
Capital Shares Outstanding*
Class A		69,075,812
Class B		26,211,491
Class E		1,546,715
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	24.76
Class B		24.51
Class E		24.62

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,848,420,985.

(b) Includes securities loaned at value of $104,994,939.

(c) Identified cost of affiliated investments was $27,425,131.

(d) Identified cost of cash denominated in foreign currencies was $45,905.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	17,846,674
Dividends from affiliated investments		9,384
Interest		1,420
Securities lending income		374,010
Total investment income		18,231,488
Expenses
Management fees		14,891,289
Administration fees		57,389
Custodian and accounting fees		266,134
Distribution and service fees—Class B		1,543,472
Distribution and service fees—Class E		57,690
Audit and tax services		42,853
Legal		30,013
Trustees’ fees and expenses		40,766
Shareholder reporting		190,756
Insurance		14,559
Miscellaneous		18,468
Total expenses		17,153,389
Less management fee waiver		(1,094,504	)
Less broker commission recapture		(18,053	)
Net expenses		16,040,832
Net Investment Income		2,190,656
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		411,774,819
Futures contracts		287,345
Foreign currency transactions		(3,028	)
Net realized gain		412,059,136
Net change in unrealized depreciation on:
Investments		(208,879,755	)
Foreign currency transactions		(11,759	)
Net change in unrealized depreciation		(208,891,514	)
Net realized and unrealized gain		203,167,622
Net Increase in Net Assets From Operations	$	205,358,278

(a) Net of foreign withholding taxes of $79,030.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	2,190,656		$	1,666,425
Net realized gain		412,059,136			204,118,860
Net change in unrealized appreciation (depreciation)		(208,891,514	)		502,901,627
Increase in net assets from operations		205,358,278			708,686,912
From Distributions to Shareholders
Net investment income
Class A		(1,184,801	)		(4,787,873	)
Class B		0			(183,240	)
Class E		0			(27,947	)
Net realized capital gains
Class A		(135,304,228	)		0
Class B		(42,997,307	)		0
Class E		(2,701,930	)		0
Total distributions		(182,188,266	)		(4,999,060	)
Increase (decrease) in net assets from capital share transactions		(295,377,662	)		397,860,785
Total increase (decrease) in net assets		(272,207,650	)		1,101,548,637
Net Assets
Beginning of period		2,662,908,511			1,561,359,874
End of period	$	2,390,700,861		$	2,662,908,511
Undistributed net investment income
End of period	$	1,989,955		$	1,312,255

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		3,594,337		$	80,177,221			14,211,647		$	301,716,419
Shares issued through acquisition		0			0			2,897,854			55,320,025
Reinvestments		6,307,257			136,489,029			258,385			4,787,873
Redemptions		(22,750,488	)		(527,126,265	)		(10,632,918	)		(222,768,817	)
Net increase (decrease)		(12,848,894	)	$	(310,460,015	)		6,734,968		$	139,055,500
Class B
Sales		4,619,616		$	108,524,649			4,928,278		$	103,138,441
Shares issued through acquisition		0			0			13,508,986			256,400,558
Reinvestments		2,003,603			42,997,307			9,948			183,240
Redemptions		(5,697,433	)		(133,841,023	)		(5,459,206	)		(113,287,739	)
Net increase		925,786		$	17,680,933			12,988,006		$	246,434,500
Class E
Sales		141,899		$	3,370,559			608,820		$	11,780,542
Shares issued through acquisition		0			0			826,063			15,719,980
Reinvestments		125,438			2,701,930			1,513			27,947
Redemptions		(365,404	)		(8,671,069	)		(747,881	)		(15,157,684	)
Net increase (decrease)		(98,067	)	$	(2,598,580	)		688,515		$	12,370,785
Increase (decrease) derived from capital shares transactions				$	(295,377,662	)				$	397,860,785

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	24.51		$	17.67		$	14.87		$	15.05		$	12.89
Income (Loss) from Investment Operations
Net investment income (a)		0.04			0.03			0.07			0.03			0.02
Net realized and unrealized gain (loss) on investments		1.94			6.87			2.75			(0.20	)		2.18
Total from investment operations		1.98			6.90			2.82			(0.17	)		2.20
Less Distributions
Distributions from net investment income		(0.02	)		(0.06	)		(0.02	)		(0.01	)		(0.04	)
Distributions from net realized capital gains		(1.71	)		0.00			0.00			0.00			0.00
Total distributions		(1.73	)		(0.06	)		(0.02	)		(0.01	)		(0.04	)
Net Asset Value, End of Period	$	24.76		$	24.51		$	17.67		$	14.87		$	15.05
Total Return (%) (b)		9.09			39.16			18.97			(1.12	)		17.05
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.63			0.63			0.64			0.64			0.64
Net ratio of expenses to average net assets (%) (c) (d)		0.58			0.58			0.60			0.60			0.62
Ratio of net investment income to average net assets (%)		0.15			0.14			0.43			0.18			0.15
Portfolio turnover rate (%)		34			41			38			33			42
Net assets, end of period (in millions)	$	1,710.2		$	2,007.8		$	1,328.9		$	971.1		$	639.7
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	24.32		$	17.54		$	14.78		$	14.98		$	12.84
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.03	)		0.02			(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		1.92			6.83			2.74			(0.19	)		2.16
Total from investment operations		1.90			6.80			2.76			(0.20	)		2.15
Less Distributions
Distributions from net investment income		0.00			(0.02	)		0.00			0.00			(0.01	)
Distributions from net realized capital gains		(1.71	)		0.00			0.00			0.00			0.00
Total distributions		(1.71	)		(0.02	)		0.00			0.00			(0.01	)
Net Asset Value, End of Period	$	24.51		$	24.32		$	17.54		$	14.78		$	14.98
Total Return (%) (b)		8.83			38.77			18.67			(1.34	)		16.74
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88			0.88			0.89			0.89			0.89
Net ratio of expenses to average net assets (%) (c) (d)		0.83			0.83			0.85			0.85			0.87
Ratio of net investment income (loss) to average net assets (%)		(0.09	)		(0.12	)		0.12			(0.09	)		(0.10	)
Portfolio turnover rate (%)		34			41			38			33			42
Net assets, end of period (in millions)	$	642.4		$	615.0		$	215.7		$	199.5		$	231.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	24.40		$	17.60		$	14.81	$	15.00		$	12.85
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.00	(e)		(0.01	)		0.04		0.00	(e)		(0.00	) (e)
Net realized and unrealized gain (loss) on investments		1.93			6.84			2.75		(0.19	)		2.17
Total from investment operations		1.93			6.83			2.79		(0.19	)		2.17
Less Distributions
Distributions from net investment income		0.00			(0.03	)		0.00		0.00			(0.02	)
Distributions from net realized capital gains		(1.71	)		0.00			0.00		0.00			0.00
Total distributions		(1.71	)		(0.03	)		0.00		0.00			(0.02	)
Net Asset Value, End of Period	$	24.62		$	24.40		$	17.60	$	14.81		$	15.00
Total Return (%) (b)		8.93			38.87			18.84		(1.27	)		16.89
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78			0.78			0.79		0.79			0.79
Net ratio of expenses to average net assets (%) (c) (d)		0.73			0.73			0.75		0.75			0.77
Ratio of net investment income (loss) to average net assets (%)		0.00	(f)		(0.03	)		0.22		0.01			(0.01	)
Portfolio turnover rate (%)		34			41			38		33			42
Net assets, end of period (in millions)	$	38.1		$	40.1		$	16.8	$	16.0		$	20.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) The effect of the voluntary portion of the waiver on average net assets was 0.03%, 0.03%, 0.03%, 0.03%, and 0.02% for the years ended 2014 through 2010, respectively (see Note 6 of the Notes to Financial Statements).

(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(e) Net investment income (loss) was less than $0.01.

(f) Ratio of net investment income to average net assets was less than 0.01%.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is T. Rowe Price Large Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-12

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-13

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial

MSF-14

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 25, 2014 through April 29, 2014, the Portfolio had bought and sold $27,681,554 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized gains in the amount of $287,345 which are shown under Net realized gain on futures contracts in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

MSF-15

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	836,443,416	$	0	$	1,310,683,877

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc. that amounted to $276,177 in purchases of investments and $1,344,567 in sales of investments, which is included above.

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $57,874,222 in sales of investments, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$14,891,289		0.650	%	Of the first $50 million
		0.600	%	On amounts in excess of $50 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period April 28, 2014 through April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows provided the Portfolio’s assets exceed $1 billion:

% per annum	Average Daily Net Assets
0.030%	On the first $50 million
0.010%	On amounts between $100 million and $1.5 billion
0.025%	On amounts in excess of $1.5 billion

If the Portfolio’s average daily net assets fall below $1 billion, the per annum fee reduction would be 0.015% on the first $50 million.

An identical expense agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 amounted to $399,429 and are included in the total amounts shown as management fee waivers in the Statement of Operations.

Effective February 17, 2005, T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Met Investors Series Trust (“MIST”), an affiliate of the Trust, in the aggregate, exceed $750,000,000, (ii) T. Rowe Price subadvises three or more portfolios of the Trust and MIST in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by MetLife Advisers by 5% for combined Trust and MIST average daily net assets over $750,000,000, 7.5% for the next $1,500,000,000 of combined assets, and 10% for amounts over $3,000,000,000. MetLife Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and MetLife Advisers at any time. Amounts voluntarily waived by MetLife Advisers for the year ended December 31, 2014 amounted to $695,075 and are included in the total amounts shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

MSF-16

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2014 is as follows:

Security Description	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014		Realized Gain on shares sold		Income earned from affiliates during the period
T. Rowe Price Government Reserve Investment Fund		21,895,777		394,507,713		(388,978,359	)		27,425,131	$	0	$	9,384

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$1,184,801	$	4,999,060	$	181,003,465	$	—	$	182,188,266	$	4,999,060

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$33,052,335	$	378,043,024	$	618,060,635	$	—	$	1,029,155,994

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment capital loss carryforwards.

MSF-17

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

10. Acquisition

At the close of business on April 26, 2013, the Portfolio, with aggregate Class A, Class B and Class E net assets of $1,526,495,286, $231,435,766 and $17,215,784, respectively, acquired all of the assets and liabilities of RCM Technology Portfolio of the Met Investors Series Trust (“RCM Technology”).

The acquisition was accomplished by a tax-free exchange of 2,897,854 Class A shares of the Portfolio (valued at $55,320,025) for 13,535,094 Class A shares of RCM Technology; 13,508,986 Class B shares of the Portfolio (valued at $256,400,558) for 65,404,490 of Class B shares of RCM Technology; and 826,063 Class E shares of the Portfolio (valued at $15,719,980) for 3,941,164 of Class E shares of RCM Technology. Each shareholder of RCM Technology received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 26, 2013. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by RCM Technology may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by RCM Technology. All other costs associated with the merger were not borne by the shareholders of either portfolio.

RCM Technology’s net assets on April 26, 2013, were $55,320,025, $256,400,558 and $15,719,980 for Class A, Class B and Class E shares, respectively, including investments valued at $327,542,456 with a cost basis of $314,461,180. For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from RCM Technology were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of the Portfolio immediately after the acquisition were $2,102,587,399, which included $13,079,428 of acquired unrealized appreciation on investments and foreign currency transactions.

Assuming the acquisition had been completed on January 1, 2013, the Portfolio’s pro-forma results of operations for the year ended December 31, 2013 are as follows:

Net Investment income	$	2,217,513	(a)
Net realized and unrealized gain on investments	$	723,537,821	(b)
Net increase in net assets from operations	$	725,755,334

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of RCM Technology that have been included in the Portfolio’s Statement of Operations since April 26, 2013.

(a) $1,666,425 net investment income as reported, December 31, 2013, plus $202,254 from RCM Technology pre-merger net investment income plus $350,357 in lower advisory fees, minus $1,523 of pro-forma eliminated other expenses.

(b) $829,486,247 Unrealized appreciation as reported December 31, 2013, minus $336,326,710 pro-forma December 31, 2012 Unrealized depreciation, plus $204,118,860 Net realized gain as reported December 31, 2013, plus $26,259,424 in Net Realized gain from RCM Technology pre-merger.

11. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-18

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of T. Rowe Price Large Cap Growth Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of T. Rowe Price Large Cap Growth Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 T. Rowe Price Large Cap Growth Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-19

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-20

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-21

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment

MSF-22

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-23

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

T. Rowe Price Large Cap Growth Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and T. Rowe Price Associates, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board also considered that the Portfolio underperformed its benchmark, the Russell 1000 Growth Index, for the one-year period ended October 31, 2014 and outperformed its benchmark for the three- and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the median of the Expense Group, Expense Universe, and Sub-advised Expense Universe. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year. The Board also took into account the fact that the Adviser and Sub-Adviser are voluntarily waiving a portion of their advisory fees based on the amount of the Trusts’ assets managed by the Sub-Adviser.

MSF-24

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Managed By T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the T. Rowe Price Small Cap Growth Portfolio returned 6.91%, 6.65%, and 6.69%, respectively. The Portfolio’s benchmark, the MSCI U.S. Small Cap Growth Index¹, returned 4.69%. Since its inception on November 12, 2014, the Class G shares of the T. Rowe Price Small Cap Growth Portfolio returned 1.35%. The Portfolio’s benchmark, the MSCI U.S. Small Cap Growth Index, returned 1.82% over the same period.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose in 2014 for the sixth consecutive year, as the economy recovered strongly from a first-quarter weather-related contraction. Falling long-term interest rates, solid employment growth, favorable corporate earnings, and expanded stimulus measures by major non-U.S. central banks boosted returns. Large-cap stocks reached new highs in December and significantly outpaced small- and mid-caps. As measured by various Russell indexes, value stocks outperformed growth among large- and mid-caps, while the opposite was true for small-cap shares. Within the MSCI U.S. Small Cap Growth Index, Health Care led returns, followed by Utilities, while Energy ended deep in negative territory.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio turned in positive absolute returns for the year and outpaced its benchmark, the MSCI U.S. Small Cap Growth Index. Stock selection was the primary cause of the relative outperformance, and sector allocations were also positive. Consumer Discretionary, Materials, and Industrials all helped relative results, while Financials detracted.

Consumer Discretionary was the primary area of relative outperformance, owing to stock choices that included Hanesbrands and Denny’s. National restaurant chain Denny’s benefited from improved revenues due to increased traffic at remodeled, company-owned restaurants.

Materials provided a boost as well, also due to stock selection. NewMarket and Berry Plastics Group were among the outperformers. One of the world’s largest producers of petroleum additives, which are used as additives in motor oils, NewMarket reported solid earnings driven by increased shipments in European and Asian markets. Berry Plastics, which focuses on packaging for U.S. food and beverage markets, benefited from improved cash flows.

In Industrials, the Portfolio’s stock holdings also outperformed their benchmark peers. A leading name here was Old Dominion Freight Line, a trucking company that focuses on small freight and regional and national delivery while also providing logistics services. An improving U.S. manufacturing environment helped the company beat estimates this past year, and the firm also announced plans for share buybacks after several years of heavy investment in network improvements.

Stock choices in Financials proved detrimental, most notably Altisource Portfolio Solutions. This mortgage real estate service provider reported declining earnings as revenues from the company’s largest client decreased and efforts to diversify the client base were met with limited success. Shares also fell significantly when the client in question agreed to a major settlement with a regulatory agency. We exited our position during the period.

The Portfolio ended the year with an overweight to Health Care and Information Technology. It was notably underweight in Industrials, Materials, Utilities, Consumer Staples, and Telecommunication Services, and roughly in line with the benchmark in Consumer Discretionary and Energy.

Sudhir Nanda

Portfolio Manager

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI U.S. SMALL CAP GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
T. Rowe Price Small Cap Growth Portfolio
Class A		6.91		19.77		10.72		—
Class B		6.65		19.48		10.45		—
Class E		6.69		19.57		10.55		—
Class G		—		—		—		1.35
MSCI U.S. Small Cap Growth Index		4.69		18.02		10.03		—

¹ The MSCI U.S. Small Cap Growth Index represents the growth companies of the MSCI U.S. Small Cap 1750 Index. (The MSCI U.S. Small Cap 1750 Index represents the universe of small capitalization companies in the U.S. equity market).

² Inception dates of the Class A, Class B, Class E and Class G shares are 3/3/97, 7/30/02, 5/1/01 and 11/12/14, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
MAXIMUS, Inc.		1.0
Middleby Corp. (The)		1.0
Old Dominion Freight Line, Inc.		1.0
Hanesbrands, Inc.		1.0
Tyler Technologies, Inc.		0.9
Incyte Corp.		0.9
Boston Beer Co., Inc. (The) - Class A		0.9
Rite Aid Corp.		0.9
Domino’s Pizza, Inc.		0.8
J&J Snack Foods Corp.		0.8

Top Sectors

	% of Net Assets
Information Technology		23.4
Health Care		20.6
Industrials		17.5
Consumer Discretionary		17.4
Financials		8.5
Materials		4.8
Energy		3.6
Consumer Staples		3.5
Telecommunication Services		0.3

MSF-2

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

T. Rowe Price Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.48	%	$	1,000.00	$	1,040.00	$	2.47
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.79	$	2.45
Class B(a)	Actual		0.73	%	$	1,000.00	$	1,038.70	$	3.75
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.53	$	3.72
Class E(a)	Actual		0.63	%	$	1,000.00	$	1,038.50	$	3.24
	Hypothetical*		0.63	%	$	1,000.00	$	1,022.03	$	3.21
Class G(a)(b)	Actual		0.81	%	$	1,000.00	$	1,013.50	$	1.12
	Hypothetical*		0.81	%	$	1,000.00	$	1,005.74	$	1.11

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days for Class A, Class B and Class E, and 50 days for Class G) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

^(b) Commencement of operations was November 12, 2014.

MSF-3

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—99.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.4%
Esterline Technologies Corp. (a)		38,400	$	4,211,712
GenCorp, Inc. (a) (b)		122,500		2,241,750
HEICO Corp. - Class A		142,381		6,743,164
Hexcel Corp. (a)		107,400		4,456,026
Teledyne Technologies, Inc. (a)		88,900		9,133,586
TransDigm Group, Inc.		26,500		5,203,275
				31,989,513
Airlines—0.9%
Allegiant Travel Co.		22,400		3,367,392
Spirit Airlines, Inc. (a)		114,400		8,646,352
				12,013,744
Auto Components—0.4%
Tenneco, Inc. (a)		96,700		5,474,187
Banks—1.3%
Signature Bank (a)		64,200		8,086,632
SVB Financial Group (a)		44,800		5,199,936
Texas Capital Bancshares, Inc. (a) (b)		71,100		3,862,863
				17,149,431
Beverages—0.9%
Boston Beer Co., Inc. (The) - Class A (a) (b)		40,187		11,635,744
Biotechnology—8.6%
ACADIA Pharmaceuticals, Inc. (a) (b)		107,800		3,422,650
Acceleron Pharma, Inc. (a) (b)		54,000		2,103,840
Acorda Therapeutics, Inc. (a)		43,200		1,765,584
Alkermes plc (a)		139,200		8,151,552
Alnylam Pharmaceuticals, Inc. (a)		53,900		5,228,300
AMAG Pharmaceuticals, Inc. (a) (b)		43,700		1,862,494
BioMarin Pharmaceutical, Inc. (a)		63,500		5,740,400
Bluebird Bio, Inc. (a)		26,200		2,403,064
Cepheid, Inc. (a) (b)		79,600		4,309,544
Clovis Oncology, Inc. (a) (b)		13,800		772,800
Cubist Pharmaceuticals, Inc. (a) (b)		90,300		9,088,695
Exelixis, Inc. (a) (b)		299,200		430,848
Incyte Corp. (a)		160,000		11,697,600
Intercept Pharmaceuticals, Inc. (a) (b)		12,600		1,965,600
Isis Pharmaceuticals, Inc. (a) (b)		117,900		7,279,146
Ligand Pharmaceuticals, Inc. (a) (b)		36,700		1,952,807
Medivation, Inc. (a)		26,700		2,659,587
Neurocrine Biosciences, Inc. (a) (b)		165,200		3,690,568
Novavax, Inc. (a) (b)		268,800		1,593,984
NPS Pharmaceuticals, Inc. (a)		133,600		4,778,872
Ophthotech Corp. (a) (b)		18,300		821,121
Opko Health, Inc. (a) (b)		218,500		2,182,815
Pharmacyclics, Inc. (a) (b)		54,500		6,663,170
Prothena Corp. plc (a) (b)		41,800		867,768
Puma Biotechnology, Inc. (a) (b)		48,100		9,103,887
Receptos, Inc. (a)		10,900		1,335,359
Seattle Genetics, Inc. (a) (b)		75,600		2,429,028
Sunesis Pharmaceuticals, Inc. (a)		76,600		195,330
Synageva BioPharma Corp. (a) (b)		19,900		1,846,521
Biotechnology—(Continued)
United Therapeutics Corp. (a)		63,400		8,209,666
				114,552,600
Building Products—0.7%
AAON, Inc. (b)		165,599		3,707,762
Lennox International, Inc. (b)		56,900		5,409,483
				9,117,245
Capital Markets—2.0%
Affiliated Managers Group, Inc. (a)		21,449		4,552,336
E*Trade Financial Corp. (a)		355,260		8,616,831
Financial Engines, Inc. (b)		91,400		3,340,670
Virtus Investment Partners, Inc.		16,400		2,796,036
Waddell & Reed Financial, Inc. - Class A		149,100		7,428,162
				26,734,035
Chemicals—2.0%
NewMarket Corp. (b)		24,700		9,967,191
PolyOne Corp.		206,700		7,835,997
Stepan Co.		71,700		2,873,736
WR Grace & Co. (a)		62,700		5,980,953
				26,657,877
Commercial Services & Supplies—1.8%
Civeo Corp.		97,200		399,492
Clean Harbors, Inc. (a) (b)		89,500		4,300,475
Healthcare Services Group, Inc. (b)		125,500		3,881,715
Rollins, Inc.		150,250		4,973,275
Team, Inc. (a)		62,400		2,524,704
U.S. Ecology, Inc. (b)		77,300		3,101,276
Waste Connections, Inc.		94,100		4,139,459
				23,320,396
Communications Equipment—2.1%
ADTRAN, Inc.		30,400		662,720
ARRIS Group, Inc. (a)		125,400		3,785,826
Aruba Networks, Inc. (a) (b)		145,500		2,645,190
EchoStar Corp. - Class A (a) (b)		91,400		4,798,500
JDS Uniphase Corp. (a)		249,300		3,420,396
Plantronics, Inc.		84,900		4,501,398
Polycom, Inc. (a)		118,186		1,595,511
Riverbed Technology, Inc. (a)		206,967		4,224,196
Ubiquiti Networks, Inc. (b)		58,800		1,742,832
				27,376,569
Consumer Finance—0.6%
PRA Group, Inc. (a) (b)		124,900		7,235,457
World Acceptance Corp. (a) (b)		6,700		532,315
				7,767,772
Containers & Packaging—1.4%
Berry Plastics Group, Inc. (a)		248,100		7,827,555
Graphic Packaging Holding Co. (a)		583,400		7,945,908
Rock-Tenn Co. - Class A		48,600		2,963,628
				18,737,091

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Distributors—0.6%
LKQ Corp. (a)		74,700	$	2,100,564
Pool Corp.		87,500		5,551,000
				7,651,564
Diversified Consumer Services—0.8%
Ascent Capital Group, Inc. - Class A (a) (b)		50,100		2,651,793
Capella Education Co.		47,437		3,650,752
Sotheby’s (b)		98,100		4,235,958
Steiner Leisure, Ltd. (a)		10,400		480,584
				11,019,087
Diversified Financial Services—1.3%
CBOE Holdings, Inc.		121,200		7,686,504
MarketAxess Holdings, Inc. (b)		91,200		6,539,952
MSCI, Inc.		59,578		2,826,380
NewStar Financial, Inc. (a)		60,291		771,725
				17,824,561
Diversified Telecommunication Services—0.2%
Level 3 Communications, Inc. (a)		68,250		3,370,185
Electrical Equipment—1.0%
Acuity Brands, Inc.		55,200		7,731,864
Generac Holdings, Inc. (a) (b)		107,900		5,045,404
				12,777,268
Electronic Equipment, Instruments & Components—2.3%
Anixter International, Inc. (a)		90,700		8,023,322
Cognex Corp. (a)		163,000		6,736,790
Coherent, Inc. (a)		78,600		4,772,592
FARO Technologies, Inc. (a)		28,100		1,761,308
FEI Co.		97,200		8,782,020
				30,076,032
Energy Equipment & Services—1.2%
Atwood Oceanics, Inc. (a)		58,200		1,651,134
Core Laboratories NV		25,300		3,044,602
Dril-Quip, Inc. (a)		55,200		4,235,496
Oceaneering International, Inc.		50,300		2,958,143
Oil States International, Inc. (a)		41,100		2,009,790
Tesco Corp. (b)		140,000		1,794,800
Unit Corp. (a)		25,500		869,550
				16,563,515
Food & Staples Retailing—0.9%
Rite Aid Corp. (a)		1,514,700		11,390,544
Food Products—1.6%
J&J Snack Foods Corp.		99,400		10,811,738
TreeHouse Foods, Inc. (a)		116,500		9,964,245
				20,775,983
Health Care Equipment & Supplies—3.9%
Align Technology, Inc. (a)		132,700		7,419,257
Health Care Equipment & Supplies—(Continued)
Cooper Cos., Inc. (The)		37,300		6,045,957
DexCom, Inc. (a)		114,100		6,281,205
Halyard Health, Inc. (a)		70,000		3,182,900
HeartWare International, Inc. (a) (b)		15,300		1,123,479
ICU Medical, Inc. (a)		36,700		3,005,730
IDEXX Laboratories, Inc. (a)		40,900		6,064,243
Masimo Corp. (a)		53,100		1,398,654
Sirona Dental Systems, Inc. (a)		98,400		8,597,208
Thoratec Corp. (a)		73,800		2,395,548
West Pharmaceutical Services, Inc.		111,800		5,952,232
				51,466,413
Health Care Providers & Services—3.5%
Air Methods Corp. (a) (b)		111,500		4,909,345
Centene Corp. (a)		79,600		8,266,460
Chemed Corp. (b)		16,300		1,722,421
Corvel Corp. (a)		98,900		3,681,058
HealthSouth Corp.		121,500		4,672,890
MEDNAX, Inc. (a)		81,200		5,368,132
MWI Veterinary Supply, Inc. (a)		36,500		6,201,715
Team Health Holdings, Inc. (a)		141,200		8,123,236
WellCare Health Plans, Inc. (a)		47,300		3,881,438
				46,826,695
Health Care Technology—0.2%
athenahealth, Inc. (a) (b)		16,300		2,374,910
Hotels, Restaurants & Leisure—5.7%
Brinker International, Inc.		137,400		8,064,006
Buffalo Wild Wings, Inc. (a) (b)		33,500		6,042,730
Cheesecake Factory, Inc. (The) (b)		65,400		3,290,274
Choice Hotels International, Inc. (b)		101,600		5,691,632
Denny’s Corp. (a)		684,600		7,058,226
Domino’s Pizza, Inc.		116,500		10,970,805
Jack in the Box, Inc.		68,400		5,469,264
Marriott Vacations Worldwide Corp.		110,000		8,199,400
Red Robin Gourmet Burgers, Inc. (a)		57,300		4,410,667
Six Flags Entertainment Corp. (b)		158,300		6,830,645
Vail Resorts, Inc.		103,100		9,395,503
				75,423,152
Household Durables—0.7%
Helen of Troy, Ltd. (a)		108,500		7,059,010
iRobot Corp. (a) (b)		67,300		2,336,656
				9,395,666
Insurance—0.3%
Amtrust Financial Services, Inc. (b)		74,378		4,183,763
Internet & Catalog Retail—1.7%
HSN, Inc.		122,300		9,294,800
Liberty TripAdvisor Holdings, Inc. - Class A (a)		142,100		3,822,490
Liberty Ventures - Series A (a)		163,300		6,159,676
Shutterfly, Inc. (a) (b)		82,800		3,452,346
				22,729,312

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Internet Software & Services—2.5%
comScore, Inc. (a)		34,700	$	1,611,121
Cornerstone OnDemand, Inc. (a) (b)		81,900		2,882,880
CoStar Group, Inc. (a)		39,400		7,235,022
Envestnet, Inc. (a)		107,100		5,262,894
j2 Global, Inc. (b)		68,600		4,253,200
MercadoLibre, Inc. (b)		41,500		5,298,305
Perficient, Inc. (a)		125,400		2,336,202
WebMD Health Corp. (a) (b)		124,500		4,923,975
				33,803,599
IT Services—6.1%
Blackhawk Network Holdings, Inc. - Class B (a)		80,100		3,018,969
Cardtronics, Inc. (a) (b)		154,900		5,976,042
CoreLogic, Inc. (a)		218,500		6,902,415
DST Systems, Inc.		50,800		4,782,820
Euronet Worldwide, Inc. (a)		134,600		7,389,540
Gartner, Inc. (a)		121,200		10,206,252
Heartland Payment Systems, Inc. (b)		142,760		7,701,902
Jack Henry & Associates, Inc.		86,900		5,399,966
MAXIMUS, Inc.		253,000		13,874,520
TeleTech Holdings, Inc. (a)		45,600		1,079,808
Unisys Corp. (a)		71,109		2,096,293
VeriFone Systems, Inc. (a)		79,700		2,964,840
WEX, Inc. (a)		92,800		9,179,776
				80,573,143
Leisure Products—1.0%
Brunswick Corp.		114,300		5,859,018
Polaris Industries, Inc. (b)		49,100		7,425,884
				13,284,902
Life Sciences Tools & Services—1.0%
Bio-Rad Laboratories, Inc. - Class A (a)		19,800		2,387,088
Bruker Corp. (a)		125,400		2,460,348
Mettler-Toledo International, Inc. (a)		9,600		2,903,616
PAREXEL International Corp. (a) (b)		101,300		5,628,228
				13,379,280
Machinery—6.3%
Actuant Corp. - Class A		112,500		3,064,500
Chart Industries, Inc. (a)		39,700		1,357,740
Graco, Inc.		82,100		6,582,778
Hyster-Yale Materials Handling, Inc.		33,694		2,466,401
IDEX Corp.		67,000		5,215,280
John Bean Technologies Corp.		140,800		4,626,688
Lincoln Electric Holdings, Inc.		91,800		6,342,462
Middleby Corp. (The) (a)		138,100		13,685,710
Nordson Corp.		86,300		6,727,948
Standex International Corp.		30,300		2,340,978
Sun Hydraulics Corp. (b)		60,600		2,386,428
Toro Co. (The) (b)		150,100		9,577,881
Valmont Industries, Inc. (b)		44,200		5,613,400
Wabtec Corp.		120,800		10,496,312
Woodward, Inc.		71,400		3,515,022
				83,999,528
Marine—0.5%
Kirby Corp. (a)		83,300		6,725,642
Media—1.1%
John Wiley & Sons, Inc. - Class A		20,700		1,226,268
Live Nation Entertainment, Inc. (a)		319,000		8,329,090
Starz - Class A (a) (b)		157,000		4,662,900
				14,218,258
Metals & Mining—0.7%
Compass Minerals International, Inc.		31,100		2,700,413
Stillwater Mining Co. (a)		165,300		2,436,522
Worthington Industries, Inc.		122,300		3,680,007
				8,816,942
Multiline Retail—0.2%
Big Lots, Inc. (b)		67,300		2,693,346
Oil, Gas & Consumable Fuels—2.4%
Bonanza Creek Energy, Inc. (a)		35,100		842,400
Carrizo Oil & Gas, Inc. (a)		66,300		2,758,080
Clayton Williams Energy, Inc. (a)		33,900		2,162,820
Contango Oil & Gas Co. (a)		66,800		1,953,232
Diamondback Energy, Inc. (a)		72,800		4,351,984
Gran Tierra Energy, Inc. (a)		206,000		793,100
Oasis Petroleum, Inc. (a) (b)		121,800		2,014,572
Rosetta Resources, Inc. (a)		28,800		642,528
SemGroup Corp. - Class A		108,000		7,386,120
SM Energy Co.		41,300		1,593,354
Stone Energy Corp. (a) (b)		119,300		2,013,784
Targa Resources Corp.		50,000		5,302,500
				31,814,474
Paper & Forest Products—0.7%
Clearwater Paper Corp. (a)		50,200		3,441,210
KapStone Paper and Packaging Corp.		221,400		6,489,234
				9,930,444
Personal Products—0.2%
Nu Skin Enterprises, Inc. - Class A (b)		61,200		2,674,440
Pharmaceuticals—3.4%
Akorn, Inc. (a) (b)		138,800		5,024,560
Auxilium Pharmaceuticals, Inc. (a) (b)		55,600		1,911,806
AVANIR Pharmaceuticals, Inc. - Class A (a)		333,400		5,651,130
Jazz Pharmaceuticals plc (a) (b)		16,900		2,767,037
Mallinckrodt plc (a)		38,376		3,800,375
Medicines Co. (The) (a)		67,600		1,870,492
Nektar Therapeutics (a) (b)		142,300		2,205,650
Pacira Pharmaceuticals, Inc. (a) (b)		53,500		4,743,310
Phibro Animal Health Corp. - Class A		46,600		1,470,230
Prestige Brands Holdings, Inc. (a)		175,400		6,089,888
Salix Pharmaceuticals, Ltd. (a)		70,500		8,103,270
Theravance Biopharma, Inc. (a)		23,914		356,797
Theravance, Inc. (b)		68,200		965,030
ZS Pharma, Inc. (a)		900		37,413
				44,996,988

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Professional Services—1.2%
Advisory Board Co. (The) (a)		59,300	$	2,904,514
Dun & Bradstreet Corp. (The)		27,400		3,314,304
Exponent, Inc.		39,600		3,267,000
Huron Consulting Group, Inc. (a)		85,400		5,840,506
				15,326,324
Real Estate Investment Trusts—1.5%
Equity Lifestyle Properties, Inc.		123,000		6,340,650
FelCor Lodging Trust, Inc.		436,100		4,718,602
Strategic Hotels & Resorts, Inc. (a)		454,500		6,013,035
Taubman Centers, Inc.		31,100		2,376,662
				19,448,949
Real Estate Management & Development—0.8%
Forest City Enterprises, Inc. - Class A (a)		134,000		2,854,200
Jones Lang LaSalle, Inc.		16,600		2,488,838
Kennedy-Wilson Holdings, Inc.		192,243		4,863,748
				10,206,786
Road & Rail—2.5%
AMERCO		24,400		6,935,944
Avis Budget Group, Inc. (a)		125,100		8,297,883
Landstar System, Inc.		69,200		5,019,076
Old Dominion Freight Line, Inc. (a)		168,850		13,109,514
				33,362,417
Semiconductors & Semiconductor Equipment—2.8%
Amkor Technology, Inc. (a)		80,100		568,710
Atmel Corp. (a)		577,200		4,845,594
Cabot Microelectronics Corp. (a)		52,800		2,498,496
Cavium, Inc. (a) (b)		104,700		6,472,554
Diodes, Inc. (a)		99,300		2,737,701
Microsemi Corp. (a)		143,600		4,075,368
Semtech Corp. (a)		104,100		2,870,037
Silicon Laboratories, Inc. (a)		44,800		2,133,376
Synaptics, Inc. (a)		97,400		6,705,016
Teradyne, Inc.		189,100		3,742,289
				36,649,141
Software—7.4%
Advent Software, Inc.		104,300		3,195,752
Aspen Technology, Inc. (a)		202,600		7,095,052
CommVault Systems, Inc. (a)		90,400		4,672,776
Computer Modelling Group, Ltd.		290,800		2,988,597
FactSet Research Systems, Inc. (b)		43,000		6,052,250
Fortinet, Inc. (a)		188,300		5,773,278
Informatica Corp. (a)		112,600		4,294,001
Manhattan Associates, Inc. (a)		190,000		7,736,800
Monotype Imaging Holdings, Inc.		128,405		3,701,916
NetScout Systems, Inc. (a) (b)		123,000		4,494,420
Pegasystems, Inc.		162,600		3,377,202
Proofpoint, Inc. (a) (b)		79,800		3,848,754
PTC, Inc. (a)		183,100		6,710,615
SolarWinds, Inc. (a)		97,000		4,833,510
Solera Holdings, Inc.		23,900		1,223,202
SS&C Technologies Holdings, Inc.		122,800		7,182,572
Software—(Continued)
Tyler Technologies, Inc. (a)		111,500		12,202,560
Ultimate Software Group, Inc. (The) (a) (b)		63,100		9,264,027
				98,647,284
Specialty Retail—3.0%
Aaron’s, Inc.		78,500		2,399,745
Ascena Retail Group, Inc. (a)		62,200		781,232
Buckle, Inc. (The) (b)		55,300		2,904,356
Chico’s FAS, Inc.		178,700		2,896,727
Children’s Place, Inc. (The) (b)		33,100		1,886,700
DSW, Inc. - Class A		74,700		2,786,310
Monro Muffler Brake, Inc. (b)		135,800		7,849,240
Murphy USA, Inc. (a)		90,800		6,252,488
Sally Beauty Holdings, Inc. (a)		226,400		6,959,536
Tractor Supply Co.		63,600		5,012,952
				39,729,286
Technology Hardware, Storage & Peripherals—0.2%
3D Systems Corp. (a) (b)		25,500		838,185
Stratasys, Ltd. (a)		19,200		1,595,712
				2,433,897
Textiles, Apparel & Luxury Goods—2.2%
Deckers Outdoor Corp. (a) (b)		51,900		4,724,976
Fossil Group, Inc. (a)		20,249		2,242,374
Hanesbrands, Inc.		117,300		13,093,026
Iconix Brand Group, Inc. (a) (b)		121,800		4,115,622
Steven Madden, Ltd. (a)		163,100		5,191,473
				29,367,471
Thrifts & Mortgage Finance—0.7%
MGIC Investment Corp. (a) (b)		481,000		4,482,920
Radian Group, Inc. (b)		302,300		5,054,456
				9,537,376
Trading Companies & Distributors—0.2%
Beacon Roofing Supply, Inc. (a)		97,800		2,718,840
Total Common Stocks (Cost $968,969,692)				1,320,713,611
Short-Term Investments—17.5%
Mutual Funds—17.5%
State Street Navigator Securities Lending MET Portfolio (c)		229,530,294		229,530,294
T. Rowe Price Government Reserve Investment Fund (d)		2,091,497		2,091,497
Total Short-Term Investments (Cost $231,621,791)				231,621,791
Total Investments—117.1% (Cost $1,200,591,483) (e)				1,552,335,402
Other assets and liabilities (net)—(17.1)%				(227,152,888	)
Net Assets—100.0%			$	1,325,182,514

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $235,245,303 and the collateral received consisted of cash in the amount of $229,530,294 and non-cash collateral with a value of $12,177,954. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) Affiliated Issuer. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(e) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,200,855,152. The aggregate unrealized appreciation and depreciation of investments were $386,367,671 and $(34,887,421), respectively, resulting in net unrealized appreciation of $351,480,250 for federal income tax purposes.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,320,713,611	$	—		$	—	$	1,320,713,611
Total Short-Term Investments*		231,621,791		—			—		231,621,791
Total Investments	$	1,552,335,402	$	—		$	—	$	1,552,335,402
Collateral for Securities Loaned (Liability)	$	—	$	(229,530,294	)	$	—	$	(229,530,294	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,550,243,905
Affiliated investments at value (c)		2,091,497
Cash		1,342,388
Cash denominated in foreign currencies (d)		21,276
Receivable for:
Investments sold		4,559,917
Fund shares sold		200,241
Dividends		537,717
Dividends on affiliated investments		273
Prepaid expenses		3,278
Total Assets		1,559,000,492
Liabilities
Collateral for securities loaned		229,530,294
Payables for:
Investments purchased		2,676,568
Fund shares redeemed		842,571
Accrued expenses:
Management fees		501,344
Distribution and service fees		80,011
Deferred trustees’ fees		63,842
Other expenses		123,348
Total Liabilities		233,817,978
Net Assets	$	1,325,182,514
Net assets consist of:
Paid in surplus	$	857,199,528
Undistributed net investment income		1,290,973
Accumulated net realized gain		114,948,180
Unrealized appreciation on investments and foreign currency transactions		351,743,833
Net Assets	$	1,325,182,514
Net Assets
Class A	$	938,472,956
Class B		369,597,504
Class E		17,105,193
Class G		6,861
Capital Shares Outstanding*
Class A		40,113,943
Class B		16,591,100
Class E		755,764
Class G		315
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	23.40
Class B		22.28
Class E		22.63
Class G		21.78

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,198,499,986.

(b) Includes securities loaned at value of $235,245,303.

(c) Identified cost of affiliated investments was $2,091,497.

(d) Identified cost of cash denominated in foreign currencies was $21,362.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	7,738,197
Dividends from affiliated investments		2,768
Securities lending income		1,268,024
Total investment income		9,008,989
Expenses
Management fees		5,782,938
Administration fees		28,867
Custodian and accounting fees		132,815
Distribution and service fees—Class B		907,758
Distribution and service fees—Class E		26,406
Distribution and service fees—Class G		1
Audit and tax services		39,404
Legal		31,614
Trustees’ fees and expenses		38,591
Shareholder reporting		149,099
Insurance		7,089
Miscellaneous		13,502
Total expenses		7,158,084
Less management fee waiver		(278,289	)
Less broker commission recapture		(6,458	)
Net expenses		6,873,337
Net Investment Income		2,135,652
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		116,534,427
Futures contracts		(617,324	)
Foreign currency transactions		(3,427	)
Net realized gain		115,913,676
Net change in unrealized appreciation (depreciation) on:
Investments		(21,765,166	)
Foreign currency transactions		386
Net change in unrealized depreciation		(21,764,780	)
Net realized and unrealized gain		94,148,896
Net Increase in Net Assets From Operations	$	96,284,548

(a) Net of foreign withholding taxes of $25,027.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	2,135,652		$	1,073,627
Net realized gain		115,913,676			81,271,677
Net change in unrealized appreciation (depreciation)		(21,764,780	)		255,807,207
Increase in net assets from operations		96,284,548			338,152,511
From Distributions to Shareholders
Net investment income
Class A		(116,737	)		(2,084,759	)
Class B		0			(435,146	)
Class E		0			(34,617	)
Net realized capital gains
Class A		(52,064,808	)		(32,210,993	)
Class B		(28,893,533	)		(17,679,828	)
Class E		(1,398,334	)		(883,139	)
Total distributions		(82,473,412	)		(53,328,482	)
Increase in net assets from capital share transactions		204,809,872			144,101,028
Total increase in net assets		218,621,008			428,925,057
Net Assets
Beginning of period		1,106,561,506			677,636,449
End of period	$	1,325,182,514		$	1,106,561,506
Undistributed net investment income
End of period	$	1,290,973		$	917,166

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		15,008,185		$	316,162,633			10,721,735		$	208,173,361
Reinvestments		2,508,728			52,181,545			1,939,805			34,295,752
Redemptions		(7,447,917	)		(163,971,248	)		(4,687,332	)		(94,950,297	)
Net increase		10,068,996		$	204,372,930			7,974,208		$	147,518,816
Class B
Sales		1,553,570		$	33,767,444			1,937,054		$	37,911,446
Reinvestments		1,456,327			28,893,533			1,067,471			18,114,974
Redemptions		(2,823,945	)		(60,841,837	)		(3,017,882	)		(58,976,676	)
Net increase (decrease)		185,952		$	1,819,140			(13,357	)	$	(2,950,256	)
Class E
Sales		81,824		$	1,800,257			119,207		$	2,364,626
Reinvestments		69,431			1,398,334			53,389			917,756
Redemptions		(208,909	)		(4,587,639	)		(189,722	)		(3,749,914	)
Net decrease		(57,654	)	$	(1,389,048	)		(17,126	)	$	(467,532	)
Class G (a)
Sales		315		$	6,850			0		$	0
Net increase		315		$	6,850			0		$	0
Increase derived from capital shares transactions				$	204,809,872					$	144,101,028

(a) Commencement of operations was November 12, 2014.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	23.77		$	17.53		$	16.68		$	16.39		$	12.15
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.06			0.04			0.10			(0.02	)		0.00	(b)
Net realized and unrealized gain on investments		1.35			7.37			2.52			0.31			4.24
Total from investment operations		1.41			7.41			2.62			0.29			4.24
Less Distributions
Distributions from net investment income		(0.00	)(c)		(0.07	)		0.00			0.00			0.00
Distributions from net realized capital gains		(1.78	)		(1.10	)		(1.77	)		0.00			0.00
Total distributions		(1.78	)		(1.17	)		(1.77	)		0.00			0.00
Net Asset Value, End of Period	$	23.40		$	23.77		$	17.53		$	16.68		$	16.39
Total Return (%) (d)		6.91			44.55			16.18			1.77			34.90
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.51			0.52			0.55			0.55			0.57
Net ratio of expenses to average net assets (%) (e)		0.48			0.49			0.52			0.53			0.55
Ratio of net investment income (loss) to average net assets (%)		0.25			0.21			0.56			(0.09	)		0.02
Portfolio turnover rate (%)		25			29			26			29			33
Net assets, end of period (in millions)	$	938.5		$	714.2		$	387.0		$	263.8		$	281.0
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	22.77		$	16.84		$	16.12		$	15.89		$	11.80
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(b)		(0.01	)		0.04			(0.06	)		(0.03	)
Net realized and unrealized gain on investments		1.29			7.07			2.45			0.29			4.12
Total from investment operations		1.29			7.06			2.49			0.23			4.09
Less Distributions
Distributions from net investment income		0.00			(0.03	)		0.00			0.00			0.00
Distributions from net realized capital gains		(1.78	)		(1.10	)		(1.77	)		0.00			0.00
Total distributions		(1.78	)		(1.13	)		(1.77	)		0.00			0.00
Net Asset Value, End of Period	$	22.28		$	22.77		$	16.84		$	16.12		$	15.89
Total Return (%) (d)		6.65			44.17			15.91			1.45			34.66
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.76			0.77			0.80			0.80			0.82
Net ratio of expenses to average net assets (%) (e)		0.73			0.74			0.77			0.78			0.80
Ratio of net investment income (loss) to average net assets (%)		(0.01	)		(0.05	)		0.25			(0.34	)		(0.22	)
Portfolio turnover rate (%)		25			29			26			29			33
Net assets, end of period (in millions)	$	369.6		$	373.6		$	276.5		$	268.4		$	266.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	23.09		$	17.06		$	16.29		$	16.04		$	11.91
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.02			0.01			0.06			(0.04	)		(0.02	)
Net realized and unrealized gain on investments		1.30			7.16			2.48			0.29			4.15
Total from investment operations		1.32			7.17			2.54			0.25			4.13
Less Distributions
Distributions from net investment income		0.00			(0.04	)		0.00			0.00			0.00
Distributions from net realized capital gains		(1.78	)		(1.10	)		(1.77	)		0.00			0.00
Total distributions		(1.78	)		(1.14	)		(1.77	)		0.00			0.00
Net Asset Value, End of Period	$	22.63		$	23.09		$	17.06		$	16.29		$	16.04
Total Return (%) (d)		6.69			44.32			16.06			1.56			34.68
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.66			0.67			0.70			0.70			0.72
Net ratio of expenses to average net assets (%) (e)		0.63			0.64			0.67			0.68			0.70
Ratio of net investment income (loss) to average net assets (%)		0.09			0.05			0.34			(0.24	)		(0.14	)
Portfolio turnover rate (%)		25			29			26			29			33
Net assets, end of period (in millions)	$	17.1		$	18.8		$	14.2		$	14.2		$	16.3
	Class G
	Period Ended December 31,
	2014(f)
Net Asset Value, Beginning of Period	$	21.49
Income (Loss) from Investment Operations
Net investment income (a)		0.01
Net realized and unrealized gain on investments		0.28
Total from investment operations		0.29
Net Asset Value, End of Period	$	21.78
Total Return (%) (d)		1.35	(g)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83	(h)
Net ratio of expenses to average net assets (%) (e)		0.81	(h)
Ratio of net investment income to average net assets (%)		0.40	(h)
Portfolio turnover rate (%)		25
Net assets, end of period (in millions)	$	0.0	(i)

(a) Per share amounts based on average shares outstanding during the period.

(b) Net investment income (loss) was less than $0.01.

(c) Distributions from net investment income were less than $0.01.

(d) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(f) Commencement of operations was November 12, 2014.

(g) Periods less than one year are not computed on an annualized basis.

(h) Computed on an annualized basis.

(i) Net assets, end of period rounds to less than $0.1 million.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is T. Rowe Price Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and G shares. Class G commenced operations on November 12, 2014. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-13

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-14

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, return of capital adjustments, real estate investment trust (REIT) adjustments, and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial

MSF-15

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 29, 2014 through April 30, 2014, the Portfolio had bought and sold $114,581,628 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized losses in the amount of $617,324 which are shown under Net realized loss on futures contracts in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

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Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	446,223,339	$	0	$	313,851,858

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc. that amounted to $473,991 in purchases of investments, which is included above.

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $103,942,578 in purchases of investments, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$5,782,938		0.550	%	Of the first $100 million
		0.500	%	Of the next $300 million
		0.450	%	On amounts in excess of $400 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Effective February 17, 2005, T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Met Investors Series Trust (“MIST”), an affiliate of the Trust, in the aggregate, exceed $750,000,000, (ii) T. Rowe Price subadvises three or more portfolios of the Trust and MIST in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by MetLife Advisers by 5% for combined Trust and MIST average daily net assets over $750,000,000, 7.5% for the next $1,500,000,000 of combined assets, and 10% for amounts over $3,000,000,000. MetLife Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and MetLife Advisers at any time. Amounts waived for the year ended December 31, 2014 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E and G Shares. Under the Distribution and Service Plan, the Class B, E and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E and G Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees

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Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2014 is as follows:

Security Description	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014		Realized Gain/(Loss) on shares sold		Income for the year ended December 31, 2014
T. Rowe Price Government Reserve Investment Fund		3,163,723		125,814,640		(126,886,866	)		2,091,497	$	0	$	2,768

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$439,885	$	6,905,254	$	82,033,527	$	46,423,228	$	82,473,412	$	53,328,482

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$7,059,675	$	109,506,988	$	351,480,164	$	—	$	468,046,827

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of T. Rowe Price Small Cap Growth Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of T. Rowe Price Small Cap Growth Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 T. Rowe Price Small Cap Growth Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-19

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

MSF-20

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisors, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President , MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-21

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment

MSF-22

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-23

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

T. Rowe Price Small Cap Growth Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and T. Rowe Price Associates, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board also considered that the Portfolio outperformed its benchmark, the MSCI U.S. Small Cap Growth Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the median of the Expense Group, Expense Universe, and Sub-advised Expense Universe. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size and were the lowest in the Expense Group. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year. The Board also took into account the fact that the Adviser and Sub-Adviser are voluntarily waiving a portion of their advisory fees based on the amount of the Trusts’ assets managed by the Sub-Adviser.

MSF-24

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Managed by Van Eck Associates Corporation

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the Van Eck Global Natural Resources Portfolio returned -18.63% and -18.82%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) North American Natural Resources Sector Index¹, returned -9.77%.

MARKET ENVIRONMENT / CONDITIONS

The most significant factor influencing the markets in which the Portfolio invested over the past 12 months was a deceleration in growth nearly everywhere except for the U.S. First and foremost, Europe continued to stagnate and faced disinflation/deflation. In addition, however, growth in the emerging markets failed to accelerate, Japan fell back into recession toward the end of the year, following two quarters of negative growth, concerns about the headwinds faced by China persisted, the threat posed by the Islamic State (ISIS) in the Middle East became even more apparent, and the Russia/Ukraine crisis lead both to significant Ruble weakness, and penal interest rates.

Given this backdrop, commodities suffered accordingly. As the expectations for global growth sank further toward the end of the year, sell-offs in crude oil and oil-related stocks accelerated. While West Texas Intermediate (WTI) crude prices fell nearly 46% over the 12-month period to end the year at $53.27 per barrel, North American (Henry Hub) natural gas also fell significantly, ending the year down around 32%.

Gold also declined during the year, as did platinum and palladium prices following the labor strife in South Africa and on the back of moderating growth outlooks. The base metal markets, including iron ore and copper, also followed the trajectory of lower global growth, especially in the latter part of the year. Additionally, one of the best recent growing seasons in the U.S. caused grain prices to decline throughout the summer and into the fall.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The two key aspects of the Portfolio that detracted from performance relative to the S&P North American Natural Resources Sector Index were an overweight position and underperformance within oil & gas exploration and production, and an underweight position in oil & gas storage and transportation.

The three weakest-contributing sub-sectors to the Portfolio’s performance relative to the benchmark were oil & gas exploration and production, oil & gas storage and transport, and oil & gas drilling.

The Portfolio’s three weakest-contributing companies were diversified metals and mining company First Quantum Minerals, which suffered because of a large presence in Zambia, where the threat of a potentially adverse change in the tax regime overhung the stock, and two oil & gas exploration and production companies, SM Energy and Afren. While the former fell on instances of missed guidance, the latter faced corporate governance issues in which both the CEO and COO left the company.

The three strongest positive-contributing sub-sectors to the Portfolio’s performance relative to the benchmark were fertilizers and agricultural chemicals, construction machinery and heavy trucks, and agricultural products. While the Portfolio had exposure to each of the above sub-sectors, the benchmark index had no exposure to any of them over the one year period.

The Portfolio’s three strongest contributors were all energy-related companies. The strongest contributors were EOG Resources and Diamondback Energy, both oil & gas exploration and production companies, and both of which, despite being leveraged to shale oil, were able to increase significantly reserves and production. Oil & gas refining and marketing company Tesoro, which benefited from access to cheaper crude feedstocks, contributed to Portfolio performance over the year.

Significant purchases by the Portfolio were made in the oil & gas storage and transportation and the oil & gas refining and marketing sub-sectors, which saw the establishment of two new positions in Kinder Morgan and Valero Energy, respectively. During the one year period, a new position was also established in Freeport-McMoRan in the diversified metals & mining sub-sector.

The Portfolio’s largest sales during the period were the integrated oil & gas marketing company Occidental Petroleum, and oil & gas refining and marketing companies Tesoro and HollyFrontier (all eliminated by the Portfolio at period end). The Portfolio’s overall exposure to Energy was reduced because of the rapid decline in the price of oil during the last four months of the year.

Broadly speaking, on both an absolute and relative basis, the Portfolio decreased its weighting to the oil & gas refining and marketing, oil & gas equipment and services, integrated oil & gas, and oil & gas drilling sub-industries. The Portfolio increased its weighting to the gold, diversified metals & mining, fertilizers and agriculture chemicals, steel, railroads, and semiconductor equipment sub-industries.

As of December 31, 2014, the Portfolio had no allocation to the integrated oil & gas sub-industry, making that a substantially underweight position in relation to its benchmark. As of the same date, the Portfolio’s next most substantially underweight position was in the oil & gas storage and transportation sub-industry. The Portfolio held a slightly underweight position in the oil & gas equipment and services sub-industry.

MSF-1

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Managed by Van Eck Associates Corporation

Portfolio Manager Commentary*—(Continued)

As of December 31, 2014, the Portfolio’s most substantially overweight positions relative to the Index were in the diversified metals & mining industry as well as gold miners. As of the same date, the Portfolio held overweight positions in the oil & gas exploration and production industry and the coal and consumable fuels sub-industry.

Charles Cameron

Shawn Reynolds

Portfolio Managers

Van Eck Associates Corporation

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P NORTH AMERICAN NATURAL RESOURCES SECTOR INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
Van Eck Global Natural Resources Portfolio
Class A		-18.63		0.09		6.95
Class B		-18.82		-0.17		6.16
S&P North American Natural Resources Sector Index		-9.77		4.28		8.22

¹ The S&P North American Natural Resources Sector Index was developed as an equity benchmark for U.S. traded natural resource related stocks.

² Inception dates of the Class A and Class B shares are 10/31/08 and 4/28/09, respectively. Index since inception return is based on the Class A inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Glencore plc		5.4
Schlumberger, Ltd.		4.3
Cimarex Energy Co.		4.1
CONSOL Energy, Inc.		3.9
Concho Resources, Inc.		3.8
EOG Resources, Inc.		3.8
Pioneer Natural Resources Co.		3.7
Anadarko Petroleum Corp.		3.7
First Quantum Minerals, Ltd.		3.6
Halliburton Co.		3.1

Top Sectors

	% of Net Assets
Energy		58.8
Materials		28.4
Industrials		3.6
Information Technology		1.0

MSF-3

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Van Eck Global Natural Resources Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.80	%	$	1,000.00	$	715.50	$	3.46
	Hypothetical*		0.80	%	$	1,000.00	$	1,021.17	$	4.08
Class B(a)	Actual		1.05	%	$	1,000.00	$	714.70	$	4.54
	Hypothetical*		1.05	%	$	1,000.00	$	1,019.91	$	5.35

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—91.8% of Net Assets

Security Description	Shares		Value
Building Products—0.5%
Advanced Drainage Systems, Inc.		228,600	$	5,253,228
Chemicals—3.0%
Agrium, Inc. (a)		174,600		16,538,112
CF Industries Holdings, Inc.		45,700		12,455,078
				28,993,190
Energy Equipment & Services—14.6%
Baker Hughes, Inc.		170,400		9,554,328
Cameron International Corp. (b)		99,800		4,985,010
Dril-Quip, Inc. (b)		128,900		9,890,497
Halliburton Co.		760,700		29,918,331
Nabors Industries, Ltd.		1,193,000		15,485,140
National Oilwell Varco, Inc.		220,300		14,436,259
Schlumberger, Ltd.		486,300		41,534,883
Seadrill, Ltd. (a)		257,724		3,077,225
Superior Energy Services, Inc.		685,900		13,820,885
				142,702,558
Machinery—2.0%
Cummins, Inc.		133,000		19,174,610
Metals & Mining—23.6%
Agnico Eagle Mines, Ltd.		67,933		1,691,016
Barrick Gold Corp.		715,000		7,686,250
Commercial Metals Co.		715,000		11,647,350
Eldorado Gold Corp.		2,032,700		12,358,816
First Quantum Minerals, Ltd. (a)		2,460,800		34,969,709
Freeport-McMoRan, Inc.		777,300		18,157,728
Glencore plc (b)		11,377,037		52,365,622
Goldcorp, Inc.		1,122,300		20,784,996
Kinross Gold Corp. (b)		1,195,004		3,369,911
New Gold, Inc. (b)		2,070,100		8,901,430
Osisko Gold Royalties, Ltd.		93,479		1,317,943
Randgold Resources, Ltd. (ADR)		249,400		16,812,054
Royal Gold, Inc. (a)		191,200		11,988,240
Steel Dynamics, Inc.		521,400		10,292,436
United States Steel Corp. (a)		419,800		11,225,452
Yamana Gold, Inc.		237,962		960,614
Yamana Gold, Inc. (U.S. Listed Shares)		1,373,000		5,519,460
				230,049,027
Oil, Gas & Consumable Fuels—44.2%
Afren plc (b)		8,205,601		5,893,827
Anadarko Petroleum Corp.		440,650		36,353,625
Cimarex Energy Co.		374,100		39,654,600
Cloud Peak Energy, Inc. (b)		315,900		2,899,962
Concho Resources, Inc. (b)		369,950		36,902,513
CONSOL Energy, Inc.		1,134,800		38,367,588
Diamondback Energy, Inc. (b)		399,100		23,858,198
EOG Resources, Inc.		399,100		36,745,137
Genel Energy plc (b)		370,000		3,960,466
Golar LNG, Ltd. (a)		270,200		9,854,194
Gulfport Energy Corp. (b)		245,300		10,238,822
Kinder Morgan, Inc.		478,000		20,224,180
Oil, Gas & Consumable Fuels—(Continued)
Laredo Petroleum, Inc. (a) (b)		336,700		3,484,845
Marathon Oil Corp.		648,500		18,346,065
Marathon Petroleum Corp.		103,900		9,378,014
Newfield Exploration Co. (b)		315,900		8,567,208
Ophir Energy plc (b)		2,243,003		4,870,287
Parsley Energy, Inc. - Class A (a) (b)		295,100		4,709,796
Peabody Energy Corp. (a)		731,600		5,662,584
Phillips 66		133,900		9,600,630
Pioneer Natural Resources Co.		245,300		36,512,905
Scorpio Tankers, Inc. (a)		453,100		3,937,439
SemGroup Corp. - Class A		137,200		9,383,108
SM Energy Co.		486,300		18,761,454
Valero Energy Corp.		394,000		19,503,000
Westmoreland Coal Co. (b)		74,800		2,484,108
Whiting Petroleum Corp. (b)		345,000		11,385,000
				431,539,555
Paper & Forest Products—1.8%
Louisiana-Pacific Corp. (a) (b)		1,084,900		17,965,944
Road & Rail—1.1%
CSX Corp.		141,300		5,119,299
Union Pacific Corp.		42,400		5,051,112
				10,170,411
Semiconductors & Semiconductor Equipment—1.0%
SunEdison, Inc. (a) (b)		514,000		10,028,140
Total Common Stocks (Cost $1,019,274,367)				895,876,663
Short-Term Investments—17.6%
Mutual Funds—17.6%
AIM STIT-STIC Prime Portfolio		80,194,576		80,194,576
State Street Navigator Securities Lending MET Portfolio (c)		91,846,193		91,846,193
Total Short-Term Investments (Cost $172,040,769)				172,040,769
Total Investments—109.4% (Cost $1,191,315,136) (d)				1,067,917,432
Other assets and liabilities (net)—(9.4)%				(91,651,458	)
Net Assets—100.0%			$	976,265,974

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $89,678,612 and the collateral received consisted of cash in the amount of $91,846,193. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities lending transactions.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of December 31, 2014

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,194,173,121. The aggregate unrealized appreciation and depreciation of investments were $67,152,347 and $(193,408,036), respectively, resulting in net unrealized depreciation of $(126,255,689) for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Building Products	$	5,253,228	$	—		$	—	$	5,253,228
Chemicals		28,993,190		—			—		28,993,190
Energy Equipment & Services		142,702,558		—			—		142,702,558
Machinery		19,174,610		—			—		19,174,610
Metals & Mining		177,683,405		52,365,622			—		230,049,027
Oil, Gas & Consumable Fuels		416,814,975		14,724,580			—		431,539,555
Paper & Forest Products		17,965,944		—			—		17,965,944
Road & Rail		10,170,411		—			—		10,170,411
Semiconductors & Semiconductor Equipment		10,028,140		—			—		10,028,140
Total Common Stocks		828,786,461		67,090,202			—		895,876,663
Total Short-Term Investments*		172,040,769		—			—		172,040,769
Total Investments	$	1,000,827,230	$	67,090,202		$	—	$	1,067,917,432
Collateral for securities loaned (Liability)	$	—	$	(91,846,193	)	$	—	$	(91,846,193	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,067,917,432
Cash denominated in foreign currencies (c)		2,892
Receivable for:
Fund shares sold		673,709
Dividends and interest		501,398
Prepaid expenses		3,164
Total Assets		1,069,098,595
Liabilities
Collateral for securities loaned		91,846,193
Payables for:
Fund shares redeemed		167,156
Accrued expenses:
Management fees		629,021
Distribution and service fees		27,601
Deferred trustees’ fees		63,842
Other expenses		98,808
Total Liabilities		92,832,621
Net Assets	$	976,265,974
Net assets consist of:
Paid in surplus	$	1,113,909,015
Undistributed net investment income		4,196,493
Accumulated net realized loss		(18,441,806	)
Unrealized depreciation on investments and foreign currency transactions		(123,397,728	)
Net Assets	$	976,265,974
Net Assets
Class A	$	840,972,753
Class B		135,293,221
Capital Shares Outstanding*
Class A		74,303,650
Class B		12,027,290
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.32
Class B		11.25

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,191,315,136.

(b) Includes securities loaned at value of $89,678,612.

(c) Identified cost of cash denominated in foreign currencies was $2,919.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	15,200,755
Interest		20,195
Securities lending income		582,931
Total investment income		15,803,881
Expenses
Management fees		9,035,999
Administration fees		27,335
Custodian and accounting fees		132,580
Distribution and service fees—Class B		382,270
Audit and tax services		51,510
Legal		30,014
Trustees’ fees and expenses		34,845
Shareholder reporting		75,924
Insurance		7,305
Miscellaneous		19,625
Total expenses		9,797,407
Less management fee waiver		(124,158	)
Less broker commission recapture		(37,275	)
Net expenses		9,635,974
Net Investment Income		6,167,907
Net Realized and Unrealized Loss
Net realized loss on:
Investments		(17,198,368	)
Foreign currency transactions		(434,678	)
Net realized loss		(17,633,046	)
Net change in unrealized appreciation (depreciation) on:
Investments		(192,833,632	)
Foreign currency transactions		200,733
Net change in unrealized depreciation		(192,632,899	)
Net realized and unrealized loss		(210,265,945	)
Net Decrease in Net Assets From Operations	$	(204,098,038	)

(a) Net of foreign withholding taxes of $254,091.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	6,167,907		$	6,495,823
Net realized gain (loss)		(17,633,046	)		22,755,918
Net change in unrealized appreciation (depreciation)		(192,632,899	)		92,971,657
Increase (decrease) in net assets from operations		(204,098,038	)		122,223,398
From Distributions to Shareholders
Net investment income
Class A		(5,357,330	)		(8,129,244	)
Class B		(406,516	)		(1,089,226	)
Net realized capital gains
Class A		(16,643,439	)		0
Class B		(2,559,953	)		0
Total distributions		(24,967,238	)		(9,218,470	)
Increase in net assets from capital share transactions		27,679,329			71,526,494
Total increase (decrease) in net assets		(201,385,947	)		184,531,422
Net Assets
Beginning of period		1,177,651,921			993,120,499
End of period	$	976,265,974		$	1,177,651,921
Undistributed net investment income
End of period	$	4,196,493		$	4,260,240

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		7,104,572		$	91,685,348			8,667,519		$	109,883,439
Reinvestments		1,531,021			22,000,769			680,841			8,129,244
Redemptions		(6,039,682	)		(91,891,949	)		(1,759,833	)		(23,803,281	)
Net increase		2,595,911		$	21,794,168			7,588,527		$	94,209,402
Class B
Sales		2,502,897		$	31,178,841			1,616,477		$	20,813,286
Reinvestments		207,446			2,966,469			91,609			1,089,226
Redemptions		(1,931,512	)		(28,260,149	)		(3,320,396	)		(44,585,420	)
Net increase (decrease)		778,831		$	5,885,161			(1,612,310	)	$	(22,682,908	)
Increase derived from capital shares transactions				$	27,679,329					$	71,526,494

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.21		$	12.91		$	13.52		$	18.06		$	15.05
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.08			0.13			0.04			0.01
Net realized and unrealized gain (loss) on investments		(2.66	)		1.34			0.25			(2.56	)		4.19
Total from investment operations		(2.58	)		1.42			0.38			(2.52	)		4.20
Less Distributions
Distributions from net investment income		(0.08	)		(0.12	)		0.00			(0.24	)		(0.08	)
Distributions from net realized capital gains		(0.23	)		0.00			(0.99	)		(1.78	)		(1.11	)
Total distributions		(0.31	)		(0.12	)		(0.99	)		(2.02	)		(1.19	)
Net Asset Value, End of Period	$	11.32		$	14.21		$	12.91		$	13.52		$	18.06
Total Return (%) (b)		(18.63	)		11.06			2.80			(16.45	)		29.39
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.81			0.81			0.82			0.82			0.84
Net ratio of expenses to average net assets (%) (c)		0.80			0.80			0.82			0.82			0.84
Ratio of net investment income to average net assets (%)		0.56			0.64			0.98			0.25			0.10
Portfolio turnover rate (%)		39			36			23			42			72
Net assets, end of period (in millions)	$	841.0		$	1,018.8		$	828.1		$	695.7		$	575.6
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.12		$	12.83		$	13.47		$	18.01		$	15.03
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.04			0.05			0.09			0.00	(d)		(0.01	)
Net realized and unrealized gain (loss) on investments		(2.64	)		1.33			0.26			(2.55	)		4.15
Total from investment operations		(2.60	)		1.38			0.35			(2.55	)		4.14
Less Distributions
Distributions from net investment income		(0.04	)		(0.09	)		0.00			(0.21	)		(0.05	)
Distributions from net realized capital gains		(0.23	)		0.00			(0.99	)		(1.78	)		(1.11	)
Total distributions		(0.27	)		(0.09	)		(0.99	)		(1.99	)		(1.16	)
Net Asset Value, End of Period	$	11.25		$	14.12		$	12.83		$	13.47		$	18.01
Total Return (%) (b)		(18.82	)		10.76			2.58			(16.67	)		29.02
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.06			1.06			1.07			1.07			1.09
Net ratio of expenses to average net assets (%) (c)		1.05			1.05			1.07			1.07			1.09
Ratio of net investment income (loss) to average net assets (%)		0.31			0.38			0.72			0.01			(0.09	)
Portfolio turnover rate (%)		39			36			23			42			72
Net assets, end of period (in millions)	$	135.3		$	158.8		$	165.1		$	153.0		$	108.0

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(d) Net investment income (loss) was less than $0.01.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Van Eck Global Natural Resources Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-10

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-11

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, return of capital adjustments, passive foreign investment companies (PFICs), broker commission recapture, and re-designation of distributions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

MSF-12

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Natural Resource and Foreign Investment Risk: The Portfolio may concentrate its investments in companies which are significantly engaged in the exploration, development, production and distribution of gold and other natural resources such as strategic and other metals, minerals, forest products, oil, natural gas and coal and by investing in gold bullion and coins. Since the Portfolio may concentrate, it may be subject to greater risks and market fluctuations than other more diversified portfolios. The production and marketing of gold and other natural resources may be affected by actions and changes in governments. In addition, gold and natural resources may be cyclical in nature. In addition, the investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these 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.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	433,472,095	$	0	$	439,678,512

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$9,035,999		0.800	%	Of the first $250 million
		0.775	%	Of the next $750 million
		0.750	%	On amounts in excess of $1 billion

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

MSF-13

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Van Eck Associates Corporation is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.025%	On amounts over $500 million and under $1 billion

An identical agreement was in place for the period January 1, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B Shares. Under the Distribution and Service Plan, the Class B Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$6,134,646	$	9,218,470	$	18,832,592	$	—	$	24,967,238	$	9,218,470

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$4,401,254	$	—	$	(126,255,713	)	$	(15,724,515	)	$	(137,578,974	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as shortterm losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

MSF-14

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

As of December 31, 2014, the post-enactment accumulated short-term capital losses were $10,107,464 and the post-enactment accumulated long-term capital losses were $5,617,051.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Van Eck Global Natural Resources Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Van Eck Global Natural Resources Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Van Eck Global Natural Resources Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-16

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-17

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-18

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-19

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the

MSF-20

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Van Eck Global Natural Resources Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Van Eck Associates Corporation regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-year period ended June 30, 2014 and underperformed the median of its Performance Universe and its Lipper Index for the three- and five-year periods ended June 30, 2014. The Board also considered that the Portfolio underperformed its benchmark, the S&P North American Natural Resources Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were below the Expense Group median and Sub-advised Expense Universe median and above the Expense Universe median. The Board further considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. In addition, the Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-21

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Western Asset Management Strategic Bond Opportunities Portfolio returned 5.47%, 5.29%, and 5.40%, respectively. The Portfolio’s benchmark, the Barclays U.S. Aggregate Bond Index¹, returned 5.97%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. economy saw widespread improvement on a number of fronts in 2014. Despite one bad quarter, growth appeared to be on the upswing, labor markets continued to improve and the S&P 500 Index gained over 13% on the year. The Federal Reserve (the “Fed”) remained highly accommodative throughout the year, keeping interest rates extremely low, even after completing its quantitative easing (“QE”) program and beginning to discuss an eventual increase in interest rates.

The year began with the first installment of the much anticipated tapering of the Fed’s large-scale QE program. The Fed reduced its monthly asset purchases by $10 billion, bringing the level of new monthly purchases of U.S. Treasuries (“USTs”) and agency mortgage-backed securities (“MBS”) down to $75 billion per month. Throughout the year, the Fed kept to its pre-set tapering schedule, removing another $10 billion at each Fed meeting, until completing the program in October. Under the new leadership of Chair Janet Yellen, the Fed maintained its “data-dependent” strategy of using economic developments to help direct monetary policy. Inflation remained stubbornly low throughout 2014 and was pulled down further late in the year as global energy prices plummeted. The Fed believes that current low inflation is transitory and will move back towards its longer term target of about 2% over the next couple of years. While low inflation gives the Fed more wiggle-room to keep rates low for longer, it can also be troublesome if it portends a descent into actual deflation, a worry that’s currently afflicting Europe and Japan.

After growth of 3.5% during the fourth quarter of 2013, the U.S. economic recovery picked up steam over the course of 2014 despite a shaky start in the first quarter of 2014, when growth fell by 2.1%, due largely to atypically harsh winter weather in a large swath of the U.S. known as the Polar Vortex. Second quarter growth picked up to 4.6% but it was unclear how much of it was due to a one-time rebound effect versus meaningful economic growth. After receiving two upward revisions, third quarter growth was surprisingly strong at 5%, which helped bolster confidence that recent economic strength was genuine and could be sustained. Preliminary growth data for the fourth quarter of 2014, which was not released until the end of January, will likely result in final overall growth for 2014 of about 2.5%.

Americans continued to find work in 2014 as the unemployment rate fell. Nonfarm payrolls averaged 246,000 over the year, up from 194,300 in 2013, and managing to remain above the 200,000-level for every month except January. Meanwhile, the unemployment rate ended the year at 5.6%, down from 6.7% a year earlier. However, good news in the labor market was tempered by lingering concerns. Long-term unemployment remains elevated, the unemployment rate is low in part because a large number of potential workers have removed themselves from the labor market for a variety of reasons, and the quality of many new jobs is not optimal. For example, many people have accepted part-time work even though they would prefer full-time jobs.

The price of crude oil plunged by about 46% over the year as West Texas Intermediate (WTI) crude oil ended the year at $53 per barrel—its lowest level since mid-2009. While this was good news for consumers, the plunge put significant stress on energy producers, a major component of high-yield bond indices, and on oil-exporting emerging market (“EM”) nations. The U.S. dollar gained significant strength over the year (the U.S. Trade-Weighted Dollar Index was up over 10%) while many EM currencies fell, which placed additional stress on EM countries.

U.S. Treasury rates ended the year much lower and the yield curve flattened significantly—neither of which had been anticipated by most market participants going into 2014 given the Fed’s moves, albeit gradual ones, towards monetary policy normalization. Typically, higher yields would have been expected because markets tend to get ahead of themselves, anticipating the actual events, as they did during the “taper tantrums” in 2013. However, it appears that the growing disparity between the apparent strength of the U.S. economy and that of much of the rest of the world was a major factor in pushing yields down as USTs appeared much more attractive than the bonds of other major governments.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark over calendar year 2014. Spread sectors ended the year generally wider with spread widening more as quality decreased. Several higher quality sectors, such as agency MBS, slightly tightened.

The Portfolio’s non-agency MBS allocation was the single largest contributor to performance as the sector benefited from price improvement and positive carry, as well as from continued coupon and principal payments. Mortgage default rates fell nationwide. Home prices, as measured by the Case-Shiller Home Price Index, increased at a slower rate than in 2013 but still appreciated by over 4%. We continued to find opportunities in non-agency MBS.

An overweight exposure to high-yield bonds was a large detractor from performance as plummeting oil prices negatively impacted energy-related sectors. This, in turn, contributed to high-yield spreads widening by 101 basis points (“bps”) over the year to end 483 bps over USTs.

While Investment Grade credit spreads widened by 14 bps, the Portfolio’s selection of financial and industrial company bonds aided performance.

MSF-1

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*—(Continued)

Commercial MBS outperformed during the year. The Portfolio’s overweight position, which we increased over the year, contributed to performance. The Portfolio’s underweight allocation to agency MBS slightly detracted from performance. Agency MBS outperformed USTs of similar interest rate risk over the year. We focused on selecting mortgage pools and coupon stacks that avoided the exaggerated risk of government-sponsored mortgage refinancing, thus decreasing the risk of loss of interest income through prepayments.

The Portfolio’s overall tactical exposure to interest rate risk had a small positive impact on performance as rates, especially long rates, ended the year significantly lower. The Portfolio’s overweight to longer-dated rates was especially helpful even though this overweight was scaled back over the second half of the year. At period end, the Portfolio remained overweight to certain spread sectors that have demonstrated strong fundamentals. Importantly, the Fed remains highly accommodative. However, given possible Fed normalization this year, we will continue to be active in adjusting Portfolio interest rate sensitivity.

Derivative positions, in net, which were primarily used to manage interest rate exposure, contributed to Portfolio performance.

S. Kenneth Leech

Carl L. Eichsteadt

Mark S. Lindbloom

Christophe Orndorff

Michael Buchanan

Keith J. Gardner

Portfolio Managers

Western Asset Management Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
Western Asset Management Strategic Bond Opportunities Portfolio
Class A		5.47		7.30		6.03
Class B		5.29		7.05		5.77
Class E		5.40		7.15		5.87
Barclays U.S. Aggregate Bond Index		5.97		4.45		4.71

¹ Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		42.5
Mortgage-Backed Securities		27.4
Foreign Government		8.5
U.S. Treasury & Government Agencies		7.0
Asset-Backed Securities		6.7
Preferred Stocks		0.6
Floating Rate Loans		0.6
Purchased Options		0.1
Municipals		0.1
Common Stocks		0.1

MSF-3

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Western Asset Management Strategic Bond Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.60	%	$	1,000.00	$	994.80	$	3.02
	Hypothetical*		0.60	%	$	1,000.00	$	1,022.18	$	3.06
Class B(a)	Actual		0.85	%	$	1,000.00	$	994.00	$	4.27
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.92	$	4.33
Class E(a)	Actual		0.75	%	$	1,000.00	$	994.80	$	3.77
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.43	$	3.82

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—42.5% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.2%
Alliance Data Systems Corp.
5.375%, 08/01/22 (144A)		840,000	$	829,500
CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp.
5.250%, 02/15/22 (144A) (a)		430,000		433,225
5.625%, 02/15/24 (144A) (a)		430,000		432,150
WPP Finance 2010
5.125%, 09/07/42		240,000		256,633
				1,951,508
Aerospace/Defense—0.1%
Boeing Co. (The)
4.875%, 02/15/20		540,000		608,730
6.000%, 03/15/19		50,000		57,705
Raytheon Co.
3.125%, 10/15/20		30,000		30,984
Triumph Group, Inc.
5.250%, 06/01/22		350,000		349,125
United Technologies Corp.
4.500%, 06/01/42		360,000		391,964
				1,438,508
Agriculture—1.3%
Altria Group, Inc.
4.000%, 01/31/24 (a)		2,650,000		2,762,840
4.750%, 05/05/21		890,000		984,359
5.375%, 01/31/44		490,000		557,776
10.200%, 02/06/39		1,328,000		2,312,235
Lorillard Tobacco Co.
3.750%, 05/20/23		3,000,000		2,971,431
8.125%, 06/23/19		390,000		472,807
Philip Morris International, Inc.
2.500%, 08/22/22		2,910,000		2,843,731
Reynolds American, Inc.
3.250%, 11/01/22		270,000		262,991
4.850%, 09/15/23 (a)		2,960,000		3,186,064
				16,354,234
Airlines—0.3%
Delta Air Lines Pass-Through Trust
6.821%, 02/10/24		528,394		612,938
8.021%, 02/10/24		2,252,439		2,601,567
Northwest Airlines Pass-Through Trust
7.575%, 09/01/20		18,682		21,017
UAL Pass-Through Trust
9.750%, 07/15/18		64,756		71,879
United Airlines Pass Through Trust
4.625%, 03/03/24		840,000		823,200
				4,130,601
Auto Manufacturers—0.2%
Chrysler Group LLC / CG Co.-Issuer, Inc.
8.250%, 06/15/21		610,000		675,575
Auto Manufacturers—(Continued)
Ford Motor Co.
4.750%, 01/15/43		1,610,000		1,698,743
				2,374,318
Auto Parts & Equipment—0.1%
Schaeffler Holding Finance B.V.
6.750%, 11/15/22 (144A) (a) (b)		870,000		909,150
Banks—7.0%
Bank of America Corp.
3.300%, 01/11/23		270,000		270,021
4.000%, 04/01/24		1,260,000		1,311,944
4.100%, 07/24/23		1,730,000		1,821,950
4.125%, 01/22/24		880,000		924,136
4.200%, 08/26/24		1,480,000		1,507,713
4.875%, 04/01/44		2,290,000		2,529,960
5.000%, 01/21/44		2,330,000		2,609,192
5.625%, 07/01/20		190,000		216,332
6.250%, 09/29/49 (c)		2,090,000		2,065,833
Barclays Bank plc
10.179%, 06/12/21 (144A)		100,000		134,259
BNP Paribas S.A.
4.250%, 10/15/24 (a)		730,000		737,514
BPCE S.A.
5.150%, 07/21/24 (144A) (a)		420,000		432,798
CIT Group, Inc.
5.000%, 08/01/23 (a)		2,030,000		2,085,825
Citigroup, Inc.
4.050%, 07/30/22		3,470,000		3,590,270
5.300%, 05/06/44		4,460,000		4,886,684
5.350%, 04/29/49 (a) (c)		560,000		516,600
5.500%, 09/13/25		990,000		1,095,440
5.900%, 12/29/49 (a) (c)		320,000		312,000
5.950%, 07/29/49 (c)		590,000		581,150
6.300%, 12/29/49 (c)		850,000		837,250
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.625%, 12/01/23		1,400,000		1,485,000
5.750%, 12/01/43		1,480,000		1,766,325
11.000%, 12/29/49 (144A) (c)		415,000		534,105
Credit Agricole S.A.
8.375%, 10/29/49 (144A) (a) (c)		890,000		1,025,725
Goldman Sachs Capital II
4.000%, 12/29/49 (c)		3,490,000		2,565,150
Goldman Sachs Group, Inc. (The)
4.000%, 03/03/24		3,780,000		3,924,203
5.250%, 07/27/21		1,680,000		1,896,152
6.250%, 02/01/41		210,000		265,470
6.750%, 10/01/37		400,000		502,950
7.500%, 02/15/19		20,000		23,789
HSBC Holdings plc
4.250%, 03/14/24		850,000		884,495
5.250%, 03/14/44		3,400,000		3,808,527
6.375%, 09/17/24 (a) (c)		1,290,000		1,302,900

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
ING Bank NV
5.800%, 09/25/23 (144A)		1,290,000	$	1,430,970
Intesa Sanpaolo S.p.A.
5.017%, 06/26/24 (144A)		4,820,000		4,677,882
JPMorgan Chase & Co.
3.375%, 05/01/23		780,000		771,665
3.625%, 05/13/24		6,390,000		6,540,823
4.350%, 08/15/21		160,000		173,868
4.500%, 01/24/22		160,000		174,680
M&T Bank Corp.
6.875%, 12/29/49		2,540,000		2,597,150
Nordea Bank AB
4.875%, 05/13/21 (144A)		950,000		1,029,200
Novo Banco S.A.
5.875%, 11/09/15 (EUR)		1,300,000		1,584,860
Royal Bank of Scotland Group plc
5.125%, 05/28/24		820,000		834,097
6.000%, 12/19/23		460,000		497,903
6.100%, 06/10/23		780,000		845,984
6.125%, 12/15/22		790,000		859,841
7.648%, 08/29/49 (a) (c)		120,000		139,800
Royal Bank of Scotland NV
4.650%, 06/04/18		530,000		549,850
Royal Bank of Scotland plc
13.125%, 03/19/22 (AUD) (c)		1,580,000		1,511,348
Standard Chartered plc
5.700%, 03/26/44 (144A)		4,950,000		5,148,955
State Street Corp.
4.956%, 03/15/18		320,000		346,576
Wachovia Capital Trust III
5.570%, 03/29/49 (a) (c)		1,321,000		1,275,426
Wells Fargo & Co.
3.450%, 02/13/23		680,000		689,176
4.480%, 01/16/24		2,596,000		2,767,868
4.600%, 04/01/21		110,000		122,392
4.650%, 11/04/44 (a)		380,000		392,107
5.375%, 11/02/43		660,000		750,891
5.606%, 01/15/44		2,770,000		3,260,877
Wells Fargo Capital X
5.950%, 12/01/86		600,000		610,500
				88,036,351
Beverages—0.8%
Anheuser-Busch InBev Finance, Inc.
3.700%, 02/01/24 (a)		1,900,000		1,973,656
Anheuser-Busch InBev Worldwide, Inc.
2.500%, 07/15/22		280,000		272,127
5.000%, 04/15/20		260,000		290,699
Constellation Brands, Inc.
4.750%, 11/15/24 (a)		1,260,000		1,275,750
6.000%, 05/01/22		840,000		928,200
Diageo Capital plc
2.625%, 04/29/23		2,000,000		1,944,550
Diageo Investment Corp.
2.875%, 05/11/22		670,000		669,595
Beverages—(Continued)
Molson Coors Brewing Co.
3.500%, 05/01/22 (a)		60,000		60,602
PepsiCo, Inc.
4.000%, 03/05/42		670,000		674,902
Pernod-Ricard S.A.
4.450%, 01/15/22 (144A)		940,000		1,006,437
5.500%, 01/15/42 (144A) (a)		1,130,000		1,314,361
				10,410,879
Biotechnology—0.3%
Amgen, Inc.
3.625%, 05/22/24 (a)		190,000		193,124
Celgene Corp.
3.625%, 05/15/24		250,000		255,282
Gilead Sciences, Inc.
3.700%, 04/01/24		3,060,000		3,209,423
				3,657,829
Building Materials—0.6%
Cemex Finance LLC
9.375%, 10/12/22 (144A)		6,470,000		7,214,050
Hardwoods Acquisition, Inc.
7.500%, 08/01/21 (144A)		700,000		689,500
				7,903,550
Chemicals—0.4%
Alpek S.A.B. de C.V.
4.500%, 11/20/22 (144A) (a)		890,000		896,675
Axiall Corp.
4.875%, 05/15/23 (a)		1,620,000		1,528,875
Braskem Finance, Ltd.
5.375%, 05/02/22 (144A)		1,980,000		1,920,600
Ecolab, Inc.
4.350%, 12/08/21		70,000		76,271
Potash Corp. of Saskatchewan, Inc.
4.875%, 03/30/20 (a)		40,000		44,457
				4,466,878
Coal—0.6%
Arch Coal, Inc.
7.000%, 06/15/19 (a)		210,000		61,950
9.875%, 06/15/19 (a)		1,110,000		377,400
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp.
6.375%, 03/15/24		480,000		446,400
CONSOL Energy, Inc.
5.875%, 04/15/22 (144A)		720,000		669,600
8.250%, 04/01/20 (a)		3,720,000		3,859,500
Murray Energy Corp.
9.500%, 12/05/20 (144A)		1,690,000		1,690,000
Natural Resource Partners L.P. / NRP Finance Corp.
9.125%, 10/01/18 (a)		720,000		698,400

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Coal—(Continued)
SunCoke Energy Partners L.P. / SunCoke Energy Partners Finance Corp.
7.375%, 02/01/20 (144A)		340,000	$	353,175
				8,156,425
Commercial Services—0.5%
Ashtead Capital, Inc.
5.625%, 10/01/24 (144A) (a)		2,420,000		2,480,500
Interactive Data Corp.
5.875%, 04/15/19 (144A) (a)		540,000		535,950
NES Rentals Holdings, Inc.
7.875%, 05/01/18 (144A)		990,000		999,900
Service Corp. International
7.500%, 04/01/27 (a)		350,000		393,750
7.625%, 10/01/18		125,000		139,425
UBM plc
5.750%, 11/03/20 (144A)		50,000		54,543
WEX, Inc.
4.750%, 02/01/23 (144A)		2,000,000		1,930,000
				6,534,068
Computers—0.2%
Compiler Finance Sub, Inc.
7.000%, 05/01/21 (144A)		2,750,000		2,365,000
Cosmetics/Personal Care—0.0%
First Quality Finance Co., Inc.
4.625%, 05/15/21 (144A)		490,000		448,350
Distribution/Wholesale—0.1%
Rexel S.A.
5.250%, 06/15/20 (144A) (a)		1,400,000		1,410,500
Diversified Financial Services—2.5%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust
3.750%, 05/15/19 (144A)		1,080,000		1,069,200
American Express Co.
6.800%, 09/01/66 (c)		1,650,000		1,728,375
Ausdrill Finance Pty, Ltd.
6.875%, 11/01/19 (144A)		3,050,000		2,501,000
CIMPOR Financial Operations B.V.
5.750%, 07/17/24 (144A)		2,340,000		2,053,116
Ford Motor Credit Co. LLC
3.664%, 09/08/24		720,000		721,439
General Electric Capital Corp.
4.375%, 09/16/20		70,000		76,666
4.625%, 01/07/21		40,000		44,584
6.375%, 11/15/67 (c)		1,850,000		1,984,125
6.875%, 01/10/39		4,391,000		6,211,100
General Motors Financial Co., Inc.
2.750%, 05/15/16		30,000		30,487
4.375%, 09/25/21 (a)		3,340,000		3,486,125
Globe Luxembourg SCA
9.625%, 05/01/18 (144A)		1,500,000		1,162,500
Diversified Financial Services—(Continued)
ILFC E-Capital Trust II
6.250%, 12/21/65 (144A) (c)		330,000		318,450
International Lease Finance Corp.
6.250%, 05/15/19		1,150,000		1,256,375
6.750%, 09/01/16 (144A)		250,000		266,250
8.250%, 12/15/20 (a)		3,150,000		3,795,750
8.750%, 03/15/17		1,550,000		1,716,625
Navient Corp.
5.875%, 10/25/24 (a)		3,150,000		3,000,375
8.000%, 03/25/20		150,000		166,125
TMX Finance LLC / TitleMax Finance Corp.
8.500%, 09/15/18 (144A)		560,000		470,400
				32,059,067
Electric—1.5%
AES Corp.
5.500%, 03/15/24		650,000		659,620
8.000%, 06/01/20		1,000,000		1,142,500
Calpine Corp.
5.875%, 01/15/24 (144A)		874,000		930,810
Centrais Eletricas Brasileiras S.A.
5.750%, 10/27/21 (144A)		1,930,000		1,852,800
Duke Energy Carolinas LLC
5.300%, 02/15/40		980,000		1,213,629
Dynegy Roseton LLC / Dynegy Danskammer LLC Pass-Through Trust
Escrow (d) (g)		500,000		0
Exelon Corp.
5.625%, 06/15/35		375,000		438,426
FirstEnergy Corp.
4.250%, 03/15/23 (a)		1,910,000		1,970,765
7.375%, 11/15/31		4,200,000		5,083,537
Mirant Mid Atlantic Pass-Through Trust
10.060%, 12/30/28		5,056,588		5,486,398
Pacific Gas & Electric Co.
6.050%, 03/01/34		430,000		547,435
				19,325,920
Electronics—0.2%
Sanmina Corp.
4.375%, 06/01/19 (144A)		2,320,000		2,302,600
Thermo Fisher Scientific, Inc.
3.600%, 08/15/21		200,000		206,534
				2,509,134
Energy-Alternate Sources—0.1%
First Wind Capital LLC
10.250%, 06/01/18 (144A)		610,000		646,600
Engineering & Construction—0.6%
AECOM Technology Corp.
5.875%, 10/15/24 (144A)		1,240,000		1,267,900
Empresas ICA S.A.B. de C.V.
8.875%, 05/29/24 (144A) (a)		1,540,000		1,409,100
8.900%, 02/04/21		1,250,000		1,200,000

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Engineering & Construction—(Continued)
Michael Baker International LLC / CDL Acquisition Co., Inc.
8.250%, 10/15/18 (144A)		980,000	$	975,100
OAS Finance, Ltd.
8.000%, 07/02/21 (144A)		2,600,000		832,000
OAS Investments GmbH
8.250%, 10/19/19 (144A)		1,930,000		656,200
Odebrecht Offshore Drilling Finance, Ltd.
6.625%, 10/01/23 (144A)		866,160		775,213
				7,115,513
Entertainment—0.0%
Greektown Holdings LLC / Greektown Mothership Corp.
8.875%, 03/15/19 (144A) (a)		540,000		538,650
Environmental Control—0.1%
Waste Management, Inc.
3.500%, 05/15/24		1,230,000		1,245,455
4.600%, 03/01/21		180,000		199,329
7.375%, 05/15/29		190,000		257,699
				1,702,483
Food—1.3%
Dole Food Co., Inc.
7.250%, 05/01/19 (144A)		850,000		847,875
Hearthside Group Holdings LLC / Hearthside Finance Co.
6.500%, 05/01/22 (144A)		980,000		955,500
HJ Heinz Co.
4.250%, 10/15/20 (a)		1,920,000		1,939,200
Kraft Foods Group, Inc.
3.500%, 06/06/22		690,000		707,051
Kroger Co. (The)
6.900%, 04/15/38		300,000		399,201
Marfrig Holding Europe B.V.
6.875%, 06/24/19 (144A)		2,260,000		2,101,800
8.375%, 05/09/18 (a)		2,200,000		2,167,000
Mondelez International, Inc.
4.000%, 02/01/24 (a)		1,830,000		1,914,669
5.375%, 02/10/20		534,000		604,917
Simmons Foods, Inc.
7.875%, 10/01/21 (144A) (a)		1,280,000		1,257,600
Virgolino de Oliveira Finance S.A.
10.875%, 01/13/20 (144A) (f)		4,470,000		2,015,970
WM Wrigley Jr. Co.
3.375%, 10/21/20 (144A)		1,480,000		1,512,748
				16,423,531
Forest Products & Paper—0.7%
Appvion, Inc.
9.000%, 06/01/20 (144A)		2,060,000		1,411,100
Fibria Overseas Finance, Ltd.
5.250%, 05/12/24		3,720,000		3,695,820
Forest Products & Paper—(Continued)
Klabin Finance S.A.
5.250%, 07/16/24 (144A)		1,980,000		1,910,700
Resolute Forest Products, Inc.
5.875%, 05/15/23		1,250,000		1,187,500
Smurfit Kappa Treasury Funding, Ltd.
7.500%, 11/20/25		275,000		322,437
				8,527,557
Healthcare-Products—0.6%
ConvaTec Finance International S.A.
8.250%, 01/15/19 (144A) (a) (b)		1,280,000		1,299,200
DJO Finance LLC / DJO Finance Corp.
9.750%, 10/15/17		560,000		560,000
9.875%, 04/15/18		2,145,000		2,177,175
Medtronic, Inc.
3.125%, 03/15/22		60,000		60,753
3.500%, 03/15/25 (144A)		2,500,000		2,557,425
4.450%, 03/15/20		340,000		373,034
Teleflex, Inc.
5.250%, 06/15/24 (144A)		320,000		320,000
Universal Hospital Services, Inc.
7.625%, 08/15/20		1,010,000		868,600
				8,216,187
Healthcare-Services—1.1%
Acadia Healthcare Co., Inc.
5.125%, 07/01/22		860,000		847,100
Anthem, Inc.
3.125%, 05/15/22		2,170,000		2,168,694
3.700%, 08/15/21		130,000		135,893
7.000%, 02/15/19		170,000		200,316
Centene Corp.
4.750%, 05/15/22		960,000		962,400
DaVita HealthCare Partners, Inc.
5.125%, 07/15/24 (a)		730,000		744,600
Fresenius Medical Care U.S. Finance, Inc.
6.500%, 09/15/18 (144A) (a)		3,709,000		4,098,445
HCA, Inc.
5.000%, 03/15/24		1,840,000		1,890,600
7.500%, 02/15/22		360,000		411,300
Humana, Inc.
3.150%, 12/01/22		190,000		184,749
UnitedHealth Group, Inc.
2.875%, 03/15/23 (a)		1,700,000		1,689,044
5.800%, 03/15/36		10,000		12,382
6.875%, 02/15/38		10,000		14,033
				13,359,556
Holding Companies-Diversified—0.5%
DH Services Luxembourg S.a.r.l.
7.750%, 12/15/20 (144A)		5,670,000		5,939,325
Home Builders—0.6%
Taylor Morrison Communities, Inc. /Monarch Communities, Inc.
5.250%, 04/15/21 (144A)		1,180,000		1,162,300
7.750%, 04/15/20 (144A)		3,252,000		3,447,120

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Home Builders—(Continued)
William Lyon Homes, Inc.
7.000%, 08/15/22 (144A)		650,000	$	656,500
8.500%, 11/15/20		2,430,000		2,618,325
				7,884,245
Household Products/Wares—0.1%
Century Intermediate Holding Co. 2
9.750%, 02/15/19 (144A) (b)		1,280,000		1,344,000
Insurance—0.1%
American International Group, Inc.
6.250%, 03/15/87		620,000		691,889
Teachers Insurance & Annuity Association of America
6.850%, 12/16/39 (144A)		700,000		956,080
				1,647,969
Internet—0.3%
Cogent Communications Group, Inc.
8.375%, 02/15/18 (144A)		3,480,000		3,636,600
Iron/Steel—0.6%
ArcelorMittal
5.000%, 02/25/17		380,000		395,200
Cliffs Natural Resources, Inc.
4.800%, 10/01/20 (a)		420,000		226,800
5.700%, 01/15/18 (a)		1,130,000		734,500
Ryerson, Inc. / Joseph T Ryerson & Son, Inc.
9.000%, 10/15/17		2,120,000		2,178,300
Steel Dynamics, Inc.
7.625%, 03/15/20		3,710,000		3,867,675
				7,402,475
Leisure Time—0.0%
24 Hour Holdings III LLC
8.000%, 06/01/22 (144A) (a)		360,000		288,000
Lodging—0.6%
Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Property
11.000%, 10/01/21 (144A) (a)		670,000		609,700
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
5.625%, 10/15/21		3,800,000		3,971,000
MGM Resorts International
6.625%, 12/15/21		2,520,000		2,646,000
				7,226,700
Media—2.1%
21st Century Fox America, Inc.
6.200%, 12/15/34		10,000		12,769
6.650%, 11/15/37		70,000		93,468
CCO Holdings LLC / CCO Holdings Capital Corp.
6.500%, 04/30/21 (a)		1,740,000		1,827,000
Media—(Continued)
CCO Holdings LLC / CCO Holdings Capital Corp.
7.000%, 01/15/19		90,000		93,375
CCOH Safari LLC
5.500%, 12/01/22 (a)		330,000		334,950
5.750%, 12/01/24		540,000		546,075
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22		230,000		330,658
Comcast Corp.
5.650%, 06/15/35		10,000		12,392
6.500%, 11/15/35		490,000		654,147
6.550%, 07/01/39		390,000		532,632
6.950%, 08/15/37		250,000		352,224
CSC Holdings LLC
5.250%, 06/01/24 (144A)		1,000,000		1,005,000
6.750%, 11/15/21		2,010,000		2,221,050
DISH DBS Corp.
5.000%, 03/15/23 (a)		1,285,000		1,243,237
5.875%, 07/15/22		470,000		481,750
5.875%, 11/15/24 (144A)		2,450,000		2,462,250
6.750%, 06/01/21		75,000		80,625
Gannett Co., Inc.
4.875%, 09/15/21 (144A)		490,000		486,325
NBCUniversal Media LLC
4.375%, 04/01/21		470,000		516,905
Numericable-SFR
6.000%, 05/15/22 (144A)		570,000		573,135
Time Warner Cable, Inc.
4.125%, 02/15/21		10,000		10,702
5.500%, 09/01/41		330,000		383,435
5.875%, 11/15/40		10,000		11,924
6.750%, 06/15/39		170,000		222,238
8.250%, 04/01/19		850,000		1,040,522
8.750%, 02/14/19		80,000		99,028
Time Warner, Inc.
7.625%, 04/15/31		1,300,000		1,812,375
7.700%, 05/01/32		1,410,000		1,992,103
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH
5.500%, 01/15/23 (144A)		3,000,000		3,135,000
Univision Communications, Inc.
6.875%, 05/15/19 (144A)		680,000		708,050
7.875%, 11/01/20 (144A)		2,700,000		2,875,500
Viacom, Inc.
4.250%, 09/01/23		600,000		618,660
				26,769,504
Mining—1.5%
Barminco Finance Pty, Ltd.
9.000%, 06/01/18 (144A) (a)		630,000		573,300
Barrick Gold Corp.
3.850%, 04/01/22 (a)		280,000		269,456
4.100%, 05/01/23 (a)		1,200,000		1,167,838
6.950%, 04/01/19		380,000		432,710
Barrick North America Finance LLC
4.400%, 05/30/21		400,000		403,901

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Mining—(Continued)
BHP Billiton Finance USA, Ltd.
3.250%, 11/21/21		590,000	$	609,331
5.000%, 09/30/43		750,000		850,141
FMG Resources (August 2006) Pty, Ltd.
6.000%, 04/01/17 (144A) (a)		1,620,000		1,549,125
6.875%, 04/01/22 (144A) (a)		2,320,000		1,931,400
8.250%, 11/01/19 (144A) (a)		3,000,000		2,730,000
Freeport-McMoRan, Inc.
3.550%, 03/01/22		545,000		515,085
Midwest Vanadium Pty, Ltd.
11.500%, 02/15/18 (144A) (e) (f)		1,000,000		150,000
Mirabela Nickel, Ltd.
1.000%, 09/10/44 (g)		3,418		0
Rio Tinto Finance USA plc
2.250%, 12/14/18		240,000		240,484
Rio Tinto Finance USA, Ltd.
1.875%, 11/02/15		10,000		10,080
3.500%, 11/02/20		100,000		103,757
4.125%, 05/20/21		130,000		136,705
St Barbara, Ltd.
8.875%, 04/15/18 (144A) (a)		560,000		448,000
Thompson Creek Metals Co., Inc.
9.750%, 12/01/17 (a)		2,060,000		2,142,400
Vedanta Resources plc
6.750%, 06/07/16 (144A) (a)		2,960,000		3,056,200
8.250%, 06/07/21 (a)		1,120,000		1,108,800
				18,428,713
Miscellaneous Manufacturing—0.3%
Eaton Corp.
2.750%, 11/02/22		3,510,000		3,448,214
General Electric Co.
4.500%, 03/11/44		380,000		417,704
				3,865,918
Oil & Gas—5.2%
Anadarko Finance Co.
7.500%, 05/01/31		80,000		105,207
Antero Resources Corp.
5.125%, 12/01/22 (144A) (a)		1,200,000		1,131,000
Apache Corp.
3.250%, 04/15/22		774,000		760,475
Blue Racer Midstream LLC / Blue Racer Finance Corp.
6.125%, 11/15/22 (144A) (a)		1,310,000		1,264,150
BP Capital Markets plc
3.245%, 05/06/22		390,000		383,385
3.561%, 11/01/21 (a)		100,000		102,169
California Resources Corp.
6.000%, 11/15/24 (144A) (a)		1,040,000		878,800
Calumet Specialty Products Partners L.P. / Calumet Finance Corp.
7.625%, 01/15/22		780,000		721,500
9.625%, 08/01/20 (a)		1,155,000		1,201,200
Carrizo Oil & Gas, Inc.
7.500%, 09/15/20		2,100,000		2,016,000
Oil & Gas—(Continued)
Chesapeake Energy Corp.
5.750%, 03/15/23 (a)		3,300,000		3,399,000
Cimarex Energy Co.
4.375%, 06/01/24		710,000		678,050
Concho Resources, Inc.
6.500%, 01/15/22		1,400,000		1,463,000
ConocoPhillips Holding Co.
6.950%, 04/15/29		495,000		659,431
Continental Resources, Inc.
7.125%, 04/01/21		1,090,000		1,171,750
Devon Energy Corp.
3.250%, 05/15/22 (a)		280,000		275,060
Devon Financing Corp. LLC
7.875%, 09/30/31		140,000		190,981
Ecopetrol S.A.
5.875%, 09/18/23 (a)		441,000		466,909
5.875%, 05/28/45		950,000		878,750
EXCO Resources, Inc.
7.500%, 09/15/18		630,000		481,556
Gulfport Energy Corp.
7.750%, 11/01/20 (144A) (a)		290,000		283,475
Halcon Resources Corp.
8.875%, 05/15/21 (a)		4,240,000		3,190,600
Hercules Offshore, Inc.
6.750%, 04/01/22 (144A) (a)		530,000		227,900
7.500%, 10/01/21 (144A)		140,000		61,600
Hess Corp.
8.125%, 02/15/19		90,000		107,081
KCA Deutag UK Finance plc
7.250%, 05/15/21 (144A)		1,430,000		1,011,725
Kerr-McGee Corp.
6.950%, 07/01/24		360,000		439,998
7.875%, 09/15/31		405,000		553,674
Kodiak Oil & Gas Corp.
8.125%, 12/01/19		3,250,000		3,306,875
Linn Energy LLC / Linn Energy Finance Corp.
6.500%, 05/15/19 (a)		1,380,000		1,179,900
Magnum Hunter Resources Corp.
9.750%, 05/15/20		1,740,000		1,374,600
MEG Energy Corp.
6.375%, 01/30/23 (144A) (a)		3,600,000		3,213,000
6.500%, 03/15/21 (144A)		290,000		264,625
Murphy Oil USA, Inc.
6.000%, 08/15/23		1,150,000		1,201,750
Occidental Petroleum Corp.
2.700%, 02/15/23		510,000		484,742
3.125%, 02/15/22		110,000		108,726
Pacific Drilling V, Ltd.
7.250%, 12/01/17 (144A)		2,000,000		1,800,000
Pacific Rubiales Energy Corp.
5.375%, 01/26/19 (144A) (a)		1,660,000		1,430,090
Parker Drilling Co.
6.750%, 07/15/22 (a)		830,000		622,500
Parsley Energy LLC / Parsley Finance Corp.
7.500%, 02/15/22 (144A) (a)		1,000,000		947,500

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Petrobras International Finance Co. S.A.
5.375%, 01/27/21		6,020,000	$	5,577,952
5.750%, 01/20/20		513,000		495,409
Puma International Financing S.A.
6.750%, 02/01/21 (144A)		2,050,000		1,986,450
QEP Resources, Inc.
5.250%, 05/01/23		2,650,000		2,477,750
6.875%, 03/01/21 (a)		2,130,000		2,183,250
Quicksilver Resources, Inc.
11.000%, 07/01/21 (a)		1,140,000		285,000
Range Resources Corp.
5.000%, 08/15/22 (a)		870,000		870,000
Reliance Holdings USA, Inc.
5.400%, 02/14/22		1,860,000		2,014,953
Rice Energy, Inc.
6.250%, 05/01/22 (144A) (a)		1,120,000		1,041,600
Samson Investment Co.
9.750%, 02/15/20 (a)		3,750,000		1,553,906
Sanchez Energy Corp.
6.125%, 01/15/23 (144A)		2,610,000		2,192,400
7.750%, 06/15/21 (a)		1,500,000		1,395,000
SandRidge Energy, Inc.
7.500%, 02/15/23 (a)		200,000		126,000
Sidewinder Drilling, Inc.
9.750%, 11/15/19 (144A)		2,000,000		1,115,000
Sinopec Group Overseas Development, Ltd.
2.750%, 05/17/17 (144A)		690,000		702,261
Teine Energy, Ltd.
6.875%, 09/30/22 (144A)		390,000		300,300
Transocean, Inc.
6.375%, 12/15/21		60,000		55,347
Ultra Petroleum Corp.
5.750%, 12/15/18 (144A)		780,000		719,550
				65,130,862
Oil & Gas Services—0.8%
Baker Hughes, Inc.
3.200%, 08/15/21		480,000		484,305
CGG S.A.
6.500%, 06/01/21 (a)		2,840,000		2,158,400
7.750%, 05/15/17		187,000		160,820
Exterran Holdings, Inc.
7.250%, 12/01/18		1,780,000		1,744,400
Freeport-McMoran Oil & Gas LLC / FCX Oil & Gas, Inc.
6.500%, 11/15/20		163,000		176,443
FTS International, Inc.
6.250%, 05/01/22 (144A)		1,770,000		1,292,100
Gulfmark Offshore, Inc.
6.375%, 03/15/22		2,080,000		1,549,600
Hiland Partners L.P. / Hiland Partner Finance Corp.
7.250%, 10/01/20 (144A)		520,000		494,000
Key Energy Services, Inc.
6.750%, 03/01/21		2,150,000		1,333,000
Oil & Gas Services—(Continued)
SESI LLC
7.125%, 12/15/21		1,050,000		1,008,000
				10,401,068
Packaging & Containers—0.7%
Ardagh Finance Holdings S.A.
8.625%, 06/15/19 (144A) (a) (b)		751,567		740,294
Ardagh Packaging Finance plc
9.125%, 10/15/20 (144A)		1,845,000		1,964,925
Ardagh Packaging Finance plc / Ardagh MP Holdings USA, Inc.
9.125%, 10/15/20 (144A)		540,000		572,400
Ball Corp.
5.750%, 05/15/21 (a)		930,000		974,175
Pactiv LLC
8.375%, 04/15/27		2,050,000		2,060,250
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.875%, 02/15/21		480,000		501,000
9.000%, 04/15/19		1,710,000		1,769,850
Rock Tenn Co.
3.500%, 03/01/20		230,000		233,400
4.000%, 03/01/23		210,000		213,938
				9,030,232
Pharmaceuticals—0.4%
AbbVie, Inc.
2.900%, 11/06/22		590,000		580,871
GlaxoSmithKline Capital plc
2.850%, 05/08/22		590,000		590,032
JLL/Delta Dutch Newco B.V.
7.500%, 02/01/22 (144A) (a)		830,000		842,450
Lantheus Medical Imaging, Inc.
9.750%, 05/15/17 (a)		2,510,000		2,409,600
Teva Pharmaceutical Finance Co. B.V.
3.650%, 11/10/21		50,000		51,236
Wyeth LLC
5.950%, 04/01/37		290,000		371,971
Zoetis, Inc.
3.250%, 02/01/23		240,000		236,742
				5,082,902
Pipelines—1.6%
Access Midstream Partners L.P. / ACMP Finance Corp.
4.875%, 05/15/23		3,400,000		3,451,000
Atlas Pipeline Partners L.P. / Atlas Pipeline Finance Corp.
5.875%, 08/01/23		3,290,000		3,257,100
El Paso Natural Gas Co. LLC
8.375%, 06/15/32		190,000		249,847
Kinder Morgan, Inc.
5.625%, 11/15/23 (144A)		3,180,000		3,403,955
7.800%, 08/01/31		67,000		81,581

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp.
4.875%, 12/01/24 (a)		3,040,000	$	2,971,600
6.250%, 06/15/22		970,000		1,003,950
6.500%, 08/15/21 (a)		910,000		937,300
Regency Energy Partners L.P. / Regency Energy Finance Corp.
5.000%, 10/01/22		570,000		538,650
5.875%, 03/01/22 (a)		1,200,000		1,197,000
6.500%, 07/15/21 (a)		360,000		367,200
Sabine Pass Liquefaction LLC
5.625%, 02/01/21		820,000		805,650
Southern Natural Gas Co. LLC
5.900%, 04/01/17 (144A)		10,000		10,752
8.000%, 03/01/32		25,000		32,389
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp.
4.250%, 11/15/23		410,000		373,100
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp.
6.250%, 10/15/22 (144A)		670,000		668,325
Williams Cos., Inc. (The)
7.500%, 01/15/31		45,000		47,747
7.750%, 06/15/31		14,000		14,993
7.875%, 09/01/21		436,000		503,656
8.750%, 03/15/32		255,000		297,602
				20,213,397
Real Estate—0.4%
Country Garden Holdings Co., Ltd.
11.125%, 02/23/18 (a)		324,000		343,605
Howard Hughes Corp. (The)
6.875%, 10/01/21 (144A)		1,350,000		1,397,250
Yuzhou Properties Co., Ltd.
8.750%, 10/04/18		3,100,000		3,030,250
				4,771,105
Real Estate Investment Trusts—0.3%
CTR Partnership L.P. / CareTrust Capital Corp.
5.875%, 06/01/21		2,410,000		2,440,125
Geo Group, Inc. (The)
5.875%, 10/15/24		870,000		880,875
				3,321,000
Retail—1.0%
BC ULC / New Red Finance, Inc.
6.000%, 04/01/22 (144A)		1,960,000		2,009,000
CST Brands, Inc.
5.000%, 05/01/23 (a)		340,000		343,400
CVS Health Corp.
2.750%, 12/01/22		2,490,000		2,425,215
CVS Pass-Through Trust
6.943%, 01/10/30		721,145		874,388
Dufry Finance SCA
5.500%, 10/15/20 (144A)		2,130,000		2,215,647
Retail—(Continued)
First Cash Financial Services, Inc.
6.750%, 04/01/21		370,000		384,800
Group 1 Automotive, Inc.
5.000%, 06/01/22 (144A)		610,000		596,275
Guitar Center, Inc.
9.625%, 04/15/20 (144A) (a)		1,940,000		1,261,000
L Brands, Inc.
6.950%, 03/01/33		60,000		62,700
Neiman Marcus Group, Ltd. LLC
8.750%, 10/15/21 (144A) (b)		1,250,000		1,325,000
Suburban Propane Partners L.P. / Suburban Energy Finance Corp.
5.500%, 06/01/24		1,570,000		1,515,050
				13,012,475
Software—0.5%
Activision Blizzard, Inc.
5.625%, 09/15/21 (144A)		3,130,000		3,286,500
6.125%, 09/15/23 (144A) (a)		580,000		624,950
First Data Corp.
8.250%, 01/15/21 (144A)		1,070,000		1,144,900
11.750%, 08/15/21		650,000		745,875
				5,802,225
Telecommunications—3.0%
AT&T, Inc.
4.350%, 06/15/45		1,250,000		1,178,443
4.450%, 05/15/21		300,000		322,324
CenturyLink, Inc.
6.750%, 12/01/23 (a)		1,290,000		1,412,550
Hughes Satellite Systems Corp.
7.625%, 06/15/21		1,500,000		1,650,000
Intelsat Jackson Holdings S.A.
7.500%, 04/01/21		1,000,000		1,070,000
Level 3 Financing, Inc.
6.125%, 01/15/21		1,380,000		1,428,300
Rogers Communications, Inc.
6.800%, 08/15/18		280,000		323,160
Sprint Capital Corp.
6.875%, 11/15/28		5,290,000		4,655,200
8.750%, 03/15/32		2,520,000		2,438,100
Sprint Corp.
7.125%, 06/15/24		410,000		381,300
7.875%, 09/15/23		2,750,000		2,714,800
T-Mobile USA, Inc.
6.000%, 03/01/23		1,200,000		1,203,000
6.125%, 01/15/22		880,000		893,200
6.633%, 04/28/21		1,000,000		1,026,250
Telecom Italia Capital S.A.
7.175%, 06/18/19 (a)		40,000		45,800
Telefonica Emisiones S.A.U.
5.134%, 04/27/20		140,000		154,981
5.877%, 07/15/19 (a)		140,000		159,330

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Verizon Communications, Inc.
2.450%, 11/01/22		390,000	$	365,921
3.500%, 11/01/24		560,000		550,199
4.150%, 03/15/24		90,000		93,171
4.862%, 08/21/46 (144A)		1,709,000		1,755,531
5.150%, 09/15/23		4,880,000		5,388,657
6.400%, 09/15/33		2,166,000		2,668,042
6.550%, 09/15/43		559,000		716,162
West Corp.
5.375%, 07/15/22 (144A)		3,070,000		2,939,525
Windstream Corp.
7.500%, 04/01/23		2,000,000		1,990,000
				37,523,946
Transportation—0.5%
CMA CGM S.A.
8.500%, 04/15/17 (144A) (a)		1,500,000		1,526,250
Dynagas LNG Partners L.P. / Dynagas Finance, Inc.
6.250%, 10/30/19		200,000		186,000
Florida East Coast Holdings Corp.
6.750%, 05/01/19 (144A)		2,080,000		2,059,200
Navios Maritime Acquisition Corp. / Navios Acquisition Finance U.S., Inc.
8.125%, 11/15/21 (144A)		980,000		955,500
Watco Cos. LLC / Watco Finance Corp.
6.375%, 04/01/23 (144A)		1,280,000		1,267,200
XPO Logistics, Inc.
7.875%, 09/01/19 (144A)		700,000		731,500
				6,725,650
Trucking & Leasing—0.0%
Jurassic Holdings III, Inc.
6.875%, 02/15/21 (144A)		550,000		511,500
Total Corporate Bonds & Notes (Cost $553,455,922)				536,932,158
Mortgage-Backed Securities—27.4%
Collateralized Mortgage Obligations—16.8%
American Home Mortgage Assets Trust
0.360%, 12/25/46 (c)		4,307,722		3,012,032
American Home Mortgage Investment Trust
0.390%, 06/25/45 (c)		861,821		800,379
0.750%, 11/25/45 (c)		793,774		683,034
Banc of America Funding Trust
0.336%, 05/20/36 (c)		561,324		541,486
Banc of America Mortgage Trust
2.616%, 12/25/34 (c)		12,429		12,123
2.691%, 09/25/35 (c)		211,203		194,091
BCAP LLC
2.895%, 05/26/47 (144A) (c)		8,449,399		5,693,062
Bear Stearns Asset Backed Securities I Trust
0.400%, 04/25/36 (c)		1,085,063		972,035
32.849%, 07/25/36 (c)		1,044,716		1,597,506
Collateralized Mortgage Obligations—(Continued)
Citigroup Mortgage Loan Trust, Inc.
0.548%, 12/25/35 (c)		2,541,065		2,219,209
CitiMortgage Alternative Loan Trust
34.653%, 07/25/37 (c)		2,489,391		4,355,783
Countrywide Alternative Loan Trust
0.396%, 07/20/35 (c)		2,749,492		2,393,617
0.440%, 01/25/36 (c)		371,588		330,234
5.500%, 10/25/33		14,897		15,194
5.500%, 02/25/35		3,736,322		3,679,298
5.750%, 01/25/37		4,430,287		3,759,865
6.000%, 01/25/37		4,882,074		4,404,192
16.567%, 06/25/35 (c)		3,341,644		4,034,183
22.292%, 02/25/36 (c)		3,132,047		4,273,942
27.922%, 07/25/36 (c)		5,242,085		8,690,396
37.983%, 08/25/37 (c)		5,074,889		9,273,071
Countrywide Alternative Loan Trust Resecuritization
6.000%, 08/25/37		10,881,868		8,693,717
Countrywide Home Loan Mortgage Pass-Through Trust
2.389%, 11/25/34 (c)		146,838		124,646
Countrywide Home Loan Reperforming Loan REMIC Trust
0.530%, 03/25/35 (144A) (c)		911,558		813,412
0.590%, 11/25/34 (144A) (c)		118,019		103,708
Credit Suisse Mortgage Backed Trust
29.593%, 02/25/36 (c)		3,118,906		4,579,836
CSMC Trust
0.352%, 06/27/46 (144A) (c)		5,151,456		4,893,857
2.403%, 01/27/36 (144A) (c)		4,480,000		4,549,175
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
1.810%, 08/25/35 (c)		73,080		58,079
DSLA Mortgage Loan Trust
0.374%, 03/19/45 (c)		243,824		215,893
1.033%, 03/19/46 (c)		1,868,951		1,428,960
Fannie Mae Connecticut Avenue Securities
3.170%, 07/25/24 (c)		8,670,000		7,832,062
5.420%, 10/25/23 (c)		2,780,000		3,006,542
Freddie Mac Structured Agency Credit Risk Debt Notes
4.670%, 02/25/24 (c)		2,210,000		2,186,262
4.920%, 10/25/24 (c)		2,460,000		2,430,005
GreenPoint MTA Trust
0.610%, 06/25/45 (c)		2,163,913		1,884,386
GSMPS Mortgage Loan Trust
0.520%, 09/25/35 (144A) (c)		4,421,463		3,770,862
0.570%, 04/25/36 (144A) (c)		1,170,305		986,557
GSR Mortgage Loan Trust
2.767%, 10/25/35 (c)		532,344		471,166
HarborView Mortgage Loan Trust
0.414%, 01/19/36 (c)		1,372,484		944,358
0.964%, 11/19/34 (c)		2,695,904		2,241,553
1.170%, 10/25/37 (c)		2,364,165		2,072,418
Impac Secured Assets CMN Owner Trust
0.490%, 03/25/36 (c)		1,288,351		933,932

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Impac Secured Assets Trust
0.520%, 08/25/36 (c)		136,279	$	133,764
IndyMac INDX Mortgage Loan Trust
0.890%, 01/25/35 (c)		1,493,994		1,177,599
2.490%, 03/25/35 (c)		842,381		825,082
4.351%, 08/25/37 (c)		2,354,282		1,975,695
JP Morgan Resecuritization Trust
0.379%, 07/27/46 (144A) (c)		7,344,713		7,003,693
JPMorgan Mortgage Trust
6.500%, 01/25/36		154,569		133,194
Lehman Mortgage Trust
6.461%, 02/25/37 (c) (h)		10,715,542		2,915,528
Lehman XS Trust
0.330%, 03/25/47 (c)		4,343,462		3,308,415
0.370%, 08/25/46 (c)		3,876,564		3,225,216
Luminent Mortgage Trust
0.360%, 05/25/46 (c)		1,658,252		1,289,639
MASTR Adjustable Rate Mortgages Trust
2.564%, 11/25/35 (144A) (c)		94,114		68,679
MASTR Seasoned Securitization Trust
3.277%, 10/25/32 (c)		272,656		267,134
Merrill Lynch Mortgage Investors Trust
2.430%, 08/25/33 (c)		1,324,905		1,222,867
2.581%, 05/25/34 (c)		175,886		175,264
Morgan Stanley Mortgage Loan Trust
0.490%, 01/25/35 (c)		1,691,730		1,607,526
Nomura Resecuritization Trust
2.414%, 08/26/34 (144A) (c)		3,321,513		2,749,841
NovaStar Mortgage Funding Trust
0.360%, 09/25/46 (c)		1,365,212		1,159,148
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates
0.740%, 02/25/35 (c)		5,000,000		4,779,395
Prime Mortgage Trust
5.500%, 05/25/35 (144A)		2,046,780		2,126,995
6.000%, 05/25/35 (144A)		3,405,268		3,437,291
RBSGC Mortgage Loan Trust
0.620%, 01/25/37 (c)		1,380,172		956,873
Residential Accredit Loans, Inc. Trust
0.350%, 12/25/36 (c)		3,089,726		2,364,830
0.360%, 05/25/47 (c)		2,134,687		1,751,270
0.370%, 05/25/47 (c)		4,168,647		3,423,306
0.380%, 04/25/46 (c)		2,102,898		1,056,683
0.430%, 04/25/46 (c)		1,091,118		556,989
0.500%, 04/25/46 (c)		1,527,190		796,616
1.406%, 11/25/37 (c)		6,887,925		4,380,858
Residential Asset Securitization Trust
5.750%, 02/25/36		3,978,123		3,753,705
6.381%, 12/25/36 (c) (h)		16,779,054		4,403,378
Sequoia Mortgage Trust
1.003%, 06/20/33 (c)		206,332		200,475
Structured Adjustable Rate Mortgage Loan Trust
0.815%, 04/25/35 (c)		5,197,221		4,425,246
1.656%, 09/25/37 (c)		5,983,888		5,437,751
2.373%, 01/25/35 (c)		1,050,040		1,042,466
2.633%, 09/25/35 (c)		1,254,719		1,066,670
Collateralized Mortgage Obligations—(Continued)
Structured Asset Mortgage Investments II Trust
0.380%, 05/25/46 (c)		319,225		232,934
0.450%, 02/25/36 (c)		6,164,901		4,940,330
2.520%, 08/25/35 (c)		159,452		157,679
Structured Asset Securities Corp. Trust
0.520%, 03/25/35 (c)		3,866,344		3,054,249
WaMu Mortgage Pass-Through Certificates Trust 0.440%, 12/25/45 (c)		1,097,234		1,046,892
0.460%, 07/25/45 (c)		31,689		29,593
0.460%, 10/25/45 (c)		1,010,661		926,094
0.923%, 07/25/47 (c)		266,278		102,437
1.913%, 03/25/47 (c)		4,573,114		3,693,247
2.060%, 09/25/36 (c)		1,486,357		1,317,843
2.426%, 10/25/34 (c)		1,356,364		1,349,972
6.511%, 04/25/37 (c) (h)		16,813,926		4,373,924
Wells Fargo Mortgage Backed Securities Trust 2.592%, 06/25/35 (c)		108,946		109,623
2.600%, 04/25/36 (c)		188,228		183,956
2.605%, 10/25/35 (c)		140,026		140,502
				212,014,474
Commercial Mortgage-Backed Securities—10.6%
Americold 2010 LLC Trust
4.954%, 01/14/29 (144A)		500,000		548,924
BAMLL Mezzanine Securities Trust
8.644%, 12/15/19 (144A) (c)		5,700,000		5,685,750
Bear Stearns Commercial Mortgage Securities Trust
6.151%, 06/11/50 (c)		1,040,000		1,014,153
BLCP Hotel Trust
5.889%, 08/15/29 (144A) (c)		12,000,000		11,920,961
Carefree Portfolio Trust
6.137%, 11/15/19 (144A) (c)		1,000,000		1,000,006
7.883%, 11/15/29 (144A) (c)		6,000,000		5,999,948
CD Mortgage Trust
5.346%, 01/15/46 (c)		100,000		104,028
Citigroup Commercial Mortgage Trust
6.142%, 12/10/49 (c)		2,970,000		2,989,056
COBALT CMBS Commercial Mortgage Trust
5.766%, 05/15/46 (c)		3,260,000		3,358,882
Commercial Mortgage Pass-Through Certificates
5.085%, 10/10/46 (c)		70,000		75,678
5.377%, 12/10/46		3,309,000		3,368,870
Credit Suisse Commercial Mortgage Trust
5.373%, 12/15/39		1,360,209		1,311,508
5.607%, 01/15/49 (c)		950,000		957,945
5.806%, 06/15/38 (c)		3,160,000		3,201,690
Credit Suisse European Mortgage
7.165%, 07/20/22 (144A) (EUR)		2,116,000		2,560,466
CSMC Trust
3.993%, 09/15/38 (144A) (c)		6,600,000		6,600,264
4.373%, 09/15/37 (144A)		1,620,000		1,496,384
DBUBS Mortgage Trust
3.750%, 08/10/44 (144A)		5,180,000		3,222,530

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
FREMF Mortgage Trust
3.420%, 06/25/21 (144A) (c)		6,389,179	$	6,390,284
4.156%, 09/25/22 (144A) (c)		6,900,241		6,904,773
GMAC Commercial Mortgage Securities, Inc.
5.349%, 11/10/45 (c)		2,210,000		2,156,027
GS Mortgage Securities Corp. II
4.271%, 11/10/46		620,000		679,598
GS Mortgage Securities Trust
5.553%, 04/10/38 (c)		1,270,000		1,273,614
5.622%, 11/10/39		1,175,143		1,205,309
Hyatt Hotel Portfolio Trust
6.386%, 11/15/19 (144A) (c)		6,100,000		6,095,045
JP Morgan Chase Commercial Mortgage Securities Trust
3.461%, 08/15/27 (144A) (c)		920,000		915,119
4.061%, 08/15/27 (144A) (c)		1,280,000		1,267,221
6.386%, 10/15/29 (144A) (c)		4,900,000		4,910,328
JPMBB Commercial Mortgage Securities Trust
3.928%, 11/15/47 (144A) (c)		1,520,000		1,333,110
JPMorgan Chase Commercial Mortgage Securities Trust
3.761%, 06/15/29 (144A) (c)		3,540,000		3,494,285
5.386%, 05/15/47 (c)		2,280,000		1,979,927
5.411%, 05/15/47		2,360,000		1,994,200
5.502%, 06/12/47 (c)		3,120,000		3,112,300
6.389%, 06/15/29 (c)		1,805,000		1,806,173
LB-UBS Commercial Mortgage Trust
6.125%, 07/15/40 (c)		257,000		264,383
6.248%, 09/15/45 (c)		1,100,000		1,063,583
ML-CFC Commercial Mortgage Trust
5.450%, 08/12/48 (c)		1,318,000		1,280,892
5.882%, 08/12/49 (c)		235,000		256,313
6.193%, 09/12/49 (c)		3,473,000		3,403,540
6.217%, 09/12/49 (c)		5,780,000		5,665,776
Morgan Stanley Bank of America Merrill Lynch Trust
2.918%, 02/15/46		260,000		260,010
3.456%, 05/15/46		510,000		520,025
Morgan Stanley Capital I Trust
5.399%, 12/15/43		3,561,053		3,264,784
5.908%, 06/11/49 (c)		1,680,000		1,644,426
PFP III, Ltd.
4.261%, 06/14/31 (144A) (c)		1,280,000		1,282,167
UBS-Barclays Commercial Mortgage Trust
4.890%, 05/10/63 (144A) (c)		1,640,000		1,076,545
5.000%, 05/10/63 (144A) (c)		2,890,000		1,014,679
Wachovia Bank Commercial Mortgage Trust
0.362%, 12/15/43 (144A) (c)		646,000		618,659
5.413%, 12/15/43 (c)		2,393,290		2,438,590
5.549%, 01/15/45 (144A) (c)		6,466,500		6,006,143
5.825%, 07/15/45 (c)		1,720,000		1,740,146
WF-RBS Commercial Mortgage Trust
3.909%, 09/15/57 (144A) (c)		1,520,000		1,329,345
				134,064,362
Total Mortgage-Backed Securities (Cost $340,030,004)				346,078,836
Foreign Government—8.5%
Security Description	Principal Amount*		Value
Regional Government—0.2%
Japan Finance Organization for Municipalities
4.000%, 01/13/21		1,900,000		2,098,303
Sovereign—8.3%
Argentina Boden Bond
7.000%, 10/03/15		6,065,000		5,882,376
Brazil Notas do Tesouro Nacional
10.000%, 01/01/17 (BRL)		68,271,000		23,219,710
Hungary Government International Bonds
5.750%, 11/22/23		2,424,000		2,684,580
Indonesia Government International Bonds
3.750%, 04/25/22 (144A)		280,000		275,800
3.750%, 04/25/22		430,000		423,550
4.875%, 05/05/21		400,000		422,500
5.875%, 03/13/20		300,000		332,250
5.875%, 01/15/24 (144A)		887,000		1,002,310
Japan Bank for International Cooperation
2.875%, 02/02/15		1,580,000		1,582,841
Mexican Bonos
6.500%, 06/09/22 (MXN)		540,143,700		38,385,340
8.000%, 06/11/20 (MXN)		90,954,000		6,938,661
Portugal Government International Bond
5.125%, 10/15/24 (144A)		14,000,000		14,707,252
South Africa Government International Bond
5.875%, 09/16/25		2,310,000		2,601,637
Turkey Government International Bond
6.250%, 09/26/22		4,810,000		5,489,412
Venezuela Government International Bond
7.750%, 10/13/19		1,840,000		816,960
				104,765,179
Total Foreign Government (Cost $122,341,974)				106,863,482
U.S. Treasury & Government Agencies—7.0%
Agency Sponsored Mortgage - Backed—6.2%
Fannie Mae 15 Yr. Pool
3.500%, TBA (i)		2,500,000		2,641,016
5.500%, 12/01/16		4,913		5,187
6.500%, 03/01/16		236		237
6.500%, 09/01/16		3,537		3,621
6.500%, 12/01/16		5,326		5,507
6.500%, 01/01/17		3,823		3,971
Fannie Mae 20 Yr. Pool
4.500%, 04/01/31		254,605		277,969
4.500%, 05/01/31		755,284		824,819
4.500%, 06/01/31		264,351		288,666
8.500%, 08/01/19		15,800		17,010
Fannie Mae 30 Yr. Pool
2.500%, 10/01/42		1,043,301		1,020,057
3.500%, TBA (i)		1,500,000		1,563,633
4.000%, TBA (i)		14,400,000		15,368,456
4.500%, 10/01/41		1,291,411		1,403,709
4.500%, TBA (i)		7,700,000		8,358,110

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.000%, 01/01/39		22,490	$	25,110
5.000%, 08/01/39		56,526		63,199
5.000%, 11/01/39		14,973		16,741
5.000%, 12/01/39		42,487		47,526
5.000%, 05/01/40		72,583		80,156
5.000%, 07/01/40		65,804		73,556
5.000%, 11/01/40		2,001,687		2,235,078
5.000%, 01/01/41		76,377		85,436
5.000%, 02/01/41		89,205		99,373
5.000%, 04/01/41		201,389		225,259
5.000%, 05/01/41		4,450,276		4,973,858
5.000%, 06/01/41		422,955		473,115
6.000%, 04/01/32		80,325		91,635
6.500%, 08/01/31		1,398		1,592
6.500%, 10/01/31		2,122		2,416
6.500%, 03/01/32		14,303		16,289
6.500%, 06/01/37		49,354		56,206
7.000%, 05/01/26		1,837		2,038
7.000%, 07/01/30		297		307
7.000%, 01/01/31		445		507
7.000%, 09/01/31		5,890		6,764
7.000%, 10/01/31		3,613		4,204
7.000%, 11/01/31		47,607		55,329
7.000%, 01/01/32		6,253		6,467
7.000%, 02/01/32		4,918		5,150
7.500%, 12/01/29		526		541
7.500%, 02/01/30		369		375
7.500%, 06/01/30		742		748
7.500%, 08/01/30		95		98
7.500%, 09/01/30		927		1,044
7.500%, 11/01/30		11,184		11,966
7.500%, 02/01/31		4,886		5,185
8.000%, 08/01/27		1,480		1,689
8.000%, 07/01/30		1,064		1,230
8.000%, 09/01/30		821		905
8.000%, 01/01/31		4,272		4,288
Fannie Mae Pool
3.500%, 08/01/42		1,329,396		1,387,597
3.500%, 12/01/42		704,835		736,765
3.500%, 05/01/43		183,162		191,489
4.000%, 10/01/42		354,402		382,289
5.000%, 05/01/40		80,480		89,967
Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/42 (j)		256,592		234,035
0.520%, 05/25/34 (c)		233,632		234,399
6.361%, 12/25/40 (c) (h)		1,583,605		244,440
6.361%, 01/25/41 (c) (h)		1,048,300		186,373
6.381%, 10/25/41 (c) (h)		3,283,625		563,138
9.750%, 11/25/18		359,194		399,665
9.750%, 08/25/19		121,431		134,549
Freddie Mac 15 Yr. Gold Pool
7.000%, 02/01/15		280		280
7.000%, 05/01/16		3,994		4,031
Freddie Mac 30 Yr. Gold Pool
3.500%, TBA (i)		900,000		935,789
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
5.000%, 12/01/34		19,763		21,893
5.000%, 11/01/41		1,473,096		1,630,721
6.000%, 12/01/36		1,942		2,194
6.000%, 02/01/37		61,598		69,767
6.500%, 09/01/31		9,933		11,285
7.000%, 03/01/39		293,366		331,613
Freddie Mac 30 Yr. Pool
7.000%, 07/01/31		2,128		2,454
Freddie Mac ARM Non-Gold Pool
1.838%, 05/01/37 (c)		60,061		62,995
1.945%, 02/01/37 (c)		27,512		28,965
1.945%, 04/01/37 (c)		58,694		61,939
1.949%, 03/01/37 (c)		117,223		123,489
2.285%, 01/01/38 (c)		34,235		36,516
2.495%, 05/01/37 (c)		79,382		84,698
2.534%, 02/01/36 (c)		68,004		73,048
Freddie Mac Gold Pool
3.500%, 04/01/43		281,415		294,167
4.000%, 10/01/42		2,119,535		2,285,040
Freddie Mac REMICS (CMO)
1,156.500%, 06/15/21 (h)		9		136
Ginnie Mae I 30 Yr. Pool
3.500%, TBA (i)		1,100,000		1,154,656
5.000%, 01/15/40		296,336		329,338
6.000%, 07/15/38		26,966		30,512
6.500%, 09/15/28		1,831		2,089
6.500%, 10/15/28		1,543		1,761
6.500%, 01/15/29		12,062		13,772
6.500%, 02/15/29		38,193		43,582
6.500%, 06/15/29		6,995		8,046
6.500%, 10/15/30		2,146		2,449
7.000%, 06/15/28		22,393		25,055
7.000%, 07/15/29		1,364		1,540
Ginnie Mae II 30 Yr. Pool
3.500%, TBA (i)		3,400,000		3,568,938
4.500%, 01/20/40		42,692		46,959
4.500%, 05/20/40		44,117		48,498
4.500%, 03/20/41		43,403		47,621
5.000%, 07/20/40		1,378,850		1,538,875
5.000%, 08/20/40		696,322		777,215
5.000%, 09/20/40		76,211		85,060
5.000%, 11/20/40		37,451		41,805
6.000%, 12/20/36		17,534		19,755
6.000%, 09/20/39		477,307		540,043
6.000%, 09/20/40		24,194		27,267
6.000%, 11/20/40		434,901		493,497
6.000%, 09/20/41		76,963		87,808
Ginnie Mae II ARM Pool
1.540%, 01/20/60 (c)		919,885		944,536
1.907%, 05/20/60 (c)		877,473		907,104
Government National Mortgage Association (CMO)
0.486%, 10/20/60 (c)		4,049,273		4,011,392
0.606%, 02/20/61 (c)		286,748		285,502
0.656%, 01/20/61 (c)		614,101		612,784

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO)
0.656%, 03/20/61 (c)		244,672	$	244,116
1.156%, 05/20/60 (c)		1,740,951		1,773,322
1.197%, 04/16/52 (c) (h)		22,199,312		1,237,723
1.263%, 03/16/47 (c) (h)		25,050,828		1,211,433
1.316%, 11/20/59 (c)		5,555,056		5,675,906
6.335%, 03/20/39 (c) (h)		375,423		47,032
6.485%, 01/20/40 (c) (h)		1,510,803		249,722
				77,439,787
Federal Agencies—0.5%
Federal National Mortgage Association
6.250%, 05/15/29 (a)		1,890,000		2,633,248
Tennessee Valley Authority
3.875%, 02/15/21		150,000		165,197
5.250%, 09/15/39		400,000		509,226
5.980%, 04/01/36		2,490,000		3,482,327
				6,789,998
U.S. Treasury—0.3%
U.S. Treasury Bonds
3.375%, 05/15/44		600,000		675,469
3.625%, 02/15/44		60,000		70,608
3.750%, 11/15/43		30,000		36,063
U.S. Treasury Notes
0.250%, 10/31/15		70,000		69,995
0.375%, 11/15/15 (a)		270,000		270,253
1.500%, 08/31/18		220,000		221,066
1.625%, 04/30/19		550,000		551,891
1.625%, 07/31/19		460,000		460,718
1.750%, 09/30/19		1,330,000		1,337,792
2.250%, 07/31/21 (a)		340,000		346,747
2.250%, 11/15/24 (a)		10,000		10,067
				4,050,669
Total U.S. Treasury & Government Agencies (Cost $86,552,730)				88,280,454
Asset-Backed Securities—6.7%
Asset-Backed - Automobile—0.4%
Avis Budget Rental Car Funding AESOP LLC
1.920%, 09/20/19 (144A)		570,000		564,056
2.100%, 03/20/19 (144A)		1,100,000		1,100,346
2.460%, 07/20/20 (144A)		3,290,000		3,300,262
Hertz Vehicle Financing LLC
1.830%, 08/25/19 (144A)		790,000		779,542
				5,744,206
Asset-Backed - Home Equity—0.8%
ABFC Trust
0.830%, 03/25/35 (c)		2,482,334		1,954,445
Asset-Backed - Home Equity—(Continued)
ACE Securities Corp. Home Equity Loan Trust
0.510%, 01/25/36 (c)		622,966		98,242
Asset Backed Securities Corp. Home Equity Loan Trust
3.011%, 04/15/33 (c)		20,387		19,449
Bear Stearns Asset Backed Securities Trust
0.895%, 01/25/34 (c)		29,171		28,050
EMC Mortgage Loan Trust
0.620%, 05/25/43 (144A) (c)		848,949		822,272
0.820%, 05/25/43 (144A) (c)		7,660,000		6,434,400
0.870%, 01/25/41 (144A) (c)		132,863		129,716
SASCO Mortgage Loan Trust
0.715%, 04/25/35 (c)		20,438		20,193
Structured Asset Securities Corp. Mortgage Loan Trust
0.375%, 02/25/36 (144A) (c)		2,710,992		159,783
				9,666,550
Asset-Backed - Manufactured Housing—1.0%
Access Financial Manufactured Housing Contract Trust
7.650%, 05/15/21		1,978,766		1,539,999
Greenpoint Manufactured Housing
2.907%, 03/18/29 (c)		550,000		485,980
3.520%, 06/19/29 (c)		375,000		326,250
3.655%, 02/20/30 (c)		350,000		304,500
Manufactured Housing Contract Trust Pass-Through Certificates
3.653%, 03/13/32 (c)		550,000		497,231
3.657%, 02/20/32 (c)		325,000		297,905
Mid-State Trust
7.340%, 07/01/35		278,540		299,206
Origen Manufactured Housing Contract Trust
2.497%, 04/15/37 (c)		2,138,770		1,883,354
2.645%, 10/15/37 (c)		2,328,041		2,098,905
UCFC Manufactured Housing Contract
7.095%, 04/15/29 (c)		4,850,000		4,789,744
				12,523,074
Asset-Backed - Other—3.4%
ACE Home Equity Loan Trust
0.430%, 02/25/31 (c)		189,817		177,057
Amortizing Residential Collateral Trust
1.970%, 08/25/32 (c)		90,304		64,720
Bear Stearns Asset-Backed Securities Trust
6.000%, 10/25/36		2,290,596		1,859,817
Citigroup Mortgage Loan Trust, Inc.
0.440%, 08/25/36 (c)		11,420,512		9,219,197
Countrywide Asset-Backed Certificates
2.045%, 06/25/34 (c)		203,017		179,877
Countrywide Revolving Home Equity Loan Resecuritization Trust
0.461%, 12/15/33 (144A) (c)		331,812		270,619
Countrywide Revolving Home Equity Loan Trust
0.301%, 07/15/36 (c)		694,852		588,091

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
First Horizon Asset-Backed Trust
0.330%, 10/25/34 (c)		105,795	$	93,385
GSAMP Trust
0.370%, 01/25/36 (c)		106,450		28,673
1.145%, 06/25/34 (c)		670,000		628,217
GSRPM Mortgage Loan Trust
0.470%, 03/25/35 (144A) (c)		843,567		828,456
HLSS Servicer Advance Receivables Backed Notes
1.979%, 08/15/46 (144A)		1,470,000		1,474,851
Home Equity Mortgage Loan Asset-Backed Notes
0.340%, 04/25/36 (c)		228,255		164,200
HSI Asset Securitization Corp. Trust
0.590%, 11/25/35 (c)		4,000,000		3,287,580
JGWPT XXXIII LLC
3.500%, 06/15/77 (144A)		2,297,412		2,296,425
Lehman XS Trust
5.150%, 05/25/37 (c)		6,116,584		4,796,503
Long Beach Mortgage Loan Trust
0.686%, 01/21/31 (c)		24,729		22,953
Magnus Dritte Immobilienbesitz und Verwaltungs 1 GmbH
7.250%, 07/01/24 (144A) (EUR)		4,300,000		5,284,193
Magnus Relda Holding Vier GmbH
7.000%, 10/28/24 (144A) (EUR)		6,000,000		7,226,991
RAAC Trust
0.420%, 02/25/37 (144A) (c)		613,553		606,273
SACO I Trust
0.430%, 06/25/36 (c)		518,645		838,406
0.510%, 03/25/36 (c)		144,650		193,658
SpringCastle America Funding LLC
2.700%, 05/25/23 (144A)		1,588,807		1,586,276
Structured Asset Securities Corp.
0.830%, 02/25/35 (c)		1,137,426		1,131,731
				42,848,149
Asset-Backed - Student Loan—1.1%
National Collegiate Student Loan Trust
0.440%, 03/26/29 (c)		2,250,000		2,063,300
1.020%, 03/25/38 (c)		9,030,000		5,801,363
Nelnet Student Loan Trust
0.498%, 03/22/32 (c)		6,650,000		6,206,312
Northstar Education Finance, Inc.
1.273%, 10/30/45 (c)		100,000		81,454
				14,152,429
Total Asset-Backed Securities (Cost $84,312,435)				84,934,408
Preferred Stocks—0.6%
Security Description	Shares/ Principal/ Contracts/ Notional Amount*		Value
Banks—0.5%
GMAC Capital Trust I, 8.125% (c)		244,339		6,445,663
Diversified Financial Services—0.1%
Citigroup Capital XIII, 7.875% (c)		35,900		954,222
Total Preferred Stocks (Cost $7,190,437)				7,399,885
Floating Rate Loans (n)—0.6%
Electric—0.5%
Energy Future Intermediate Holding Co. LLC
Term Loan, 4.250%, 06/19/16		6,240,991		6,250,746
Software—0.1%
First Data Corp.
Extended Term Loan, 3.667%, 03/23/18		1,047,353		1,027,715
Total Floating Rate Loans (Cost $7,223,811)				7,278,461
Purchased Options—0.1%
Call Option—0.0%
Markit CDX North America Investment Grade Index, Series 23, Exercise Rate 0.650%, Expires 01/21/15 (Counterparty - JPMorgan Chase Bank N.A.)		205,000,000		190,430
Put Options—0.1%
Eurodollar Futures @ 99.500, Expires 06/15/15		7,293		1,048,369
OTC - 30 Year Interest Rate Swap, Exercise Rate 3.290%, Expires 09/04/15 (Counterparty - JPMorgan Chase Bank N.A.)		31,710,000		457,548
OTC - 30 Year Interest Rate Swap, Exercise Rate 3.380%, Expires 08/12/15 (Counterparty - JPMorgan Chase Bank N.A.)		31,710,000		300,049
				1,805,966
Total Purchased Options (Cost $5,040,793)				1,996,396
Municipals—0.1%
Virginia Housing Development Authority
6.000%, 06/25/34 (Cost $1,107,986)		1,123,755		1,216,825

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—0.1%

Security Description	Shares/ Principal Amount*		Value
Marine—0.1%
Deep Ocean Group Holding A/S (d) (g) (k)		44,744	$	1,095,718
Metals & Mining—0.0%
Mirabela Nickel, Ltd. (g) (k)		901,134		21,335
Total Common Stocks (Cost $1,010,298)				1,117,053
Convertible Bond—0.1%
Mining—0.1%
Mirabela Nickel, Ltd.
9.500%, 06/20/19 (144A) (f) (Cost $922,848)		922,848		738,278
Short-Term Investments—13.7%
Discount Notes—3.0%
Federal National Mortgage Association
0.089%, 02/02/11 (l)		12,500,000		12,499,000
Federal Home Loan Mortgage Corp.
0.101%, 05/07/15 (l)		25,000,000		24,991,250
				37,490,250
Mutual Fund—7.0%
State Street Navigator Securities Lending MET Portfolio (m)		88,878,727		88,878,727
Repurchase Agreements—3.7%
Bank of America Securities LLC Repurchase Agreement dated 12/31/14 at 0.040% to be repurchased at $46,000,102 on 01/02/15 collateralized by $38,935,000 U.S. Treasury Note at 3.750% due 11/15/43 with a value of $46,804,114.		46,000,000		46,000,000
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $1,255,533 on 01/02/15, collateralized by $1,300,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $1,281,847.		1,255,533		1,255,533
				47,255,533
Total Short-Term Investments (Cost $173,624,510)				173,624,510
Total Investments—107.4% (Cost $1,382,813,748) (o)				1,356,460,746
Other assets and liabilities (net)—(7.4)%				(93,698,609	)
Net Assets—100.0%			$	1,262,762,137

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $89,994,850 and the collateral received consisted of cash in the amount of $88,878,727 and non-cash collateral with a value of $5,072,295. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Payment-in-kind security for which part of the income earned may be paid as additional principal.

(c) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(d) Illiquid security. As of December 31, 2014, these securities represent 0.1% of net assets.

(e) Non-income producing; Security is in default and/or issuer is in bankruptcy.

(f) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2014, the market value of restricted securities was $2,904,248, which is 0.2% of net assets. See details shown in the Restricted Securities table that follows.

(g) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent 0.1% of net assets.

(h) Interest only security.

(i) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(j) Principal only security.

(k) Non-income producing security.

(l) The rate shown represents current yield to maturity.

(m) Represents investment of cash collateral received from securities lending transactions.

(n) Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(o) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,386,460,246. The aggregate unrealized appreciation and depreciation of investments were $43,135,460 and $(73,134,960), respectively, resulting in net unrealized depreciation of $(29,999,500) for federal income tax purposes.

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $346,661,746, which is 27.5% of net assets.

(ARM)— Adjustable-Rate Mortgage

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CMO)— Collateralized Mortgage Obligation

(EUR)— Euro

(MXN)— Mexican Peso

(REMIC)— Real Estate Mortgage Investment Conduit

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Midwest Vanadium Pty, Ltd.		05/05/11—05/24/11	$	1,000,000	$	1,031,250	$	150,000
Mirabela Nickel, Ltd.		06/06/14—06/30/14		922,848		922,848		738,278
Virgolino de Oliveira Finance S.A.		06/09/14		4,470,000		4,447,743		2,015,970
							$	2,904,248

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	13,730,000	Bank of America N.A.		01/16/15	$	12,040,249	$	(840,057	)
AUD	33,990,000	Bank of America N.A.		01/16/15		29,981,219		(2,254,013	)
AUD	2,060,000	Citibank N.A.		01/16/15		1,808,124		(127,687	)
COP	25,677,860,000	Bank of America N.A.		01/16/15		12,530,064		(1,727,738	)
COP	13,179,300,000	Citibank N.A.		01/16/15		6,428,927		(884,575	)
EUR	30,240,000	Bank of America N.A.		01/16/15		37,538,484		(942,275	)
EUR	25,130,000	Barclays Bank plc		01/16/15		31,769,974		(1,357,847	)
EUR	4,000,000	Citibank N.A.		01/16/15		5,063,708		(222,940	)
EUR	2,510,000	Goldman Sachs & Co.		01/16/15		3,179,819		(142,236	)
EUR	2,160,759	UBS AG		02/13/15		2,697,085		(81,428	)
INR	782,620,000	Bank of America N.A.		01/16/15		12,515,912		(146,338	)
JPY	1,562,130,000	Barclays Bank plc		01/16/15		14,590,482		(1,547,723	)
MXN	195,200,000	Bank of America N.A.		01/16/15		14,384,990		(1,163,280	)
NZD	17,000,000	Bank of America N.A.		01/16/15		13,138,705		109,115
PHP	560,150,000	Bank of America N.A.		01/16/15		12,425,688		89,578
PHP	284,720,000	Citibank N.A.		01/16/15		6,314,482		46,933
PHP	300,970,000	Citibank N.A.		01/16/15		6,676,353		48,131
SGD	10,000	Citibank N.A.		01/16/15		7,780		(233	)
SGD	16,300,000	Citibank N.A.		01/16/15		12,739,053		(437,540	)
ZAR	108,700,000	Bank of America N.A.		01/16/15		9,667,120		(286,793	)
ZAR	29,199,600	Barclays Bank plc		01/16/15		2,603,149		(83,353	)
ZAR	66,960,000	Citibank N.A.		01/16/15		5,893,329		(114,978	)
Contracts to Deliver
AUD	40,990,000	Bank of America N.A.		01/16/15		35,631,336		2,193,908
AUD	6,730,000	Bank of America N.A.		01/16/15		5,709,550		219,580
AUD	2,060,000	Citibank N.A.		01/16/15		1,785,649		105,212
BRL	43,940,000	Bank of America N.A.		01/16/15		17,737,052		1,256,130
BRL	25,650,000	Barclays Bank plc		01/16/15		10,369,502		748,754
BRL	665,000	Citibank N.A.		01/16/15		267,520		18,093
COP	25,677,860,000	Bank of America N.A.		01/16/15		11,571,816		769,490
COP	13,179,300,000	Citibank N.A.		01/16/15		5,941,975		397,623
EUR	30,240,000	Bank of America N.A.		01/16/15		37,754,852		1,158,643
EUR	28,047,070	Barclays Bank plc		01/16/15		35,528,233		1,585,891
EUR	6,400,000	Citibank N.A.		01/16/15		8,109,120		363,890
EUR	5,220,000	Citibank N.A.		01/16/15		6,688,386		371,183
INR	782,620,000	Bank of America N.A.		01/16/15		12,220,800		(148,775	)
JPY	2,718,480,000	Bank of America N.A.		01/16/15		25,431,787		2,734,265
JPY	610,000,000	Bank of America N.A.		01/16/15		5,763,318		670,219
JPY	2,334,800,000	Citibank N.A.		01/16/15		21,816,279		2,322,233
MXN	476,080,000	Barclays Bank plc		01/16/15		35,311,352		3,064,467

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
NZD	1,470,000	JPMorgan Chase Bank N.A.		02/13/15	$	1,128,817	$	(13,586	)
PHP	560,150,000	Bank of America N.A.		01/16/15		12,511,727		(3,539	)
PHP	585,690,000	Citibank N.A.		01/16/15		13,088,045		2,146
ZAR	108,700,000	Bank of America N.A.		01/16/15		9,710,212		329,885
ZAR	29,199,600	Barclays Bank plc		01/16/15		2,608,132		88,336
ZAR	66,960,000	Citibank N.A.		01/16/15		5,981,295		202,945
Net Unrealized Appreciation							$	6,369,716

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
90 Day EuroDollar Futures		12/19/16		311			USD	75,966,898		$	329,177
U.S. Treasury Long Bond Futures		03/20/15		108			USD	15,134,499			478,251
U.S. Treasury Ultra Long Bond Futures		03/20/15		679			USD	107,315,988			4,846,324
Futures Contracts—Short
U.S. Treasury Note 10 Year Futures		03/20/15		(114	)		USD	(14,340,059	)		(114,784	)
U.S. Treasury Note 2 Year Futures		03/31/15		(211	)		USD	(46,175,346	)		52,064
U.S. Treasury Note 5 Year Futures		03/31/15		(1,304	)		USD	(154,872,177	)		(212,137	)
Net Unrealized Appreciation										$	5,378,895

Written Options

Credit Default Swaptions	Exercise Rate			Counterparty	Reference Obligation	Buy/Sell Protection	Expiration Date		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation
Put - OTC 5-Year Credit Default Swap		0.800	%	JPMorgan Chase Bank N.A.	Markit CDX North America Investment Grade, Series 23	Sell		01/21/15		USD	(205,000,000	)	$	(297,250	)	$	(56,883	)	$	240,367

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts	Premiums Received			Market Value			Unrealized Depreciation
Put - Eurodollar Futures	$	99.250		06/15/15	(7,293)	$	(249,785	)	$	(273,488	)	$	(23,703	)

Swap Agreements

Cross-Currency Swaps

Receive

Pay

Maturity Date (a)

Counterparty

Notional Amount of Currency Received

Notional Amount of Currency Delivered

Market Value

Upfront Premium Paid/ (Received)

Unrealized Appreciation

Fixed Rate equal to 9.005% based on the notional amount of currency delivered

Fixed rate equal to 7.250% based on the notional amount of currency received

07/01/24

Barclays Bank plc

$5,848,000

EUR

4,300,000

$

896,495

$

(4,084

)

$

900,579

(a) At the maturity date, the notional amount of the the currency received will be exchanged back for the notional amount of the currency delivered.

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Centrally Cleared Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay		3-Month SEK-STIBOR		1.418	%		06/17/19		SEK	204,442,000	$	996,579
Receive		3-Month USD-LIBOR		3.383	%		02/15/40		USD	42,750,000		(5,725,296	)
Total											$	(4,728,717	)

Securities in the amount of $1,886,680 have been received at the custodian bank as collateral for swap contracts.

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(COP)— Colombian Peso

(EUR)— Euro

(INR)— Indian Rupee

(JPY)— Japanese Yen

(LIBOR)— London Interbank Offered Rate

(MXN)— Mexican Peso

(NZD)— New Zealand Dollar

(PHP)— Philippine Peso

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

(STIBOR)—Stockholm Interbank Offered Rate

(USD)— United States Dollar

(ZAR)— South African Rand

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Total Corporate Bonds & Notes*	$	—	$	536,932,158	$	0	$	536,932,158
Total Mortgage-Backed Securities*		—		346,078,836		—		346,078,836
Total Foreign Government*		—		106,863,482		—		106,863,482
Total U.S. Treasury & Government Agencies*		—		88,280,454		—		88,280,454
Total Asset-Backed Securities*		—		84,934,408		—		84,934,408
Total Preferred Stocks*		7,399,885		—		—		7,399,885
Total Floating Rate Loans*		—		7,278,461		—		7,278,461

See accompanying notes to financial statements.

MSF-22

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Purchased Options
Call Option	$	—		$	190,430		$	—	$	190,430
Put Options		1,048,369			757,597			—		1,805,966
Total Purchased Options		1,048,369			948,027			—		1,996,396
Total Municipals		—			1,216,825			—		1,216,825
Total Common Stocks*		—			—			1,117,053		1,117,053
Total Convertible Bond*		—			738,278			—		738,278
Short-Term Investments
Discount Notes		—			37,490,250			—		37,490,250
Mutual Fund		88,878,727			—			—		88,878,727
Repurchase Agreements		—			47,255,533			—		47,255,533
Total Short-Term Investments		88,878,727			84,745,783			—		173,624,510
Total Investments	$	97,326,981		$	1,258,016,712		$	1,117,053	$	1,356,460,746
Collateral for Securities Loaned (Liability)	$	—		$	(88,878,727	)	$	—	$	(88,878,727	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	18,896,650		$	—	$	18,896,650
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(12,526,934	)		—		(12,526,934	)
Total Forward Contracts	$	—		$	6,369,716		$	—	$	6,369,716
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	5,705,816		$	—		$	—	$	5,705,816
Futures Contracts (Unrealized Depreciation)		(326,921	)		—			—		(326,921	)
Total Futures Contracts	$	5,378,895		$	—		$	—	$	5,378,895
Written Options
Credit Default Swaptions at Value	$	—		$	(56,883	)	$	—	$	(56,883	)
Options on Exchange-Traded Futures Contracts at Value		(273,488	)		—			—		(273,488	)
Total Written Options	$	(273,488	)	$	(56,883	)	$	—	$	(330,371	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	996,579		$	—	$	996,579
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(5,725,296	)		—		(5,725,296	)
Total Centrally Cleared Swap Contracts	$	—		$	(4,728,717	)	$	—	$	(4,728,717	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	896,495		$	—	$	896,495

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Appreciation/ (Depreciation)			Purchases		Balance as of December 31, 2014		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at December 31, 2014
Common Stocks
Marine	$	1,474,561	$	(378,843	)	$	—	$	1,095,718	$	(378,843	)
Metals & Mining		—		(743	)		22,078		21,335		(743	)
Corporate Bonds & Notes
Mining		—		0			0		0		0
Total	$	1,474,561	$	(379,586	)	$	22,078	$	1,117,053	$	(379,586	)

See accompanying notes to financial statements.

MSF-23

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,356,460,746
Cash denominated in foreign currencies (c)		6,723,632
Cash collateral (d)		5,761,840
OTC swap contracts at market value (e)		896,495
Unrealized appreciation on forward foreign currency exchange contracts		18,896,650
Receivable for:
Investments sold		520,111
Fund shares sold		621,051
Interest		12,743,990
Variation margin on futures contracts		36,866
Interest on OTC swap contracts		236,942
Variation margin on swap contracts		13,742
Prepaid expenses		3,268
Other assets		208,573
Total Assets		1,403,123,906
Liabilities
Due to custodian		77,391
Written options at value (f)		330,371
Cash collateral on swap contracts		830,000
Unrealized depreciation on forward foreign currency exchange contracts		12,526,934
Collateral for securities loaned		88,878,727
Payables for:
Investments purchased		3,042,377
TBA securities purchased		33,394,957
Fund shares redeemed		200,880
Interest on OTC swap contracts		189,645
Accrued expenses:
Management fees		585,768
Distribution and service fees		54,511
Deferred trustees’ fees		63,605
Other expenses		186,603
Total Liabilities		140,361,769
Net Assets	$	1,262,762,137
Net assets consist of:
Paid in surplus	$	1,248,642,020
Undistributed net investment income		61,273,900
Accumulated net realized loss		(28,782,315	)
Unrealized depreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		(18,371,468	)
Net Assets	$	1,262,762,137
Net Assets
Class A	$	982,590,105
Class B		220,681,610
Class E		59,490,422
Capital Shares Outstanding*
Class A		73,157,989
Class B		16,526,581
Class E		4,447,429
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.43
Class B		13.35
Class E		13.38

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,382,813,748.

(b) Includes securities loaned at value of $89,994,850.

(c) Identified cost of cash denominated in foreign currencies was $7,052,023.

(d) Includes collateral of $1,841,088 for futures contracts and $3,920,752 for centrally cleared swap contracts.

(e) Net premium received on OTC swap contracts was $4,084.

(f) Premiums received on written options were $547,035.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	594,292
Interest (a)		62,655,592
Securities lending income		385,251
Total investment income		63,635,135
Expenses
Management fees		7,012,520
Administration fees		27,835
Custodian and accounting fees		313,185
Distribution and service fees—Class B		583,707
Distribution and service fees—Class E		96,281
Audit and tax services		86,787
Legal		30,014
Trustees’ fees and expenses		38,623
Shareholder reporting		125,516
Insurance		7,298
Miscellaneous		13,316
Total expenses		8,335,082
Less management fee waiver		(492,285	)
Net expenses		7,842,797
Net Investment Income		55,792,338
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(15,037,305	)
Futures contracts		1,677,778
Written options		3,554,675
Swap contracts		3,829,580
Foreign currency transactions		6,946,766
Net realized gain		971,494
Net change in unrealized appreciation (depreciation) on:
Investments		(3,619,532	)
Futures contracts		6,420,270
Written options		(1,473,870	)
Swap contracts		(3,891,784	)
Foreign currency transactions		2,306,657
Net change in unrealized depreciation		(258,259	)
Net realized and unrealized gain		713,235
Net Increase in Net Assets From Operations	$	56,505,573

(a) Net of foreign withholding taxes of $767.

See accompanying notes to financial statements.

MSF-24

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	55,792,338		$	45,585,771
Net realized gain		971,494			3,410,176
Net change in unrealized depreciation		(258,259	)		(36,795,977	)
Increase in net assets from operations		56,505,573			12,199,970
From Distributions to Shareholders
Net investment income
Class A		(37,728,630	)		(31,203,024	)
Class B		(12,189,599	)		(12,259,852	)
Class E		(3,425,851	)		(3,437,042	)
Total distributions		(53,344,080	)		(46,899,918	)
Increase (decrease) in net assets from capital share transactions		272,226,470			(28,460,603	)
Total increase (decrease) in net assets		275,387,963			(63,160,551	)
Net Assets
Beginning of period		987,374,174			1,050,534,725
End of period	$	1,262,762,137		$	987,374,174
Undistributed net investment income
End of period	$	61,273,900		$	48,570,607

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		22,407,536		$	297,920,274			7,876,373		$	106,738,077
Reinvestments		2,849,594			37,728,630			2,282,591			31,203,024
Redemptions		(2,869,098	)		(38,836,945	)		(10,051,818	)		(142,052,123	)
Net increase		22,388,032		$	296,811,959			107,146		$	(4,111,022	)
Class B
Sales		1,021,688		$	13,797,670			1,436,217		$	19,527,805
Reinvestments		924,154			12,189,599			900,136			12,259,852
Redemptions		(3,253,590	)		(43,797,559	)		(3,780,484	)		(51,107,823	)
Net decrease		(1,307,748	)	$	(17,810,290	)		(1,444,131	)	$	(19,320,166	)
Class E
Sales		206,398		$	2,794,964			490,593		$	6,636,938
Reinvestments		259,534			3,425,851			252,167			3,437,042
Redemptions		(962,994	)		(12,996,014	)		(1,114,219	)		(15,103,395	)
Net decrease		(497,062	)	$	(6,775,199	)		(371,459	)	$	(5,029,415	)
Increase (decrease) derived from capital shares transactions				$	272,226,470					$	(28,460,603	)

See accompanying notes to financial statements.

MSF-25

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.45		$	13.98		$	13.01		$	12.90		$	12.19
Income (Loss) from Investment Operations
Net investment income (a)		0.64			0.63			0.50			0.53			0.63
Net realized and unrealized gain (loss) on investments		0.09			(0.47	)		0.96			0.24			0.87
Total from investment operations		0.73			0.16			1.46			0.77			1.50
Less Distributions
Distributions from net investment income		(0.75	)		(0.69	)		(0.49	)		(0.66	)		(0.79	)
Total distributions		(0.75	)		(0.69	)		(0.49	)		(0.66	)		(0.79	)
Net Asset Value, End of Period	$	13.43		$	13.45		$	13.98		$	13.01		$	12.90
Total Return (%) (b)		5.47			1.09			11.50			6.14			12.73
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65			0.66			0.65			0.67			0.67
Net ratio of expenses to average net assets (%) (c)		0.61			0.62			0.61			0.63			0.63
Ratio of net investment income to average net assets (%)		4.77			4.65			3.70			4.13			5.00
Portfolio turnover rate (%)		98	(d)		132	(d)		228	(d)		473			295
Net assets, end of period (in millions)	$	982.6		$	682.7		$	708.5		$	578.9		$	343.2
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.37		$	13.90		$	12.93		$	12.83		$	12.13
Income (Loss) from Investment Operations
Net investment income (a)		0.61			0.59			0.46			0.49			0.59
Net realized and unrealized gain (loss) on investments		0.08			(0.46	)		0.97			0.24			0.87
Total from investment operations		0.69			0.13			1.43			0.73			1.46
Less Distributions
Distributions from net investment income		(0.71	)		(0.66	)		(0.46	)		(0.63	)		(0.76	)
Total distributions		(0.71	)		(0.66	)		(0.46	)		(0.63	)		(0.76	)
Net Asset Value, End of Period	$	13.35		$	13.37		$	13.90		$	12.93		$	12.83
Total Return (%) (b)		5.29			0.83			11.29			5.83			12.45
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90			0.91			0.90			0.92			0.92
Net ratio of expenses to average net assets (%) (c)		0.86			0.87			0.86			0.88			0.88
Ratio of net investment income to average net assets (%)		4.53			4.39			3.45			3.83			4.70
Portfolio turnover rate (%)		98	(d)		132	(d)		228	(d)		473			295
Net assets, end of period (in millions)	$	220.7		$	238.4		$	268.0		$	273.6		$	227.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-26

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.39		$	13.93		$	12.96		$	12.85		$	12.15
Income (Loss) from Investment Operations
Net investment income (a)		0.62			0.61			0.48			0.50			0.60
Net realized and unrealized gain (loss) on investments		0.09			(0.48	)		0.96			0.25			0.88
Total from investment operations		0.71			0.13			1.44			0.75			1.48
Less Distributions
Distributions from net investment income		(0.72	)		(0.67	)		(0.47	)		(0.64	)		(0.78	)
Total distributions		(0.72	)		(0.67	)		(0.47	)		(0.64	)		(0.78	)
Net Asset Value, End of Period	$	13.38		$	13.39		$	13.93		$	12.96		$	12.85
Total Return (%) (b)		5.40			0.94			11.30			5.92			12.62
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.80			0.81			0.80			0.82			0.82
Net ratio of expenses to average net assets (%) (c)		0.76			0.77			0.76			0.78			0.78
Ratio of net investment income to average net assets (%)		4.63			4.49			3.55			3.90			4.81
Portfolio turnover rate (%)		98	(d)		132	(d)		228	(d)		473			295
Net assets, end of period (in millions)	$	59.5		$	66.2		$	74.0		$	75.9		$	89.9

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 57%, 62% and 84% for 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

MSF-27

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Western Asset Management Strategic Bond Opportunities Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-28

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MSF-29

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities, paydown reclasses, swap transactions, and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $47,255,533, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early

MSF-30

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High Yield Debt Securities - The Portfolio may invest in high yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations or an assignment, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value

MSF-31

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes 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.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

MSF-32

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked to market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio 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 instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received is offset against the amount paid for the purchase of the underlying instrument.

Options on Exchange-Traded Futures Contract (“Futures Option”) is an option contract in which the underlying instrument is a single futures contract.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Options on swaps (“swaptions”) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution

MSF-33

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

MSF-34

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2014, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust the interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

MSF-35

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)(d)	$	1,805,966
	Unrealized appreciation on centrally cleared swap contracts (b)*		996,579	Unrealized depreciation on centrally cleared swap contracts (b)*	$	5,725,296
	Unrealized appreciation on futures contracts**(b)		5,705,816	Unrealized depreciation on futures contracts**(b)		326,921
				Written options at value (b)		273,488
Credit	Investments at market value (a)		190,430	Written options at value		56,883
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		18,896,650	Unrealized depreciation on forward foreign currency exchange contracts		12,526,934
	OTC swap contracts at market value (c)		896,495
Total		$	28,491,936		$	18,909,522

* Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

** Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

(a) Represents purchased options which are part of investments as shown in the Statement of Assets and Liabilities.

(b) Financial instrument not subject to a master netting agreement.

(c) Excludes OTC swap interest receivable of $236,942 and OTC swap interest payable of $189,645.

(d) Includes an exchange traded purchased option with a value of $1,048,369 that is not subject to a master netting agreement.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	9,530,813	$	(7,512,808	)	$	—		$	2,018,005
Barclays Bank plc		6,383,943		(2,988,923	)		(648,833	)		2,746,187
Citibank N.A.		3,878,389		(1,787,953	)		—			2,090,436
JPMorgan Chase Bank N.A.		948,027		(70,469	)		—			877,558
	$	20,741,172	$	(12,360,153	)	$	(648,833	)	$	7,732,186

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Bank of America N.A.	$	7,512,808	$	(7,512,808	)	$	—	$	—
Barclays Bank plc		2,988,923		(2,988,923	)		—		—
Citibank N.A.		1,787,953		(1,787,953	)		—		—
Goldman Sachs & Co.		142,236		—			—		142,236
JPMorgan Chase Bank N.A.		70,469		(70,469	)		—		—
UBS AG		81,428		—			—		81,428
	$	12,583,817	$	(12,360,153	)	$	—	$	223,664

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

MSF-36

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location— Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(3,122,314	)	$	(352,233	)	$	(583,513	)	$	(4,058,060	)
Forward foreign currency transactions		—			—			7,555,176			7,555,176
Futures contracts		1,677,778			—			—			1,677,778
Swap contracts		3,766,601			—			62,979			3,829,580
Written options		2,079,981			1,191,977			282,717			3,554,675
	$	4,402,046		$	839,744		$	7,317,359		$	12,559,149
Statement of Operations Location— Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(910,240	)	$	(281,069	)	$	—		$	(1,191,309	)
Forward foreign currency transactions		—			—			2,605,399			2,605,399
Futures contracts		6,420,270			—			—			6,420,270
Swap contracts		(4,792,363	)		—			900,579			(3,891,784	)
Written options		(1,714,237	)		240,367			—			(1,473,870	)
	$	(996,570	)	$	(40,702	)	$	3,505,978		$	2,468,706

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	285,484,700
Forward foreign currency transactions		423,694,687
Futures contracts long		130,644,451
Futures contracts short		(190,708,333	)
Swap contracts		248,322,418
Written options		(337,231,843	)

‡ Averages are based on activity levels during 2014.

(a) Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

Written Options

The Portfolio transactions in written options during the year December 31, 2014:

Put Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		158,000,000			—		$	1,690,535
Options written		1,163,010,000			8,978			2,919,141
Options bought back		(310,390,000	)		—			(1,262,183	)
Options expired		(805,620,000	)		(1,685	)		(2,800,458	)
Options outstanding December 31, 2014		205,000,000			7,293		$	547,035

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements

MSF-37

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$525,683,655	$	826,142,987	$	574,836,670	$	516,307,235

MSF-38

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2014 were as follows:

Purchases	Sales
$461,048,610	$	479,529,473

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$7,012,520		0.650	%	Of the first $500 million
		0.550	%	On amounts in excess of $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, MetLife Advisers has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.055%	On the first $500 million
0.025%	On the next $500 million
0.050%	On amounts in excess of $1 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

MSF-39

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$53,344,080	$	46,899,918	$	—	$	—	$	53,344,080	$	46,899,918

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards			Other Accumulated Capital Losses			Total
$70,478,730	$	—	$	(36,456,265	)	$	(16,715,740	)	$	(3,123,004	)	$	14,183,721

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $620,227.

As of December 31, 2014, the Portfolio had post-enactment long-term accumulated capital losses of $3,123,004. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/18	Expiring 12/31/17		Total
$2,454,113	$	14,261,627	$	16,715,740

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-40

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Western Asset Management Strategic Bond Opportunities Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Western Asset Management Strategic Bond Opportunities Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Western Asset Management Strategic Bond Opportunities Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-41

Metropolitan Series Fund

Trustees and Officers

Management of The Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**

MSF-42

Metropolitan Series Fund

Trustees and Officers—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-43

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-44

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MSF-45

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Western Asset Management Strategic Bond Opportunities Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Western Asset Management Company regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Barclays Aggregate Bond Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board also took into account that the Portfolio outperformed its blended benchmark for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were above the Expense Group median and Sub-advised Expense Universe median and below the Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-l fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-46

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Western Asset Management U.S. Government Portfolio returned 2.81%, 2.55%, and 2.56%, respectively. The Portfolio’s benchmark, the Barclays U.S. Intermediate Government Bond Index¹, returned 2.52%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. economy saw widespread improvement on a number of fronts in 2014. Despite one bad quarter, growth appeared to be on the upswing, labor markets continued to improve and the S&P 500 Index gained over 13% on the year. The Federal Reserve (the “Fed”) remained highly accommodative throughout the year, keeping interest rates extremely low, even after completing its quantitative easing (“QE”) program and beginning to discuss an eventual increase in interest rates.

The year began with the first installment of the much anticipated tapering of the Fed’s large-scale QE program. The Fed reduced its monthly asset purchases by $10 billion, bringing the level of new monthly purchases of U.S. Treasuries (“USTs”) and agency mortgage-backed securities (“MBS”) down to $75 billion per month. Throughout the year, the Fed kept to its pre-set tapering schedule, removing another $10 billion at each Fed meeting, until completing the program in October. Under the new leadership of Chair Janet Yellen, the Fed maintained its “data-dependent” strategy of using economic developments to help direct monetary policy. Inflation remained stubbornly low throughout 2014 and was pulled down further late in the year as global energy prices plummeted. The Fed believes that current low inflation is transitory and will move back towards its longer term target of about 2% over the next couple of years. While low inflation gives the Fed more wiggle-room to keep rates low for longer, it can also be troublesome if it portends a descent into actual deflation, a worry that’s currently afflicting Europe and Japan.

After growth of 3.5% during the fourth quarter of 2013, the U.S. economic recovery picked up steam over the course of 2014 despite a shaky start in the first quarter of 2014, when growth fell by 2.1%, due largely to atypically harsh winter weather in a large swath of the U.S. known as the Polar Vortex. Second quarter growth picked up to 4.6% but it was unclear how much of it was due to a one-time rebound effect versus meaningful economic growth. After receiving two upward revisions, third quarter growth was surprisingly strong at 5%, which helped bolster confidence that recent economic strength was genuine and could be sustained. Preliminary growth data for the fourth quarter of 2014, which was not released until the end of January, will likely result in final overall growth for 2014 of about 2.5%.

Americans continued to find work in 2014 as the unemployment rate fell. Nonfarm payrolls averaged 246,000 over the year, up from 194,300 in 2013, and managing to remain above the 200,000-level for every month except January. Meanwhile, the unemployment rate ended the year at 5.6%, down from 6.7% a year earlier. However, good news in the labor market was tempered by lingering concerns. Long-term unemployment remains elevated, the unemployment rate is low in part because a large number of potential workers have removed themselves from the labor market for a variety of reasons, and the quality of many new jobs is not optimal. For example, many people have accepted part-time work even though they would prefer full-time jobs.

The price of crude oil plunged by about 46% over the year as West Texas Intermediate (WTI) crude oil ended the year at $53 per barrel—its lowest level since mid-2009. While this was good news for consumers, the plunge put significant stress on energy producers, a major component of high-yield bond indices, and on oil-exporting emerging market (“EM”) nations. The U.S. dollar gained significant strength over the year (the U.S. Trade-Weighted Dollar Index was up over 10%) while many EM currencies fell, which placed additional stress on EM countries.

U.S. Treasury rates ended the year much lower and the yield curve flattened significantly—neither of which had been anticipated by most market participants going into 2014 given the Fed’s moves, albeit gradual ones, towards monetary policy normalization. Typically, higher yields would have been expected because markets tend to get ahead of themselves, anticipating the actual events, as they did during the “taper tantrums” in 2013. However, it appears that the growing disparity between the apparent strength of the U.S. economy and that of much of the rest of the world was a major factor in pushing yields down as U.S. Treasuries appeared much more attractive than the bonds of other major governments.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Western Asset Management U.S. Government Portfolio outperformed its benchmark during the period. The main contributor to performance was the Portfolio’s allocation to non-agency mortgages. Despite a weaker housing market in 2014, as measured by the Case-Shiller Home Price Index, the Portfolio’s non-agency MBS allocation was a contributor to performance as the sector benefited from price improvement and positive carry, as well as from continued coupon and principal payments.

Agency MBS outperformed USTs of similar interest rate risk during the year, and allocations to this sector contributed to the Portfolio’s outperformance. Additional value was added in this sector by actively swapping overvalued securities for undervalued ones within the coupon stack. The Portfolio’s overweight allocation to agency debt contributed to performance as the sector outperformed USTs of similar interest rate risk. The Portfolio’s duration stance, which was consistently short relative to the benchmark, had little overall impact as short-dated UST bonds generated total returns close to cash. The Portfolio’s consistent overweight to longer term interest rates helped performance as the yield curve from 5-30 years

MSF-1

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*—(Continued)

flattened considerably. However, these gains were partially offset by the allocation to Treasury Inflation-Protected Securities, which underperformed comparable maturity nominal Treasuries.

Over the one year period, we reduced exposure to longer-dated USTs and added exposure to fixed-rate agency bonds. In the agency space, we found Agency for International Development and Federal Home Loan Bank bonds attractive on a relative basis. These subsectors captured much of the bucket’s increase. We also reduced exposure to agency MBS, specifically in the 30-year, higher coupon, Fannie Mae space.

Fredrick Marki

S. Kenneth Leech

Mark S. Lindbloom

Portfolio Managers

Western Asset Management Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. INTERMEDIATE GOVERNMENT BOND INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
Western Asset Management U.S. Government Portfolio
Class A		2.81		3.33		3.07
Class B		2.55		3.06		2.81
Class E		2.56		3.16		2.91
Barclays U.S. Intermediate Government Bond Index		2.52		2.78		3.76

¹ The Barclays U.S. Intermediate Government Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations having maturities between one and ten years.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		87.9
Corporate Bonds & Notes		9.3
Foreign Government		6.9
Mortgage-Backed Securities		3.8
Asset-Backed Securities		0.7

MSF-3

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

Western Asset Management U.S. Government Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.48	%	$	1,000.00	$	1,006.70	$	2.43
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.79	$	2.45
Class B(a)	Actual		0.73	%	$	1,000.00	$	1,005.80	$	3.69
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.53	$	3.72
Class E(a)	Actual		0.63	%	$	1,000.00	$	1,005.80	$	3.19
	Hypothetical*		0.63	%	$	1,000.00	$	1,022.03	$	3.21

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—87.9% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—21.6%
Fannie Mae 15 Yr. Pool
2.500%, TBA (a)		9,400,000	$	9,570,375
3.000%, TBA (a)		33,800,000		35,132,197
3.500%, TBA (a)		15,000,000		15,846,093
4.500%, 03/01/20		112,747		120,151
5.000%, 03/01/18		139,653		147,158
6.500%, 06/01/17		47,570		49,364
7.000%, 07/01/15		179		179
7.500%, 02/01/16		6,182		6,221
Fannie Mae 20 Yr. Pool
3.500%, 04/01/33		701,505		740,053
4.500%, 11/01/31		1,511,820		1,651,353
4.500%, 12/01/31		1,958,912		2,139,358
Fannie Mae 30 Yr. Pool
3.000%, 09/01/42		12,971,578		13,156,720
3.500%, TBA (a)		42,700,000		44,511,419
4.000%, 07/01/42		5,455,012		5,846,320
4.000%, 05/01/43		25,129,580		26,852,920
4.000%, TBA (a)		29,000,000		30,950,363
4.500%, 04/01/41		17,002,622		18,479,562
4.500%, 06/01/41		1,476,050		1,603,461
4.500%, 09/01/41		2,647,891		2,876,729
4.500%, 10/01/41		13,019,003		14,150,789
4.500%, 07/01/44		389,840		430,309
4.500%, 10/01/44		2,560,819		2,824,115
4.500%, TBA (a)		4,100,000		4,450,422
5.000%, 07/01/33		507,143		561,825
5.000%, 09/01/33		613,808		680,023
5.000%, 10/01/35		1,704,134		1,888,021
5.000%, 03/01/36		2,828,743		3,126,811
5.000%, 01/01/39		22,490		25,110
5.000%, 08/01/39		56,526		63,199
5.000%, 12/01/39		42,487		47,526
5.000%, 05/01/40		72,583		80,156
5.000%, 07/01/40		75,309		84,181
5.000%, 11/01/40		1,950,362		2,177,768
5.000%, 01/01/41		76,377		85,436
5.000%, 02/01/41		89,205		99,373
5.000%, 04/01/41		201,389		225,259
5.000%, 05/01/41		4,278,483		4,781,808
5.000%, 06/01/41		353,761		395,715
5.000%, 07/01/41		4,498,787		4,966,806
5.000%, 05/01/42		511,126		565,496
5.000%, TBA (a)		13,400,000		14,804,644
6.000%, 04/01/33		133,399		152,416
6.000%, 02/01/34		29,222		33,392
6.000%, 11/01/35		301,307		344,150
6.000%, 08/01/37		655,762		749,068
6.500%, 03/01/26		1,702		1,938
6.500%, 04/01/29		90,673		103,261
7.000%, 11/01/28		2,676		2,984
7.000%, 02/01/29		2,229		2,306
7.000%, 01/01/30		2,406		2,488
7.000%, 10/01/37		42,271		47,379
7.000%, 11/01/37		43,817		53,504
7.000%, 12/01/37		37,218		41,600
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
7.000%, 02/01/38		45,243		50,257
7.000%, 08/01/38		57,930		70,774
7.000%, 09/01/38		7,104		7,780
7.000%, 11/01/38		266,858		309,170
7.000%, 02/01/39		2,659,911		2,994,209
7.500%, 04/01/32		14,546		14,986
8.000%, 05/01/28		4,668		5,391
8.000%, 07/01/32		930		1,023
11.500%, 09/01/19		13		13
12.000%, 10/01/15		358		363
Fannie Mae ARM Pool
1.792%, 07/01/37 (b)		57,289		61,054
Fannie Mae Interest Strip (CMO)
3.500%, 11/25/41 (c)		4,393,311		825,679
4.000%, 04/25/42 (c)		6,543,504		1,430,117
4.500%, 11/25/39 (c)		4,364,481		784,811
Fannie Mae Pool
3.500%, 09/01/42		1,056,438		1,102,845
3.500%, 10/01/42		7,447,605		7,774,563
3.500%, 12/01/42		1,765,525		1,845,536
3.500%, 05/01/43		457,904		478,723
4.000%, 10/01/42		3,101,016		3,345,027
4.000%, 11/01/42		3,113,841		3,358,818
4.000%, 07/01/43		93,915		101,311
4.000%, 08/01/43		2,115,089		2,282,066
5.000%, 05/01/40		40,240		44,983
6.500%, 12/01/27		5,195		5,280
6.500%, 05/01/32		41,980		46,531
12.000%, 01/15/16		56		57
12.500%, 09/20/15		1		1
Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/42 (d)		962,219		877,632
3.000%, 12/25/27 (c)		12,016,954		1,353,382
5.500%, 07/25/41		7,391,635		8,579,648
5.500%, 04/25/42		4,338,485		4,802,842
5.931%, 09/25/42 (b) (c)		2,131,158		438,057
5.931%, 07/25/43 (b) (c)		2,417,582		558,487
5.981%, 03/25/42 (b) (c)		15,652,099		2,680,985
5.981%, 12/25/42 (b) (c)		1,582,970		332,012
6.000%, 05/25/42		3,066,769		3,444,258
6.331%, 02/25/42 (b) (c)		3,593,904		829,980
6.361%, 12/25/40 (b) (c)		2,209,681		341,080
6.361%, 01/25/41 (b) (c)		2,668,401		474,404
6.381%, 10/25/41 (b) (c)		9,253,461		1,586,959
6.431%, 10/25/40 (b) (c)		6,773,973		1,260,894
6.481%, 02/25/41 (b) (c)		1,488,564		270,308
6.481%, 03/25/42 (b) (c)		3,784,729		670,434
6.500%, 06/25/39		650,260		728,114
6.500%, 07/25/42		5,463,735		6,208,781
9.750%, 11/25/18		1,356,954		1,509,846
9.750%, 08/25/19		445,247		493,346
Fannie Mae Whole Loan
3.463%, 01/25/43 (b)		427,889		435,351
Freddie Mac 20 Yr. Gold Pool
3.500%, 09/01/33		3,024,104		3,182,772

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 20 Yr. Gold Pool
3.500%, 10/01/33		846,368	$	890,669
Freddie Mac 30 Yr. Gold Pool
3.000%, TBA (a)		10,000,000		10,076,171
4.500%, 08/01/40		561,798		609,667
5.000%, 08/01/33		41,196		45,696
6.000%, 10/01/36		1,774,814		2,029,616
6.500%, 09/01/39		650,523		750,851
8.000%, 12/01/19		2,372		2,396
8.000%, 09/01/30		5,604		7,005
Freddie Mac 30 Yr. Non-Gold Pool
8.000%, 07/01/20		4,090		4,193
Freddie Mac ARM Non-Gold Pool
1.838%, 05/01/37 (b)		43,773		45,912
1.945%, 02/01/37 (b)		20,009		21,066
2.513%, 01/01/35 (b)		23,258		24,961
2.528%, 05/01/37 (b)		57,733		61,599
Freddie Mac Gold Pool
3.500%, 10/01/42		1,512,034		1,578,074
3.500%, 04/01/43		562,830		588,333
3.500%, 02/01/44		692,171		722,553
4.000%, 04/01/43		2,243,321		2,420,128
4.000%, 08/01/43		1,305,217		1,407,916
Freddie Mac REMICS (CMO)
4.500%, 04/15/32		304,579		336,137
6.000%, 05/15/36		1,260,746		1,432,077
6.439%, 11/15/41 (b) (c)		4,881,012		969,642
8.500%, 06/15/21		18,937		20,906
Ginnie Mae I 30 Yr. Pool
5.500%, 06/15/36		876,048		988,707
6.000%, 03/15/33		1,308,939		1,514,558
6.500%, 06/15/31		6,631		7,566
6.500%, 08/15/34		281,305		323,865
7.500%, 01/15/29		11,477		12,458
7.500%, 09/15/29		2,985		3,420
7.500%, 02/15/30		1,788		1,885
8.500%, 05/15/18		7,630		7,664
8.500%, 06/15/25		43,510		52,655
9.000%, 12/15/16		1,594		1,605
Ginnie Mae II 30 Yr. Pool
3.000%, TBA (a)		29,500,000		30,167,438
3.500%, TBA (a)		28,700,000		30,126,031
4.000%, TBA (a)		16,400,000		17,583,683
4.500%, 01/20/40		1,622,301		1,784,435
4.500%, 05/20/40		2,294,102		2,521,908
4.500%, 09/20/40		44,731		49,139
4.500%, 01/20/41		335,102		367,966
4.500%, 07/20/41		2,371,652		2,599,496
5.000%, 07/20/40		1,721,833		1,921,662
6.000%, 11/20/34		2,678		3,076
6.000%, 06/20/35		4,373		4,958
6.000%, 07/20/36		291,178		328,164
6.000%, 09/20/36		14,032		15,809
6.000%, 07/20/38		793,002		891,943
6.000%, 09/20/38		2,219,978		2,502,967
6.000%, 06/20/39		7,912		9,040
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
6.000%, 05/20/40		182,477		208,446
6.000%, 06/20/40		501,815		572,204
6.000%, 08/20/40		251,829		287,770
6.000%, 09/20/40		622,408		701,472
6.000%, 10/20/40		401,096		452,677
6.000%, 11/20/40		528,933		600,198
6.000%, 01/20/41		528,055		601,562
6.000%, 03/20/41		2,283,170		2,573,197
6.000%, 07/20/41		445,475		501,056
6.000%, 12/20/41		327,571		373,124
6.500%, 10/20/37		605,014		684,470
Government National Mortgage Association
0.554%, 10/16/54 (b) (c)		73,953,560		3,176,010
0.741%, 05/16/54 (b) (c)		26,685,093		1,476,700
0.773%, 09/16/51 (b) (c)		94,985,114		6,040,958
0.826%, 02/16/53 (b) (c)		61,388,566		3,766,004
0.861%, 02/16/53 (b) (c)		28,573,696		1,969,356
0.870%, 03/16/49 (b) (c)		35,251,742		1,772,528
0.933%, 06/16/55 (b) (c)		15,777,887		928,450
0.934%, 09/16/46 (b) (c)		85,252,561		4,148,731
0.971%, 05/16/54 (b) (c)		36,947,572		2,458,159
1.022%, 01/16/53 (b) (c)		16,972,678		1,403,708
1.037%, 09/16/55 (b) (c)		25,266,625		1,843,731
1.037%, 01/16/57 (b) (c)		45,630,432		4,257,319
1.123%, 09/16/44 (b) (c)		23,505,558		1,791,359
1.216%, 02/16/46 (b) (c)		23,629,140		1,848,560
1.381%, 02/16/48 (b) (c)		25,632,749		2,018,297
2.000%, 12/16/49		4,209,721		4,189,485
2.250%, 03/16/35		6,235,210		6,302,987
Government National Mortgage Association (CMO)
0.536%, 12/20/60 (b)		21,782,369		21,560,973
0.556%, 12/20/60 (b)		7,737,794		7,692,125
0.636%, 03/20/61 (b)		6,144,149		6,125,508
0.656%, 12/20/60 (b)		57,034,525		56,906,161
5.939%, 08/16/42 (b) (c)		2,339,462		374,611
6.335%, 03/20/39 (b) (c)		938,766		117,605
6.485%, 01/20/40 (b) (c)		2,104,857		347,914
				603,641,295
Federal Agencies—35.2%
Federal Farm Credit Bank
0.250%, 01/07/15		20,000,000		20,000,380
0.250%, 09/10/15		25,000,000		24,997,550
0.375%, 03/03/16		20,000,000		19,974,260
0.390%, 05/09/16		20,000,000		19,932,360
0.450%, 02/03/16		25,000,000		25,013,775
0.500%, 08/23/16		25,000,000		24,905,925
0.540%, 06/06/16		20,000,000		19,920,080
0.820%, 02/21/17		20,000,000		19,887,440
1.500%, 11/16/15		20,000,000		20,209,940
1.950%, 11/15/17		19,980,000		20,509,630
Federal Home Loan Bank
0.340%, 01/25/16		20,000,000		20,001,620

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Federal Home Loan Bank
0.500%, 10/17/16		15,000,000	$	14,925,450
0.625%, 11/23/16 (e)		20,000,000		19,976,500
1.375%, 12/11/15		20,000,000		20,183,760
2.000%, 09/09/16		20,000,000		20,443,000
2.125%, 06/09/23		17,700,000		17,169,407
2.750%, 06/08/18		15,000,000		15,642,930
5.250%, 12/11/20		12,000,000		14,189,688
Federal Home Loan Bank of Chicago
5.625%, 06/13/16		43,170,000		46,282,298
Federal Home Loan Mortgage Corp.
Zero Coupon, 11/29/19		10,000,000		8,909,650
2.375%, 01/13/22 (e)		31,840,000		32,167,761
5.000%, 12/14/18 (e)		13,241,000		14,942,296
Federal National Mortgage Association
Zero Coupon, 10/09/19		50,000,000		44,953,450
0.500%, 10/22/15		30,000,000		30,053,910
0.550%, 09/06/16		22,600,000		22,531,047
2.250%, 10/17/22		14,000,000		13,617,744
2.625%, 09/06/24		42,000,000		42,534,282
6.000%, 04/18/36		9,700,000		10,342,033
Financing Corp. Fico
Zero Coupon, 10/06/17		20,433,000		19,712,471
Zero Coupon, 05/11/18		40,000,000		38,034,200
Zero Coupon, 12/27/18		16,254,000		15,175,336
Zero Coupon, 06/06/19		27,884,000		25,713,649
Zero Coupon, 09/26/19		14,535,000		13,259,496
Government Trust Certificates
Zero Coupon, 10/01/16		8,567,000		8,372,898
National Archives Facility Trust
8.500%, 09/01/19		2,692,400		3,143,737
New Valley Generation II
5.572%, 05/01/20		8,744,581		9,728,347
Overseas Private Investment Corp.
Zero Coupon, 11/18/16		8,000,000		8,050,832
Zero Coupon, 11/17/17		15,000,000		15,808,635
Zero Coupon, 03/15/18		5,000,000		5,272,155
Zero Coupon, 07/30/19		20,000,000		20,130,000
Zero Coupon, 11/13/20		5,000,000		5,038,950
Zero Coupon, 11/15/20		4,700,000		4,882,736
2.310%, 11/15/30		9,068,861		8,576,567
3.330%, 05/15/33		7,000,000		7,160,440
3.490%, 12/20/29		11,771,005		12,334,918
Residual Funding Corp. Principal Strip
Zero Coupon, 10/15/20 (e)		38,159,000		33,734,044
Tennessee Valley Authority
1.750%, 10/15/18 (e)		20,000,000		20,187,040
3.875%, 02/15/21		35,000,000		38,545,955
4.500%, 04/01/18		20,000,000		22,024,120
5.500%, 07/18/17		21,306,000		23,683,707
				982,788,399
U.S. Treasury—31.1%
U.S. Treasury Bonds
3.375%, 05/15/44		19,000,000		21,389,839
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Bonds (f)
0.625%, 02/15/43		26,852,800		25,245,821
1.375%, 02/15/44		34,640,900		39,206,467
U.S. Treasury Notes
0.250%, 10/31/15 (e)		20,000,000		19,998,440
0.250%, 11/30/15 (e)		337,000,000		337,000,000
0.375%, 01/31/16 (e)		26,000,000		26,012,194
0.375%, 10/31/16		35,000,000		34,855,065
0.500%, 08/31/16 (e)		19,000,000		18,992,571
0.625%, 11/30/17 (e)		15,000,000		14,807,820
0.875%, 09/15/16 (e)		4,000,000		4,020,936
1.500%, 07/31/16 (e)		105,000,000		106,607,760
1.500%, 11/30/19 (e)		11,000,000		10,930,392
1.875%, 11/30/21 (e)		32,160,000		31,971,574
2.000%, 11/30/20		38,000,000		38,332,500
2.500%, 05/15/24 (e)		12,930,000		13,319,917
3.125%, 01/31/17 (e)		118,000,000		123,881,592
				866,572,888
Total U.S. Treasury & Government Agencies (Cost $2,443,231,612)				2,453,002,582
Corporate Bonds & Notes—9.3%
Banks—1.7%
National Australia Bank, Ltd.
1.250%, 03/08/18 (144A)		13,000,000		12,869,909
National Bank of Canada
2.200%, 10/19/16 (144A)		13,000,000		13,286,104
Stadshypotek AB
1.875%, 10/02/19 (144A) (e)		5,000,000		4,938,665
UBS AG
0.750%, 03/24/17 (144A)		16,000,000		15,971,056
				47,065,734
Diversified Financial Services—7.0%
COP I LLC
3.650%, 12/05/21		9,188,733		9,727,165
MSN 41079 & 41084, Ltd.
1.717%, 07/13/24		8,289,719		7,980,687
National Credit Union Administration Guaranteed Notes
3.000%, 06/12/19		19,650,000		20,703,240
3.450%, 06/12/21		45,000,000		48,775,950
Postal Square, L.P.
6.500%, 06/15/22		8,533,800		9,535,079
Private Export Funding Corp.
1.375%, 02/15/17		25,000,000		25,231,725
2.250%, 12/15/17		40,000,000		41,060,960
3.550%, 01/15/24		5,000,000		5,297,990
4.950%, 11/15/15		25,000,000		25,999,425
				194,312,221

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Multi-National—0.1%
European Investment Bank
2.500%, 10/15/24 (e)		2,000,000	$	2,028,738
Oil & Gas—0.5%
Petrobras International Finance Co. S.A.
5.375%, 01/27/21 (e)		12,000,000		11,118,840
Petroleos Mexicanos
6.375%, 01/23/45		3,610,000		4,088,325
				15,207,165
Total Corporate Bonds & Notes (Cost $240,147,487)				258,613,858
Foreign Government—6.9%
Sovereign—6.9%
Colombia Government International Bonds
5.625%, 02/26/44 (e)		4,840,000		5,445,000
Egypt Government AID Bond
4.450%, 09/15/15		20,000,000		20,574,340
Indonesia Government International Bonds
3.750%, 04/25/22 (144A)		410,000		403,850
3.750%, 04/25/22		1,900,000		1,871,500
4.875%, 05/05/21		2,957,000		3,123,331
5.875%, 03/13/20		310,000		343,325
5.875%, 01/15/24 (144A)		1,060,000		1,197,800
Israel Government AID Bonds
Zero Coupon, 08/15/16		28,251,000		27,854,808
Zero Coupon, 09/15/16		10,000,000		9,848,050
Zero Coupon, 11/15/18		20,869,000		19,486,116
5.500%, 12/04/23		18,000,000		22,202,190
5.500%, 04/26/24		13,700,000		16,985,205
Mexico Government International Bond
5.550%, 01/21/45		11,480,000		13,345,500
Peruvian Government International Bond
5.625%, 11/18/50 (e)		4,000,000		4,710,000
Poland Government International Bond
4.000%, 01/22/24 (e)		7,870,000		8,352,037
Turkey Government International Bonds
5.625%, 03/30/21		1,078,000		1,184,453
5.750%, 03/22/24 (e)		4,290,000		4,794,075
6.250%, 09/26/22		2,205,000		2,516,456
7.000%, 03/11/19		1,660,000		1,892,400
7.500%, 11/07/19		540,000		633,015
Ukraine Government AID Bond
1.844%, 05/16/19		25,000,000		25,168,750
Total Foreign Government (Cost $187,457,470)				191,932,201
Mortgage-Backed Securities—3.8%
Collateralized Mortgage Obligations—2.3%
American Home Mortgage Assets Trust
0.360%, 09/25/46 (b)		971,531		696,065
0.360%, 12/25/46 (b)		2,893,009		2,022,841
Collateralized Mortgage Obligations—(Continued)
Banc of America Funding Corp.
2.093%, 06/20/35 (b)		382,751		250,881
Banc of America Mortgage 2005-F Trust
2.637%, 07/25/35 (b)		154,307		142,624
Citigroup Mortgage Loan Trust, Inc.
2.540%, 10/25/35 (b)		303,761		300,576
Countrywide Alternative Loan Trust
0.366%, 07/20/46 (b)		3,618,669		2,500,743
0.396%, 07/20/35 (b)		1,386,353		1,206,913
0.460%, 05/25/34 (b)		2,909,827		2,822,293
Countrywide Home Loan Mortgage Pass-Through Trust
0.590%, 07/25/36 (144A) (b)		1,095,880		997,677
Deutsche Mortgage Securities, Inc.
5.254%, 06/26/35 (144A) (b)		1,377,652		1,381,815
FDIC Structured Sale Guaranteed Notes
0.704%, 02/25/48 (144A) (b)		1,416,299		1,416,834
First Horizon Alternative Mortgage Securities
0.540%, 02/25/37 (b)		314,411		181,684
GMAC Mortgage Corp. Loan Trust
2.668%, 11/19/35 (b)		898,102		800,122
Greenpoint Mortgage Funding Trust
0.250%, 02/25/47 (b)		126,928		117,616
GSMPS Mortgage Loan Trust
0.520%, 01/25/35 (144A) (b)		463,371		388,211
0.570%, 06/25/34 (144A) (b)		804,571		697,514
3.328%, 06/25/34 (144A) (b)		4,718,927		4,392,038
GSR Mortgage Loan Trust
2.789%, 04/25/35 (b)		902,659		880,437
HarborView Mortgage Loan Trust
0.344%, 11/19/46 (b)		167,737		131,665
0.364%, 09/19/46 (b)		387,864		302,348
Impac Secured Assets CMN Owner Trust
0.490%, 03/25/36 (b)		5,017,903		3,637,503
JPMorgan Mortgage Trust
2.074%, 06/25/34 (b)		287,810		284,523
Luminent Mortgage Trust
0.360%, 05/25/46 (b)		3,259,323		2,534,808
MASTR Adjustable Rate Mortgages Trust
0.370%, 05/25/47 (b)		6,738,098		5,287,264
0.913%, 12/25/46 (b)		5,821,147		4,225,478
2.237%, 02/25/34 (b)		270,010		263,365
3.212%, 12/25/34 (b)		22,847		22,139
MASTR Reperforming Loan Trust
0.520%, 05/25/35 (144A) (b)		386,274		318,625
3.365%, 05/25/35 (144A) (b)		4,799,802		3,994,976
4.765%, 05/25/36 (144A) (b)		3,815,153		3,594,778
7.000%, 08/25/34 (144A)		483,161		493,568
Morgan Stanley Mortgage Loan Trust
0.240%, 06/25/36 (b)		769,521		408,690
2.514%, 07/25/35 (b)		396,849		366,420
NovaStar Mortgage Funding Trust
0.360%, 09/25/46 (b)		2,683,347		2,278,325
Provident Funding Mortgage Loan Trust
2.411%, 10/25/35 (b)		136,300		133,083
2.504%, 05/25/35 (b)		1,067,313		1,066,979

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Residential Accredit Loans, Inc. Trust
0.330%, 01/25/37 (b)		512,427	$	386,364
RFMSI Trust
4.750%, 12/25/18		317,011		321,548
SACO I Trust
8.964%, 06/25/21 (144A) (b)		1,793,478		1,787,854
Structured Adjustable Rate Mortgage Loan Trust
2.443%, 05/25/35 (b)		4,961,963		4,642,283
Structured Asset Mortgage Investments II Trust
0.350%, 07/25/46 (b)		309,588		251,644
Structured Asset Securities Corp.
0.520%, 04/25/35 (144A) (b)		3,429,590		2,820,412
3.385%, 06/25/35 (144A) (b)		196,363		175,656
Structured Asset Securities Corp. Mortgage Loan Trust
0.970%, 09/25/33 (144A) (b)		30,722		30,348
Thornburg Mortgage Securities Trust
6.038%, 09/25/37 (b)		75,351		77,813
WaMu Mortgage Pass-Through Certificates Trust
0.430%, 11/25/45 (b)		32,692		29,987
0.440%, 12/25/45 (b)		2,365,938		2,185,395
0.460%, 12/25/45 (b)		193,183		174,522
0.490%, 08/25/45 (b)		217,502		206,759
0.570%, 08/25/45 (b)		446,921		393,607
2.373%, 04/25/35 (b)		99,839		98,056
				64,123,669
Commercial Mortgage-Backed Securities—1.5%
FDIC Structured Sale Guaranteed Notes
2.980%, 12/06/20 (144A)		12,031,564		12,375,089
NCUA Guaranteed Notes Trust
2.900%, 10/29/20		30,000,000		30,804,090
				43,179,179
Total Mortgage-Backed Securities (Cost $109,544,068)				107,302,848
Asset-Backed Securities—0.7%
Asset-Backed - Home Equity—0.1%
Bayview Financial Asset Trust
0.770%, 12/25/39 (144A) (b)		258,986		244,364
EMC Mortgage Loan Trust
0.620%, 12/25/42 (144A) (b)		72,674		68,575
Home Equity Mortgage Loan Asset-Backed Trust
0.430%, 06/25/36 (b)		4,338,001		1,006,568
Morgan Stanley Mortgage Loan Trust
0.260%, 12/25/36 (b)		266,517		140,385
0.470%, 03/25/36 (b)		1,836,728		1,431,557
Option One Mortgage Loan Trust
0.750%, 06/25/33 (b)		126,601		119,046
Structured Asset Securities Corp. Mortgage Loan Trust
0.375%, 02/25/36 (144A) (b)		4,861,089		286,508
				3,297,003
Asset-Backed - Other—0.3%
Countrywide Home Equity Loan Trust
0.305%, 11/15/36 (b)		60,741		52,844
0.441%, 02/15/34 (b)		302,723		265,653
0.451%, 02/15/34 (b)		157,728		143,402
Countrywide Revolving Home Equity Loan Trust
0.301%, 07/15/36 (b)		1,377,723		1,166,041
GMAC Mortgage Corp. Loan Trust
0.350%, 12/25/36 (b)		630,189		550,172
0.380%, 11/25/36 (b)		3,368,272		2,899,803
GSR Mortgage Loan Trust
0.710%, 11/25/30 (b)		1,623		155
Ownit Mortgage Loan Trust
3.368%, 12/25/36		1,259,248		781,176
RAAC Series
0.440%, 05/25/36 (144A) (b)		1,684,998		1,497,125
SACO I Trust
0.430%, 06/25/36 (b)		919,003		1,485,597
0.470%, 04/25/36 (b)		340,046		561,994
0.690%, 06/25/36 (b)		15,412		21,738
Soundview Home Loan Trust
5.645%, 10/25/36		167,621		168,788
				9,594,488
Asset-Backed - Student Loan—0.3%
NCUA Guaranteed Notes Trust
0.512%, 12/07/20 (b)		7,690,149		7,698,839
Total Asset-Backed Securities (Cost $25,563,982)				20,590,330
Short-Term Investment—11.6%
Mutual Fund—11.6%
State Street Navigator Securities Lending MET Portfolio (g)		322,981,806		322,981,806
Total Short-Term Investment (Cost $322,981,806)				322,981,806
Total Investments—120.2% (Cost $3,328,926,425) (h)				3,354,423,625
Other assets and liabilities (net)—(20.2)%				(564,436,397	)
Net Assets—100.0%			$	2,789,987,228

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(b) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(c) Interest only security.

(d) Principal only security.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2014

(e) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $369,738,901 and the collateral received consisted of cash in the amount of $322,981,806 and non-cash collateral with a value of $55,853,050. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(f) Principal amount of security is adjusted for inflation.

(g) Represents investment of cash collateral received from securities lending transactions.

(h) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $3,348,302,911. The aggregate unrealized appreciation and depreciation of investments were $44,651,125 and $(38,530,411), respectively, resulting in net unrealized appreciation of $6,120,714 for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $85,629,351, which is 3.1% of net assets.

(ARM)— Adjustable-Rate Mortgage

(CMO)— Collateralized Mortgage Obligation

(REMIC)— Real Estate Mortgage Investment Conduit

Futures Contracts

Futures Contracts—Long	Expiration Date	Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 2 Year Futures	03/31/15		39			USD	8,516,142		$	9,014
Futures Contracts—Short
U.S. Treasury Long Bond Futures	03/20/15		(1,098	)		USD	(154,709,283	)		(4,020,342	)
U.S. Treasury Note 10 Year Futures	03/20/15		(484	)		USD	(61,259,669	)		(110,018	)
U.S. Treasury Note 5 Year Futures	03/31/15		(77	)		USD	(9,204,859	)		47,273
Net Unrealized Depreciation									$	(4,074,073	)

(USD)— United States Dollar

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	2,453,002,582		$	—	$	2,453,002,582
Total Corporate Bonds & Notes*		—			258,613,858			—		258,613,858
Total Foreign Government*		—			191,932,201			—		191,932,201
Total Mortgage-Backed Securities*		—			107,302,848			—		107,302,848
Total Asset-Backed Securities*		—			20,590,330			—		20,590,330
Total Short-Term Investment*		322,981,806			—			—		322,981,806
Total Investments	$	322,981,806		$	3,031,441,819		$	—	$	3,354,423,625
Collateral for Securities Loaned (Liability)	$	—		$	(322,981,806	)	$	—	$	(322,981,806	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	56,287		$	—		$	—	$	56,287
Futures Contracts (Unrealized Depreciation)		(4,130,360	)		—			—		(4,130,360	)
Total Futures Contracts	$	(4,074,073	)	$	—		$	—	$	(4,074,073	)

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Appreciation/ (Depreciation)		Transfers out of Level 3			Balance as of December 31, 2014		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at December 31, 2014
U.S. Treasury & Government Agencies Federal Agencies	$	10,000,000	$	—	$	(10,000,000	)	$	—	$	—

U.S. Treasury & Government Agency securities in the amount of $10,000,000 were transferred out of Level 3 due to the initiation of a vendor or broker providing quotations based on market activity which has been determined to be a significant observable input.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	3,354,423,625
Cash collateral for futures contracts		3,192,930
Receivable for:
Investments sold		1,764,569
TBA securities sold		52,166,406
Fund shares sold		659,448
Interest		10,137,128
Prepaid expenses		7,181
Other assets		189,700
Total Assets		3,422,540,987
Liabilities
Due to custodian		106,493
Collateral for securities loaned		322,981,806
Payables for:
Investments purchased		12,359,845
TBA securities purchased		294,528,032
Fund shares redeemed		724,911
Variation margin on futures contracts		424,891
Accrued expenses:
Management fees		1,075,317
Distribution and service fees		109,410
Deferred trustees’ fees		63,686
Other expenses		179,368
Total Liabilities		632,553,759
Net Assets	$	2,789,987,228
Net assets consist of:
Paid in surplus	$	2,777,036,287
Undistributed net investment income		55,579,441
Accumulated net realized loss		(64,241,327	)
Unrealized appreciation on investments and futures contracts		21,612,827
Net Assets	$	2,789,987,228
Net Assets
Class A	$	2,263,817,646
Class B		493,188,287
Class E		32,981,295
Capital Shares Outstanding*
Class A		186,965,237
Class B		40,946,028
Class E		2,734,457
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.11
Class B		12.04
Class E		12.06

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $3,328,926,425.

(b) Includes securities loaned at value of $369,738,901.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Interest	$	49,751,349
Securities lending income		527,791
Total investment income		50,279,140
Expenses
Management fees		12,905,869
Administration fees		63,798
Custodian and accounting fees		244,942
Distribution and service fees—Class B		1,282,982
Distribution and service fees—Class E		53,627
Audit and tax services		63,644
Legal		30,014
Trustees’ fees and expenses		38,578
Shareholder reporting		179,791
Insurance		17,311
Miscellaneous		21,995
Total expenses		14,902,551
Less management fee waiver		(401,372	)
Net expenses		14,501,179
Net Investment Income		35,777,961
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		14,457,718
Futures contracts		(14,109,823	)
Net realized gain		347,895
Net change in unrealized appreciation (depreciation) on:
Investments		45,607,727
Futures contracts		(8,343,448	)
Net change in unrealized appreciation		37,264,279
Net realized and unrealized gain		37,612,174
Net Increase in Net Assets From Operations	$	73,390,135

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	35,777,961		$	26,326,640
Net realized gain (loss)		347,895			(2,829,117	)
Net change in unrealized appreciation (depreciation)		37,264,279			(42,802,921	)
Increase (decrease) in net assets from operations		73,390,135			(19,305,398	)
From Distributions to Shareholders
Net investment income
Class A		(40,733,256	)		(43,315,200	)
Class B		(8,613,714	)		(10,582,515	)
Class E		(649,143	)		(813,173	)
Total distributions		(49,996,113	)		(54,710,888	)
Increase in net assets from capital share transactions		109,004,508			104,703,093
Total increase in net assets		132,398,530			30,686,807
Net Assets
Beginning of period		2,657,588,698			2,626,901,891
End of period	$	2,789,987,228		$	2,657,588,698
Undistributed net investment income
End of period	$	55,579,441		$	49,720,491

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		17,953,364		$	215,107,518			17,350,300		$	209,912,604
Reinvestments		3,414,355			40,733,256			3,562,105			43,315,200
Redemptions		(8,773,537	)		(105,820,488	)		(9,856,222	)		(119,217,102	)
Net increase		12,594,182		$	150,020,286			11,056,183		$	134,010,702
Class B
Sales		3,516,534		$	42,235,299			5,800,933		$	70,153,449
Reinvestments		724,450			8,613,714			873,145			10,582,515
Redemptions		(7,216,678	)		(86,693,848	)		(8,730,200	)		(105,248,059	)
Net decrease		(2,975,694	)	$	(35,844,835	)		(2,056,122	)	$	(24,512,095	)
Class E
Sales		100,613		$	1,207,715			302,766		$	3,653,423
Reinvestments		54,550			649,143			67,038			813,173
Redemptions		(584,749	)		(7,027,801	)		(765,493	)		(9,262,110	)
Net decrease		(429,586	)	$	(5,170,943	)		(395,689	)	$	(4,795,514	)
Increase derived from capital shares transactions				$	109,004,508					$	104,703,093

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.01		$	12.36		$	12.21		$	12.17		$	11.86
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.13			0.13			0.18			0.17
Net realized and unrealized gain (loss) on investments		0.17			(0.22	)		0.28			0.46			0.51
Total from investment operations		0.33			(0.09	)		0.41			0.64			0.68
Less Distributions
Distributions from net investment income		(0.23	)		(0.26	)		(0.26	)		(0.18	)		(0.33	)
Distributions from net realized capital gains		0.00			0.00			0.00			(0.42	)		(0.04	)
Total distributions		(0.23	)		(0.26	)		(0.26	)		(0.60	)		(0.37	)
Net Asset Value, End of Period	$	12.11		$	12.01		$	12.36		$	12.21		$	12.17
Total Return (%) (b)		2.81			(0.74	)		3.37			5.51			5.81
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.49			0.49			0.50			0.49			0.50
Net ratio of expenses to average net assets (%) (c)		0.48			0.48			0.48			0.49			0.49
Ratio of net investment income to average net assets (%)		1.35			1.05			1.03			1.51			1.36
Portfolio turnover rate (%)		194	(d)		317	(d)		340	(d)		549			551
Net assets, end of period (in millions)	$	2,263.8		$	2,094.9		$	2,017.9		$	1,904.6		$	1,830.2
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.95		$	12.29		$	12.15		$	12.11		$	11.81
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.10			0.10			0.15			0.13
Net realized and unrealized gain (loss) on investments		0.16			(0.21	)		0.27			0.46			0.51
Total from investment operations		0.29			(0.11	)		0.37			0.61			0.64
Less Distributions
Distributions from net investment income		(0.20	)		(0.23	)		(0.23	)		(0.15	)		(0.30	)
Distributions from net realized capital gains		0.00			0.00			0.00			(0.42	)		(0.04	)
Total distributions		(0.20	)		(0.23	)		(0.23	)		(0.57	)		(0.34	)
Net Asset Value, End of Period	$	12.04		$	11.95		$	12.29		$	12.15		$	12.11
Total Return (%) (b)		2.55			(0.91	)		3.05			5.27			5.49
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74			0.74			0.75			0.74			0.75
Net ratio of expenses to average net assets (%) (c)		0.73			0.73			0.73			0.74			0.74
Ratio of net investment income to average net assets (%)		1.10			0.80			0.78			1.26			1.12
Portfolio turnover rate (%)		194	(d)		317	(d)		340	(d)		549			551
Net assets, end of period (in millions)	$	493.2		$	524.9		$	565.2		$	538.2		$	466.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.97		$	12.31		$	12.16		$	12.13		$	11.82
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.11			0.11			0.16			0.15
Net realized and unrealized gain (loss) on investments		0.16			(0.21	)		0.28			0.46			0.51
Total from investment operations		0.30			(0.10	)		0.39			0.62			0.66
Less Distributions
Distributions from net investment income		(0.21	)		(0.24	)		(0.24	)		(0.17	)		(0.31	)
Distributions from net realized capital gains		0.00			0.00			0.00			(0.42	)		(0.04	)
Total distributions		(0.21	)		(0.24	)		(0.24	)		(0.59	)		(0.35	)
Net Asset Value, End of Period	$	12.06		$	11.97		$	12.31		$	12.16		$	12.13
Total Return (%) (b)		2.56			(0.75	)		3.15			5.28			5.67
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64			0.64			0.65			0.64			0.65
Net ratio of expenses to average net assets (%) (c)		0.63			0.63			0.63			0.64			0.64
Ratio of net investment income to average net assets (%)		1.20			0.90			0.88			1.35			1.20
Portfolio turnover rate (%)		194	(d)		317	(d)		340	(d)		549			551
Net assets, end of period (in millions)	$	33.0		$	37.9		$	43.8		$	48.7		$	57.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 68%, 137% and 164% for the years ended December 31, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Western Asset Management U.S. Government Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-16

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MSF-17

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities and paydown reclasses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

MSF-18

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at

MSF-19

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts*	$	56,287	Unrealized depreciation on futures contracts*	$	4,130,360

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location— Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	(14,109,823	)
Statement of Operations Location— Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	(8,343,448	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	27,000,000
Futures contracts short		(187,608,333	)

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the

MSF-20

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$5,552,566,173	$	128,939,613	$	5,459,288,628	$	119,036,510

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2014 were as follows:

Purchases	Sales
$3,617,018,467	$	3,793,296,152

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$12,905,869		0.550	%	Of the first $500 million
		0.450	%	On amounts in excess of $500 million

MSF-21

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, MetLife Advisers has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	On amounts over $200 million and under $500 million
0.010%	On amounts over $1 billion and under $2 billion
0.020%	On amounts in excess of $2 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$49,996,113	$	54,710,888	$	—	$	—	$	49,996,113	$	54,710,888

MSF-22

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$55,688,077	$	—	$	6,310,414	$	(48,983,863	)	$	13,014,628

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had post-enactment short-term accumulated capital losses in the amount of $8,627,044 and post-enactment long-term accumulated capital losses in the amount of $40,356,819.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-23

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Western Asset Management U.S. Government Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Western Asset Management U.S. Government Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 Western Asset Management U.S. Government Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-24

Metropolitan Series Fund

Trustees and Officers

Management of The Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**

MSF-25

Metropolitan Series Fund

Trustees and Officers—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-26

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MSF-27

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MSF-28

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Western Asset Management U.S. Government Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Western Asset Management Company regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one-year period ended June 30, 2014 and outperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2014. The Board also noted that the Portfolio underperformed its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Barclays Intermediate U.S. Government Bond Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board also noted that the Portfolio underperformed its blended benchmark for the one-year period ended October 31, 2014 and outperformed its blended benchmark for the three- and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b 1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-29

Metropolitan Series Fund

WMC Balanced Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the WMC Balanced Portfolio returned 10.55%, 10.28%, and 10.41%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Barclays U.S. Aggregate Bond Index², returned 13.69% and 5.97%, respectively. A blend of the S&P 500 Index (60%) and the Barclays U.S. Aggregate Bond Index (40%) returned 10.62%.

Wellington Management Company LLP assumed management of the Portfolio on February 3, 2014, prior to which the Portfolio was sub-advised by BlackRock Advisors, LLC.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities and other developed-market stocks rose during the one-year period as the S&P 500 Index posted a 13.7% return and the MSCI World Index posted a 5.5% return. Emerging markets trailed, with the MSCI Emerging Markets Index posting a loss of -1.8%, gross of withholding taxes. U.S. stocks began 2014 with their worst month in nearly two years. Worries about a slowdown in China and general angst surrounding emerging markets overshadowed a fairly benign domestic environment. Despite a myriad of adversely weather-influenced economic data, the S&P 500 Index rebounded from January’s pullback and finished February at a new peak. By the end of the second quarter, the S&P 500 Index was up 224.4% from its closing low on March 9, 2009. The second half of the year was also bumpy, with U.S. equities sinking in July, rebounding in August, and falling once again around mid-September before recovering in October. U.S. equities hit several all-time highs toward the end of the period, pulling back slightly on the final trading day of November and into December, led by weakness in the energy sector after Organization of the Petroleum Exporting Countries (OPEC) had decided to leave production unchanged.

The fixed income markets also rose during the period as the Barclays U.S. Aggregate Bond Index returned 5.97%, ahead of the Barclays Global Aggregate Bond Index, which returned just 0.59% (in U.S. dollar terms). The yield on the 10-year U.S. Treasury note fell, beginning the year at 3.00% and ending December at 2.17%. Bond market volatility was elevated during the first part of the one year period, as the Federal Reserve’s discussion of tapering its asset purchases increased the amplitude of investors’ responses to the flow of new economic information. Clouding the outlook, severe weather in many parts of the country slowed activity and left the underlying upward trends in growth in question. This led to a tempering of higher rate expectations and an ensuing decline in U.S. rates.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the period Wellington Management Company LLP managed the Portfolio, it underperformed its custom benchmark, consisting of 60% S&P 500 Index / 40% Barclays U.S. Aggregate Index, for the period ended December 31, 2014.

The equity portion of the Portfolio trailed its benchmark, the S&P 500 Index, for the period. Stock selection within the Energy, Information Technology, and Industrials sectors detracted from relative results. This was partially offset by stronger selection within Health Care, Consumer Staples, and Materials.

Cobalt International Energy, Pandora Media (eliminated during the period), and Santander Consumer were among the stocks that detracted most on a relative basis during the period. Lowe’s, Monster Beverage, Altria Group, and Covidien (United Kingdom) were among the strongest contributors to relative results.

The fixed income portion of the Portfolio modestly outperformed its benchmark, the Barclays U.S. Aggregate Bond Index, for the period. An allocation to Non-Agency Mortgage-Backed Securities (“MBS”) aided relative performance. Overweights to high quality Commercial Mortgage-Backed Securities (“CMBS”) and Asset-Backed Securities (“ABS”) also contributed to the fixed income portion of the Portfolio’s outperformance. Within Investment Grade Credit, an overweight to and security selection within Financials benefitted relative performance. We continued to favor U.S. financials, particularly large money center banks, based on strong credit fundamentals and attractive valuations. The Portfolio held an overweight to Treasury Inflation-Protected Securities (“TIPS”) versus nominal Treasuries on the belief that inflation expectations were too low. TIPS positioning detracted from performance, particularly in the third quarter, as a strengthening U.S. dollar and tepid growth prospects in Europe imported disinflationary pressure into the U.S. Allocations to High Yield and Non-U.S. Sovereign Bonds also proved unfavorable for relative performance.

During the period, the fixed income portion of the Portfolio used Treasury futures and swaps to manage duration and yield curve positioning. The Portfolio also used currency forwards, futures, and options to implement non-U.S. rate and currency positions. Credit default swaps (“CDS”) were used to manage credit exposure and investment grade and high yield CDS index positions were used as a source of liquidity and to manage overall portfolio risk. The equity portion of the Portfolio used equity index futures for the purposes of equitizing cash. The Portfolio’s investment in derivatives aided performance.

The equity portion of the Portfolio is generally industry-neutral. However, at the industry level the Portfolio had larger positions in names within technology Hardware & Equipment, Pharmaceuticals, Biotech & Life Sciences, and Software & Services, and less exposure to names in the Telecommunication Services, Automobiles & Components, and Commercial & Professional Services industries as of the end of the period.

As of the end of the period, the fixed income portion of the Portfolio was positioned with a moderately pro-cyclical risk posture and short U.S. duration bias. The Portfolio was underweight credit, but

MSF-1

Metropolitan Series Fund

WMC Balanced Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

continued to favor Financials issuers, and was underweight Agency MBS Pass-Throughs. The Portfolio was overweight CMBS, and continued to own allocations to TIPS, Non-agency MBS, high quality ABS Collaterized Loan Obligations, High Yield (favoring BB-rated), and Bank Loans as of the end of the period.

Cheryl M. Duckworth

Mark D. Mandel

Joseph F. Marvan

Lucius T. Hill III

Campe Goodman

Portfolio Managers

Wellington Management Company LLP

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

WMC Balanced Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX, THE BARCLAYS U.S. AGGREGATE BOND INDEX & THE RUSSELL 1000 INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
WMC Balanced Portfolio
Class A		10.55		11.26		6.14
Class B		10.28		10.98		5.87
Class E		10.41		11.09		5.98
S&P 500 Index		13.69		15.45		7.67
Barclays U.S. Aggregate Bond Index		5.97		4.45		4.71
Russell 1000 Index		13.24		15.64		7.96

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

³ The Russell 1000 Index is an unmanaged measure of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investable U.S. equity market.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Equity Holdings

	% of Net Assets
Apple, Inc.		3.3
Citigroup, Inc.		1.5
Wells Fargo & Co.		1.5
Microsoft Corp.		1.4
Coca-Cola Co. (The)		1.2

Top Fixed Income Issuers

	% of Net Assets
Fannie Mae 30 Yr. Pool		3.5
Freddie Mac 30 Yr. Gold Pool		2.1
Ginnie Mae I 30 Yr. Pool		1.6
Fannie Mae 15 Yr. Pool		1.0
Ginnie Mae II 30 Yr. Pool		1.0

Top Equity Sectors

	% of Net Assets
Financials		11.1
Information Technology		11.0
Health Care		9.3
Consumer Discretionary		7.6
Consumer Staples		5.9

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		11.8
Corporate Bonds & Notes		11.0
Mortgage-Backed Securities		6.4
Asset-Backed Securities		6.1
Floating Rate Loans		2.2

MSF-3

Metropolitan Series Fund

WMC Balanced Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

WMC Balanced Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.51	%	$	1,000.00	$	1,041.60	$	2.62
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.64	$	2.60
Class B(a)	Actual		0.76	%	$	1,000.00	$	1,040.30	$	3.91
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.37	$	3.87
Class E(a)	Actual		0.66	%	$	1,000.00	$	1,040.70	$	3.39
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.88	$	3.36

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—59.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.1%
General Dynamics Corp.		18,570	$	2,555,603
Honeywell International, Inc.		87,373		8,730,310
Lockheed Martin Corp.		18,390		3,541,362
Precision Castparts Corp.		13,550		3,263,924
Raytheon Co.		40,280		4,357,088
United Technologies Corp.		54,225		6,235,875
				28,684,162
Air Freight & Logistics—0.3%
Echo Global Logistics, Inc. (a)		12,290		358,868
FedEx Corp.		19,410		3,370,741
				3,729,609
Airlines—0.1%
American Airlines Group, Inc.		16,080		862,371
United Continental Holdings, Inc. (a)		12,560		840,138
				1,702,509
Automobiles—0.4%
Harley-Davidson, Inc.		83,812		5,524,049
Banks—3.8%
Citigroup, Inc.		375,085		20,295,849
PNC Financial Services Group, Inc. (The)		128,800		11,750,424
Wells Fargo & Co.		370,090		20,288,334
				52,334,607
Beverages—2.1%
Anheuser-Busch InBev NV (ADR)		67,538		7,585,868
Coca-Cola Co. (The)		377,930		15,956,205
Monster Beverage Corp. (a)		50,871		5,511,873
				29,053,946
Biotechnology—1.7%
Achillion Pharmaceuticals, Inc. (a)		1,900		23,275
Affimed NV (a)		33,400		207,080
Alkermes plc (a)		75,465		4,419,230
Alnylam Pharmaceuticals, Inc. (a)		6,290		610,130
Arena Pharmaceuticals, Inc. (a) (b)		130,295		452,124
Bellicum Pharmaceuticals, Inc. (a) (b)		4,500		103,680
BioCryst Pharmaceuticals, Inc. (a) (b)		54,180		658,829
Dicerna Pharmaceuticals, Inc. (a) (b)		22,100		363,987
Genocea Biosciences, Inc. (a) (b)		8,120		56,840
Gilead Sciences, Inc. (a)		34,300		3,233,118
GlycoMimetics, Inc. (a) (b)		55,683		400,918
Incyte Corp. (a) (b)		3,730		272,700
Ironwood Pharmaceuticals, Inc. (a) (b)		74,300		1,138,276
Juno Therapeutics, Inc. (a) (b)		6,900		360,318
Karyopharm Therapeutics, Inc. (a) (b)		4,887		182,920
Kite Pharma, Inc. (a) (b)		8,500		490,195
Novavax, Inc. (a) (b)		56,510		335,104
NPS Pharmaceuticals, Inc. (a)		20,690		740,081
Otonomy, Inc. (a) (b)		11,100		369,963
PTC Therapeutics, Inc. (a) (b)		8,390		434,350
Puma Biotechnology, Inc. (a) (b)		1,190		225,231
Biotechnology—(Continued)
Regeneron Pharmaceuticals, Inc. (a) (b)		14,800		6,071,700
Regulus Therapeutics, Inc. (a) (b)		25,920		415,757
TESARO, Inc. (a) (b)		14,520		539,999
Trevena, Inc. (a)		70,270		420,215
Ultragenyx Pharmaceutical, Inc. (a) (b)		10,470		459,424
				22,985,444
Capital Markets—1.2%
Ameriprise Financial, Inc.		38,370		5,074,432
BlackRock, Inc.		8,550		3,057,138
Janus Capital Group, Inc. (b)		43,540		702,300
Legg Mason, Inc.		31,610		1,687,026
Moelis & Co. - Class A		17,129		598,316
Northern Trust Corp.		34,310		2,312,494
Raymond James Financial, Inc.		22,580		1,293,608
TD Ameritrade Holding Corp.		19,355		692,522
Virtus Investment Partners, Inc.		1,420		242,096
WisdomTree Investments, Inc. (b)		75,800		1,188,165
				16,848,097
Chemicals—1.0%
Cabot Corp.		32,840		1,440,362
Celanese Corp. - Series A		36,010		2,159,160
Dow Chemical Co. (The)		52,450		2,392,244
LyondellBasell Industries NV - Class A		24,600		1,952,994
Mosaic Co. (The)		44,310		2,022,752
Sherwin-Williams Co. (The)		14,980		3,940,339
				13,907,851
Communications Equipment—1.0%
Cisco Systems, Inc.		482,450		13,419,347
Construction & Engineering—0.1%
AECOM Technology Corp. (a)		32,833		997,138
Consumer Finance—0.5%
Santander Consumer USA Holdings, Inc.		366,245		7,182,064
Containers & Packaging—0.5%
Ball Corp.		68,900		4,696,913
Owens-Illinois, Inc. (a)		57,100		1,541,129
				6,238,042
Diversified Financial Services—0.1%
McGraw Hill Financial, Inc.		11,690		1,040,176
Electric Utilities—2.3%
American Electric Power Co., Inc.		13,360		811,219
Duke Energy Corp.		85,590		7,150,189
Edison International		50,630		3,315,252
Exelon Corp.		71,590		2,654,557
FirstEnergy Corp.		13,160		513,108
ITC Holdings Corp.		32,450		1,311,954
NextEra Energy, Inc.		71,950		7,647,566
Northeast Utilities (b)		37,150		1,988,268

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—(Continued)
Pinnacle West Capital Corp.		22,640	$	1,546,538
Southern Co. (The)		85,682		4,207,843
				31,146,494
Electrical Equipment—0.3%
Eaton Corp. plc		60,530		4,113,619
Energy Equipment & Services—0.4%
Baker Hughes, Inc.		50,769		2,846,618
Halliburton Co.		20,440		803,905
Patterson-UTI Energy, Inc.		99,682		1,653,724
RPC, Inc. (b)		23,750		309,700
				5,613,947
Food & Staples Retailing—1.0%
CVS Health Corp.		82,650		7,960,022
Walgreens Boots Alliance, Inc.		74,030		5,641,086
				13,601,108
Food Products—1.0%
Mondelez International, Inc. - Class A		281,341		10,219,712
Post Holdings, Inc. (a) (b)		52,361		2,193,402
SunOpta, Inc. (a)		101,270		1,200,050
				13,613,164
Health Care Equipment & Supplies—2.2%
Abbott Laboratories		40,850		1,839,067
Covidien plc		85,280		8,722,438
Medtronic, Inc. (b)		125,240		9,042,328
Ocular Therapeutix, Inc. (a) (b)		22,000		517,440
St. Jude Medical, Inc.		93,890		6,105,667
Stryker Corp.		42,690		4,026,948
				30,253,888
Health Care Providers & Services—2.1%
Aetna, Inc.		69,640		6,186,121
Cardinal Health, Inc.		38,200		3,083,886
Cigna Corp.		36,093		3,714,331
HCA Holdings, Inc. (a)		85,790		6,296,128
McKesson Corp.		28,270		5,868,287
UnitedHealth Group, Inc.		35,628		3,601,634
				28,750,387
Hotels, Restaurants & Leisure—0.8%
Las Vegas Sands Corp.		18,900		1,099,224
Norwegian Cruise Line Holdings, Ltd. (a)		28,787		1,346,080
Starbucks Corp.		62,830		5,155,202
Wyndham Worldwide Corp.		39,170		3,359,219
				10,959,725
Household Durables—0.5%
Mohawk Industries, Inc. (a)		13,650		2,120,664
Tempur Sealy International, Inc. (a) (b)		34,620		1,900,984
Whirlpool Corp.		11,110		2,152,452
				6,174,100
Household Products—0.4%
Church & Dwight Co., Inc.		17,110		1,348,439
Colgate-Palmolive Co.		19,565		1,353,702
Energizer Holdings, Inc.		17,830		2,292,225
				4,994,366
Independent Power and Renewable Electricity Producers—0.0%
NRG Energy, Inc.		20,280		546,546
Industrial Conglomerates—0.7%
Danaher Corp.		118,080		10,120,637
Insurance—3.5%
Allstate Corp. (The)		62,760		4,408,890
American International Group, Inc.		170,000		9,521,700
Assured Guaranty, Ltd.		153,543		3,990,583
Hartford Financial Services Group, Inc. (The)		156,216		6,512,645
Marsh & McLennan Cos., Inc.		144,040		8,244,850
Principal Financial Group, Inc.		98,180		5,099,469
Prudential Financial, Inc.		55,150		4,988,869
XL Group plc		140,450		4,827,266
				47,594,272
Internet & Catalog Retail—0.6%
Amazon.com, Inc. (a)		19,999		6,206,690
Netflix, Inc. (a) (b)		4,530		1,547,493
				7,754,183
Internet Software & Services—0.7%
Envestnet, Inc. (a)		15,087		741,375
Facebook, Inc. - Class A (a)		79,580		6,208,832
Google, Inc. - Class A (a)		3,790		2,011,201
				8,961,408
IT Services—2.4%
Accenture plc - Class A		49,152		4,389,765
Automatic Data Processing, Inc.		47,765		3,982,168
Cognizant Technology Solutions Corp. - Class A (a)		69,926		3,682,303
EVERTEC, Inc.		52,400		1,159,612
Genpact, Ltd. (a) (b)		164,295		3,110,104
Global Payments, Inc.		25,930		2,093,329
Heartland Payment Systems, Inc. (b)		37,250		2,009,638
Visa, Inc. - Class A		34,906		9,152,353
WEX, Inc. (a)		31,990		3,164,451
				32,743,723
Leisure Products—0.1%
Arctic Cat, Inc. (b)		25,495		905,073
Life Sciences Tools & Services—0.4%
Agilent Technologies, Inc.		37,600		1,539,344
Thermo Fisher Scientific, Inc.		26,560		3,327,702
				4,867,046

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—1.1%
Dover Corp.		41,580	$	2,982,118
Illinois Tool Works, Inc.		68,260		6,464,222
Luxfer Holdings plc (ADR)		82,500		1,231,725
Pentair plc		70,160		4,660,027
				15,338,092
Media—2.2%
Charter Communications, Inc. - Class A (a)		44,540		7,421,255
Comcast Corp. - Class A		221,510		12,849,795
Interpublic Group of Cos., Inc. (The)		82,370		1,710,825
Markit, Ltd. (a)		34,390		908,928
National CineMedia, Inc. (b)		22,204		319,071
Twenty-First Century Fox, Inc. - Class A		124,952		4,798,782
Walt Disney Co. (The)		24,958		2,350,794
				30,359,450
Metals & Mining—0.2%
Allegheny Technologies, Inc. (b)		19,900		691,923
Nucor Corp.		9,865		483,878
Reliance Steel & Aluminum Co.		15,000		919,050
				2,094,851
Multi-Utilities—0.6%
Ameren Corp.		48,820		2,252,067
DTE Energy Co.		23,610		2,039,196
PG&E Corp.		49,140		2,616,213
Public Service Enterprise Group, Inc.		25,300		1,047,673
				7,955,149
Oil, Gas & Consumable Fuels—3.7%
Anadarko Petroleum Corp.		46,074		3,801,105
Chevron Corp.		39,850		4,470,373
Cobalt International Energy, Inc. (a)		441,205		3,922,312
Concho Resources, Inc. (a)		38,360		3,826,410
CONSOL Energy, Inc.		45,470		1,537,341
Diamondback Energy, Inc. (a) (b)		28,300		1,691,774
Enbridge, Inc. (b)		132,505		6,812,082
EOG Resources, Inc.		36,120		3,325,568
Exxon Mobil Corp.		80,340		7,427,433
Kinder Morgan, Inc.		38,405		1,624,916
Memorial Resource Development Corp. (a)		63,480		1,144,544
Noble Energy, Inc.		20,100		953,343
Pioneer Natural Resources Co.		37,440		5,572,944
Rice Energy, Inc. (a) (b)		43,170		905,275
Whiting Petroleum Corp. (a)		93,340		3,080,220
Williams Cos., Inc. (The)		16,385		736,342
				50,831,982
Paper & Forest Products—0.5%
Boise Cascade Co. (a)		57,571		2,138,763
International Paper Co.		76,300		4,088,154
				6,226,917
Personal Products—0.4%
Coty, Inc. - Class A		128,560		2,656,049
Estee Lauder Cos., Inc. (The) - Class A		17,690		1,347,978
Nu Skin Enterprises, Inc. - Class A (b)		22,788		995,836
				4,999,863
Pharmaceuticals—2.9%
Achaogen, Inc. (a) (b)		21,700		283,185
Actavis plc (a)		21,030		5,413,332
Aerie Pharmaceuticals, Inc. (a) (b)		12,730		371,589
AstraZeneca plc (ADR)		61,080		4,298,810
Bristol-Myers Squibb Co.		156,060		9,212,222
Johnson & Johnson		64,350		6,729,080
Merck & Co., Inc.		153,401		8,711,643
Prestige Brands Holdings, Inc. (a) (b)		39,995		1,388,626
Relypsa, Inc. (a)		17,835		549,318
Tetraphase Pharmaceuticals, Inc. (a)		19,710		782,684
Zoetis, Inc.		37,365		1,607,816
				39,348,305
Professional Services—0.7%
Equifax, Inc.		32,161		2,600,860
ManpowerGroup, Inc.		25,910		1,766,285
Nielsen NV		53,590		2,397,081
Robert Half International, Inc.		14,590		851,764
TriNet Group, Inc. (a)		52,670		1,647,517
				9,263,507
Real Estate Investment Trusts—1.9%
American Tower Corp.		60,452		5,975,680
AvalonBay Communities, Inc.		38,608		6,308,161
Public Storage		21,524		3,978,711
Simon Property Group, Inc.		16,933		3,083,669
SL Green Realty Corp.		29,540		3,515,851
Weyerhaeuser Co.		101,650		3,648,219
				26,510,291
Road & Rail—0.3%
J.B. Hunt Transport Services, Inc. (b)		10,160		855,980
Kansas City Southern		8,830		1,077,525
Norfolk Southern Corp.		10,470		1,147,617
Swift Transportation Co. (a) (b)		35,720		1,022,663
				4,103,785
Semiconductors & Semiconductor Equipment—1.4%
Applied Materials, Inc.		110,980		2,765,621
First Solar, Inc. (a)		9,880		440,599
Freescale Semiconductor, Ltd. (a) (b)		208,820		5,268,528
Intel Corp. (b)		247,183		8,970,271
Lam Research Corp.		15,870		1,259,126
SunPower Corp. (a) (b)		15,725		406,177
				19,110,322
Software—1.4%
Cadence Design Systems, Inc. (a) (b)		25,380		481,459
Microsoft Corp.		402,399		18,691,433
				19,172,892

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—2.6%
Advance Auto Parts, Inc.		46,082	$	7,339,941
AutoZone, Inc. (a)		4,439		2,748,229
L Brands, Inc.		43,650		3,777,908
Lowe’s Cos., Inc.		193,900		13,340,320
Ross Stores, Inc.		31,000		2,922,060
Signet Jewelers, Ltd.		36,184		4,760,729
				34,889,187
Technology Hardware, Storage & Peripherals—4.1%
Apple, Inc.		402,224		44,397,485
Hewlett-Packard Co.		109,400		4,390,222
Western Digital Corp.		64,791		7,172,364
				55,960,071
Textiles, Apparel & Luxury Goods—0.5%
Ralph Lauren Corp.		15,490		2,868,128
VF Corp.		49,590		3,714,291
				6,582,419
Tobacco—1.0%
Altria Group, Inc.		182,180		8,976,008
Lorillard, Inc.		70,190		4,417,759
				13,393,767
Total Common Stocks (Cost $712,317,556)				812,501,577
U.S. Treasury & Government Agencies—11.8%
Agency Sponsored Mortgage - Backed —10.9%
Fannie Mae 15 Yr. Pool
2.500%, TBA (c)		1,900,000		1,934,437
3.000%, 07/01/28		3,133,625		3,265,655
3.000%, TBA (c)		1,100,000		1,143,356
3.500%, 07/01/28		464,535		494,834
3.500%, 11/01/28		1,751,891		1,852,240
4.000%, 04/01/26		85,219		91,371
4.500%, 08/01/18		30,395		32,520
4.500%, 06/01/24		602,972		650,752
4.500%, 02/01/25		173,745		187,522
4.500%, 04/01/25		25,537		27,601
4.500%, 07/01/25		123,391		133,371
4.500%, 06/01/26		2,631,115		2,843,174
5.000%, TBA (c)		1,500,000		1,580,672
Fannie Mae 30 Yr. Pool
3.000%, 02/01/43		1,163,051		1,179,635
3.000%, 03/01/43		3,313,649		3,358,535
3.000%, 04/01/43		2,594,775		2,630,197
3.000%, 05/01/43		4,346,726		4,407,472
3.000%, 06/01/43		438,945		445,433
3.500%, 03/01/43		90,900		94,954
3.500%, 05/01/43		179,853		187,875
3.500%, 06/01/43		645,092		675,394
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
3.500%, 07/01/43		1,003,248		1,049,307
3.500%, 08/01/43		1,577,047		1,649,968
4.000%, 08/01/42		285,678		305,992
4.000%, TBA (c)		2,600,000		2,774,860
4.500%, 09/01/41		140,827		153,114
4.500%, 08/01/42		216,257		234,973
4.500%, 09/01/43		3,654,458		3,976,162
4.500%, 10/01/43		565,512		615,522
4.500%, 12/01/43		446,207		484,968
4.500%, 01/01/44		1,034,139		1,138,095
4.500%, TBA (c)		10,400,000		11,288,876
5.000%, 04/01/33		8,964		9,932
5.000%, 07/01/33		25,643		28,410
5.000%, 09/01/33		406,758		450,650
5.000%, 11/01/33		99,818		110,596
5.000%, 12/01/33		40,657		45,041
5.000%, 02/01/34		17,618		19,516
5.000%, 03/01/34		8,510		9,427
5.000%, 04/01/34		8,421		9,328
5.000%, 06/01/34		7,556		8,364
5.000%, 07/01/34		123,159		136,376
5.000%, 10/01/34		319,511		353,975
5.000%, 07/01/35		210,221		232,827
5.000%, 10/01/35		235,531		260,946
5.000%, 12/01/35		183,598		203,287
5.000%, 08/01/36		168,145		186,179
5.000%, 07/01/37		87,253		96,671
5.000%, 07/01/41		141,818		157,572
5.000%, 08/01/41		97,104		107,464
5.000%, TBA (c)		300,000		331,447
5.500%, 08/01/28		31,972		35,726
5.500%, 04/01/33		104,873		118,188
5.500%, 08/01/37		656,364		738,945
5.500%, 04/01/41		57,292		64,378
5.500%, TBA (c)		600,000		671,156
6.000%, 03/01/28		9,375		10,632
6.000%, 05/01/28		14,648		16,591
6.000%, 06/01/28		2,504		2,836
6.000%, 02/01/34		409,105		467,493
6.000%, 08/01/34		225,601		257,640
6.000%, 04/01/35		1,839,243		2,102,489
6.000%, 02/01/38		154,427		175,058
6.000%, 03/01/38		58,959		67,748
6.000%, 05/01/38		183,663		211,153
6.000%, 10/01/38		53,798		61,210
6.000%, 12/01/38		71,378		81,326
6.000%, TBA (c)		1,400,000		1,587,633
6.500%, 05/01/40		1,414,054		1,610,359
Fannie Mae ARM Pool
2.989%, 03/01/41 (d)		159,614		169,908
3.129%, 03/01/41 (d)		224,549		238,931
3.178%, 12/01/40 (d)		359,166		376,744
3.340%, 06/01/41 (d)		418,035		440,669
3.504%, 09/01/41 (d)		310,724		328,258

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Pool
2.290%, 10/01/22		19,207	$	19,015
2.440%, 01/01/23		20,000		19,848
2.450%, 08/01/22		14,205		14,205
2.660%, 09/01/22		19,318		19,563
2.760%, 05/01/21		175,000		179,472
2.780%, 04/01/22		28,552		29,204
2.980%, 01/01/22		28,531		29,576
3.200%, 04/01/22		19,257		20,202
3.210%, 05/01/23		165,000		172,876
3.340%, 04/01/24		85,000		89,676
3.450%, 01/01/24		35,000		37,156
3.470%, 01/01/24		34,628		36,815
3.650%, 08/01/23		1,867,243		2,007,708
3.670%, 08/01/23		83,701		90,119
3.700%, 10/01/23		25,000		26,979
3.760%, 03/01/24		30,000		32,425
3.780%, 10/01/23		2,217,064		2,405,712
3.810%, 11/01/23		640,396		696,359
3.855%, 12/01/25		45,000		49,167
3.860%, 11/01/23		25,000		27,197
3.870%, 10/01/25		78,711		86,421
3.890%, 05/01/30		104,433		113,091
3.930%, 10/01/23		110,000		120,443
3.960%, 05/01/34		44,664		49,075
3.970%, 05/01/29		30,000		33,034
4.060%, 10/01/28		68,373		75,908
Fannie Mae-ACES
2.364%, 01/25/22 (d) (e)		1,719,691		192,953
3.329%, 10/25/23 (d)		505,000		531,046
Freddie Mac 15 Yr. Gold Pool
2.500%, 11/01/28		2,148,986		2,188,415
3.000%, 07/01/28		1,137,130		1,182,226
3.000%, 08/01/29		756,492		788,696
3.000%, TBA (c)		100,000		103,791
3.500%, TBA (c)		1,500,000		1,583,438
4.000%, TBA (c)		2,000,000		2,117,812
Freddie Mac 20 Yr. Gold Pool
3.500%, 08/01/34		1,656,973		1,738,265
Freddie Mac 30 Yr. Gold Pool
3.000%, 03/01/43		545,769		552,314
3.000%, 04/01/43		2,912,937		2,947,611
3.000%, 08/01/43		1,306,318		1,322,117
3.000%, TBA (c)		900,000		909,141
3.500%, 04/01/42		362,323		378,561
3.500%, 08/01/42		293,599		306,952
3.500%, 09/01/42		167,195		174,498
3.500%, 11/01/42		333,317		347,203
3.500%, 04/01/43		1,074,462		1,121,434
3.500%, 12/01/43		1,031,132		1,076,244
3.500%, TBA (c)		400,000		415,906
4.000%, 08/01/42		395,929		423,433
4.000%, 09/01/42		615,105		657,515
4.000%, 01/01/44		3,941,061		4,206,061
4.000%, 07/01/44		199,395		213,437
4.000%, TBA (c)		2,100,000		2,238,469
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
4.500%, 09/01/43		348,310		378,231
4.500%, 11/01/43		3,350,802		3,630,566
4.500%, TBA (c)		5,400,000		5,852,883
5.500%, 07/01/33		299,966		337,984
5.500%, 04/01/39		143,814		160,737
5.500%, 06/01/41		538,418		601,899
Freddie Mac ARM Non-Gold Pool
2.999%, 02/01/41 (d)		300,249		320,130
Freddie Mac Multifamily Structured Pass-Through Certificates
1.506%, 06/25/22 (d) (e)		1,940,509		172,599
1.549%, 12/25/18 (d) (e)		3,199,880		170,685
1.733%, 03/25/22 (d) (e)		1,493,705		148,447
1.778%, 05/25/19 (d) (e)		2,504,046		165,588
2.637%, 01/25/23		1,525,000		1,531,402
FREMF Mortgage Trust
3.009%, 10/25/47 (144A) (d)		770,000		769,870
Ginnie Mae (CMO)
0.988%, 02/16/53 (d) (e)		3,198,594		239,002
Ginnie Mae I 30 Yr. Pool
3.000%, TBA (c)		1,400,000		1,431,675
3.500%, TBA (c)		7,500,000		7,872,656
4.000%, 09/15/42		1,944,447		2,087,935
4.500%, 04/15/41		1,728,354		1,893,717
4.500%, 02/15/42		3,494,842		3,828,497
5.000%, 12/15/38		113,756		125,467
5.000%, 04/15/39		2,582,672		2,845,426
5.000%, 07/15/39		237,480		262,580
5.000%, 12/15/40		339,885		377,032
5.500%, 12/15/40		1,107,016		1,236,356
9.000%, 11/15/19		5,575		5,602
Ginnie Mae II 30 Yr. Pool
3.000%, TBA (c)		500,000		511,313
4.000%, TBA (c)		12,600,000		13,509,415
5.000%, 10/20/39		59,161		66,058
				148,214,452
U.S. Treasury—0.9%
U.S. Treasury Bonds
2.750%, 08/15/42 (f)		350,000		349,891
3.000%, 11/15/44 (f)		1,300,000		1,366,219
U.S. Treasury Floating Rate Notes
0.110%, 07/31/16 (d) (f)		5,000,000		4,999,895
U.S. Treasury Inflation Indexed Notes (l)
0.125%, 04/15/19		6,232,226		6,163,571
				12,879,576
Total U.S. Treasury & Government Agencies (Cost $158,753,550)				161,094,028
Corporate Bonds & Notes—11.0%
Aerospace/Defense—0.0%
Triumph Group, Inc.
5.250%, 06/01/22		160,000		159,600

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Apparel—0.0%
William Carter Co. (The)
5.250%, 08/15/21		400,000	$	412,000
Auto Manufacturers—0.1%
General Motors Co.
6.250%, 10/02/43		290,000		346,434
Volkswagen Group of America Finance LLC
1.600%, 11/20/17 (144A)		820,000		817,000
				1,163,434
Banks—3.7%
Banco Bilbao Vizcaya Argentaria S.A.
7.000%, 02/19/19 (EUR) (d)		1,000,000		1,232,736
9.000%, 05/09/18 (d)		600,000		642,000
Banco del Estado de Chile
3.875%, 02/08/22		250,000		252,377
Banco do Brasil S.A
6.250%, 04/15/24 (d)		675,000		492,750
Banco Santander S.A.
6.250%, 03/12/19 (EUR) (d)		1,500,000		1,769,698
Bank of America Corp.
4.000%, 04/01/24		925,000		963,133
4.125%, 01/22/24		500,000		525,077
4.200%, 08/26/24		255,000		259,775
6.050%, 05/16/16		950,000		1,005,980
7.750%, 05/14/38		1,000,000		1,412,304
Bank of Ireland
10.000%, 07/30/16 (EUR)		460,000		600,310
Barclays Bank plc
6.050%, 12/04/17 (144A)		2,325,000		2,557,295
Barclays plc
8.000%, 12/15/20 (EUR) (d)		350,000		440,776
8.250%, 12/15/18 (d)		600,000		614,951
BPCE S.A.
5.150%, 07/21/24 (144A)		2,150,000		2,215,513
Capital One Financial Corp.
6.150%, 09/01/16		1,575,000		1,692,553
CIT Group, Inc.
5.500%, 02/15/19 (144A)		540,000		569,700
Citigroup, Inc.
1.700%, 07/25/16		525,000		528,596
1.850%, 11/24/17		1,050,000		1,048,794
2.500%, 09/26/18		250,000		252,921
4.300%, 11/20/26		1,200,000		1,197,312
4.450%, 01/10/17		269,000		284,355
5.500%, 09/13/25		2,150,000		2,378,986
Credit Agricole S.A.
6.500%, 06/23/21 (EUR) (d)		450,000		552,963
6.625%, 09/23/19 (144A) (d)		270,000		261,697
8.125%, 09/19/33 (144A) (d)		225,000		251,027
Credit Suisse AG
5.750%, 09/18/25 (EUR) (d)		280,000		382,860
Credit Suisse Group AG
6.250%, 12/18/24 (144A) (d)		465,000		447,214
Credit Suisse Group Guernsey I, Ltd.
7.875%, 02/24/41 (d)		250,000		265,000
Banks—(Continued)
Development Bank of Kazakhstan JSC
4.125%, 12/10/22		275,000		231,000
Export-Import Bank of India
4.000%, 01/14/23 (b)		280,000		280,076
Goldman Sachs Group, Inc. (The)
1.836%, 11/29/23 (d)		864,000		887,665
3.625%, 02/07/16		331,000		339,625
3.625%, 01/22/23		552,000		558,967
6.250%, 02/01/41		430,000		543,582
6.750%, 10/01/37		1,375,000		1,728,891
HSBC Holdings plc
5.250%, 03/14/44		280,000		313,643
5.625%, 01/17/20 (b) (d)		675,000		677,362
6.800%, 06/01/38		625,000		828,859
Industrial & Commercial Bank of China, Ltd.
6.000%, 12/10/19 (144A) (d)		472,000		477,900
JPMorgan Chase & Co.
2.600%, 01/15/16		520,000		528,912
3.375%, 05/01/23		710,000		702,413
4.750%, 03/01/15		467,000		469,670
4.850%, 02/01/44		495,000		549,105
5.625%, 08/16/43 (b)		500,000		581,451
6.000%, 01/15/18		725,000		811,158
6.750%, 02/01/24 (d)		388,000		409,340
KBC Groep NV
5.625%, 03/19/19 (EUR) (d)		190,000		224,737
LBI HF
6.100%, 08/25/11 (144A) (g)		320,000		31,200
Lloyds Banking Group plc
6.375%, 06/27/20 (EUR) (d)		780,000		959,177
7.000%, 06/27/19 (GBP) (d)		280,000		433,135
Morgan Stanley
2.500%, 01/24/19		455,000		455,413
3.800%, 04/29/16		345,000		356,392
4.350%, 09/08/26		520,000		523,107
5.000%, 11/24/25		707,000		754,450
5.550%, 04/27/17		1,350,000		1,465,336
6.250%, 08/28/17		1,000,000		1,110,864
Royal Bank of Scotland Group plc
5.125%, 05/28/24		535,000		544,197
6.125%, 12/15/22		560,000		609,507
Santander U.S. Debt S.A. Unipersonal
3.724%, 01/20/15 (144A)		1,000,000		1,001,369
Societe Generale S.A.
6.000%, 01/27/20 (144A) (d)		300,000		273,000
6.750%, 04/07/21 (EUR) (d)		480,000		563,690
8.250%, 11/29/18 (b) (d)		1,210,000		1,242,972
UBS AG
7.625%, 08/17/22		250,000		294,339
UniCredit S.p.A.
8.000%, 06/03/24 (d)		230,000		223,445
Wells Fargo & Co.
4.100%, 06/03/26		1,385,000		1,415,549
4.125%, 08/15/23		615,000		645,492
4.650%, 11/04/44		275,000		283,762
				49,429,405

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Beverages—0.1%
Anheuser-Busch InBev Worldwide, Inc.
0.800%, 07/15/15		550,000	$	550,882
Biotechnology—0.1%
Amgen, Inc.
5.650%, 06/15/42		236,000		280,793
Celgene Corp.
4.625%, 05/15/44		715,000		741,644
Gilead Sciences, Inc.
3.500%, 02/01/25 (b)		420,000		431,088
				1,453,525
Building Materials—0.1%
Building Materials Corp. of America
5.375%, 11/15/24 (144A)		145,000		144,638
6.750%, 05/01/21 (144A)		270,000		285,525
Cemex S.A.B. de C.V.
4.750%, 01/11/22 (EUR)		220,000		260,554
Union Andina de Cementos SAA
5.875%, 10/30/21 (144A)		565,000		573,192
				1,263,909
Chemicals—0.1%
CF Industries, Inc.
5.150%, 03/15/34		1,060,000		1,108,759
Eagle Spinco, Inc.
4.625%, 02/15/21		225,000		213,188
NOVA Chemicals Corp.
5.000%, 05/01/25 (144A)		315,000		312,637
				1,634,584
Coal—0.0%
Peabody Energy Corp.
6.000%, 11/15/18		20,000		18,150
6.500%, 09/15/20 (b)		360,000		312,300
				330,450
Commercial Services—0.1%
ADT Corp. (The)
6.250%, 10/15/21 (b)		470,000		482,925
Cardtronics, Inc.
5.125%, 08/01/22 (144A)		220,000		214,500
Deluxe Corp.
7.000%, 03/15/19 (b)		210,000		219,188
Sotheby’s
5.250%, 10/01/22 (144A)		345,000		326,025
				1,242,638
Computers—0.0%
NCR Corp.
4.625%, 02/15/21		240,000		232,800
Diversified Financial Services—0.5%
Ally Financial, Inc.
3.750%, 11/18/19		335,000		329,975
5.125%, 09/30/24 (b)		80,000		81,200
American Express Co.
3.625%, 12/05/24		650,000		655,418
General Electric Capital Corp.
5.300%, 02/11/21		1,225,000		1,398,934
6.250%, 12/15/22 (d)		600,000		653,250
General Motors Financial Co., Inc.
3.500%, 07/10/19		1,080,000		1,102,812
4.750%, 08/15/17		1,215,000		1,281,339
International Lease Finance Corp.
5.875%, 04/01/19 (b)		810,000		872,775
Navient Corp.
5.500%, 01/15/19		520,000		531,700
7.250%, 01/25/22		290,000		314,650
				7,222,053
Electric—0.4%
AES Corp.
5.500%, 03/15/24		325,000		329,810
Berkshire Hathaway Energy Co.
6.500%, 09/15/37		1,121,000		1,467,156
Consolidated Edison Co. of New York, Inc.
3.300%, 12/01/24 (b)		370,000		376,770
DPL, Inc.
7.250%, 10/15/21		345,000		351,900
Duke Energy Florida, Inc.
5.650%, 06/15/18		225,000		253,753
Duke Energy Progress, Inc.
4.375%, 03/30/44		225,000		247,051
Empresa Electrica Angamos S.A.
4.875%, 05/25/29 (144A) (b)		830,000		815,475
Eskom Holdings SOC, Ltd.
5.750%, 01/26/21 (144A)		1,025,000		1,030,125
NRG Energy, Inc.
6.250%, 07/15/22		200,000		204,500
Pacific Gas & Electric Co.
3.750%, 02/15/24 (b)		360,000		374,839
				5,451,379
Engineering & Construction—0.0%
Odebrecht Offshore Drilling Finance, Ltd.
6.750%, 10/01/22 (144A)		5,443		4,980
Environmental Control—0.0%
Clean Harbors, Inc.
5.250%, 08/01/20		210,000		211,050
Food—0.1%
ESAL GmbH
6.250%, 02/05/23		525,000		497,438
Grupo Bimbo S.A.B. de C.V.
4.875%, 06/27/44 (144A)		1,270,000		1,277,620
				1,775,058

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Forest Products & Paper—0.0%
Clearwater Paper Corp.
5.375%, 02/01/25 (144A)		220,000	$	216,700
Gas—0.0%
Southern Star Central Corp.
5.125%, 07/15/22 (144A)		25,000		25,125
Healthcare-Products—0.2%
Medtronic, Inc.
2.500%, 03/15/20 (144A)		855,000		857,243
3.150%, 03/15/22 (144A)		780,000		789,887
4.625%, 03/15/45 (144A)		375,000		406,496
				2,053,626
Healthcare-Services—0.3%
Anthem, Inc.
2.300%, 07/15/18		822,000		826,550
CHS/Community Health Systems, Inc.
5.125%, 08/01/21		250,000		259,375
HCA, Inc.
6.500%, 02/15/20		810,000		907,605
Tenet Healthcare Corp.
6.000%, 10/01/20		460,000		493,962
UnitedHealth Group, Inc.
1.400%, 10/15/17		625,000		624,388
2.300%, 12/15/19		900,000		903,717
				4,015,597
Holding Companies-Diversified—0.1%
Hutchison Whampoa International, Ltd.
2.000%, 11/08/17 (144A)		1,475,000		1,477,965
Home Builders—0.0%
Lennar Corp.
4.500%, 06/15/19		215,000		215,000
Ryland Group, Inc. (The)
5.375%, 10/01/22		240,000		232,800
				447,800
Insurance—0.4%
American International Group, Inc.
5.450%, 05/18/17		335,000		365,518
Marsh & McLennan Cos., Inc.
2.550%, 10/15/18		525,000		533,875
3.500%, 03/10/25 (b)		370,000		372,352
Massachusetts Mutual Life Insurance Co.
8.875%, 06/01/39 (144A)		325,000		524,386
Nationwide Mutual Insurance Co.
9.375%, 08/15/39 (144A)		910,000		1,441,856
Prudential Financial, Inc.
4.750%, 09/17/15		842,000		863,993
Teachers Insurance & Annuity Association of America
6.850%, 12/16/39 (144A)		574,000		783,986
				4,885,966
Internet—0.1%
Alibaba Group Holding, Ltd.
4.500%, 11/28/34 (144A)		360,000		370,085
Amazon.com, Inc.
4.950%, 12/05/44		800,000		826,404
Equinix, Inc.
4.875%, 04/01/20		190,000		189,050
				1,385,539
Iron/Steel—0.2%
ABJA Investment Co. Pte, Ltd.
5.950%, 07/31/24 (b)		985,000		983,030
ArcelorMittal
5.750%, 08/05/20		465,000		482,437
Glencore Funding LLC
1.700%, 05/27/16 (144A)		625,000		625,994
Steel Dynamics, Inc.
5.125%, 10/01/21 (144A)		95,000		96,781
5.500%, 10/01/24 (144A)		105,000		107,625
United States Steel Corp.
6.875%, 04/01/21		15,000		15,225
7.375%, 04/01/20		26,000		27,300
				2,338,392
Machinery-Diversified—0.0%
Case New Holland Industrial, Inc.
7.875%, 12/01/17		335,000		368,500
CNH Industrial Capital LLC
3.375%, 07/15/19 (144A)		15,000		14,325
				382,825
Media—1.0%
21st Century Fox America, Inc.
6.150%, 03/01/37		825,000		1,033,977
CCO Holdings LLC / CCO Holdings Capital Corp.
5.125%, 02/15/23		10,000		9,775
5.250%, 09/30/22		330,000		329,175
5.750%, 09/01/23 (b)		60,000		60,750
Comcast Corp.
4.750%, 03/01/44		740,000		824,650
Cox Communications, Inc.
3.850%, 02/01/25 (144A)		520,000		524,897
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
3.950%, 01/15/25		275,000		277,164
5.000%, 03/01/21		291,000		317,335
5.150%, 03/15/42		439,000		453,645
DISH DBS Corp.
7.875%, 09/01/19		490,000		556,150
Gannett Co., Inc.
4.875%, 09/15/21 (144A)		225,000		223,312
5.125%, 10/15/19		550,000		562,375
NBCUniversal Media LLC
5.150%, 04/30/20		601,000		682,015

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Sky plc
2.625%, 09/16/19 (144A)		810,000	$	810,301
Time Warner Cable, Inc.
5.000%, 02/01/20		710,000		782,409
8.250%, 04/01/19		626,000		766,314
8.750%, 02/14/19		669,000		828,124
Time Warner, Inc.
2.100%, 06/01/19		695,000		684,717
5.875%, 11/15/16		485,000		525,718
6.500%, 11/15/36		1,325,000		1,685,631
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH
5.500%, 01/15/23 (144A)		450,000		470,250
Viacom, Inc.
5.625%, 09/15/19		775,000		870,376
Videotron, Ltd.
5.375%, 06/15/24 (144A)		425,000		433,500
				13,712,560
Mining—0.1%
FMG Resources (August 2006) Pty, Ltd.
6.875%, 04/01/22 (144A) (b)		270,000		224,775
Freeport-McMoRan, Inc.
4.000%, 11/14/21		860,000		852,090
5.450%, 03/15/43		175,000		165,475
				1,242,340
Oil & Gas—0.8%
Anadarko Petroleum Corp.
6.375%, 09/15/17		900,000		1,000,622
BP Capital Markets plc
2.521%, 01/15/20		385,000		385,450
California Resources Corp.
5.000%, 01/15/20 (144A) (b)		15,000		13,013
5.500%, 09/15/21 (144A)		85,000		72,675
6.000%, 11/15/24 (144A) (b)		5,000		4,225
Cenovus Energy, Inc.
5.200%, 09/15/43		725,000		698,229
CNPC General Capital, Ltd.
1.450%, 04/16/16 (144A)		1,300,000		1,297,101
Concho Resources, Inc.
6.500%, 01/15/22		65,000		67,925
Denbury Resources, Inc.
5.500%, 05/01/22		107,000		97,905
Harvest Operations Corp.
6.875%, 10/01/17		210,000		202,387
Lukoil International Finance B.V.
3.416%, 04/24/18 (144A)		1,150,000		977,500
MEG Energy Corp.
7.000%, 03/31/24 (144A) (b)		151,000		136,655
Nexen Energy ULC
5.875%, 03/10/35		35,000		41,101
Pertamina Persero PT
5.625%, 05/20/43		275,000		258,500
Oil & Gas—(Continued)
Petrobras Global Finance B.V.
5.375%, 10/01/29 (GBP) (b)		1,075,000		1,332,019
Petrobras International Finance Co. S.A.
3.875%, 01/27/16		1,835,000		1,800,685
Petroleos Mexicanos
5.500%, 06/27/44		625,000		637,500
SM Energy Co.
6.125%, 11/15/22 (144A)		55,000		51,700
State Oil Co. of the Azerbaijan Republic
4.750%, 03/13/23		800,000		772,052
Tesoro Corp.
5.125%, 04/01/24		150,000		148,875
WPX Energy, Inc.
5.250%, 09/15/24		70,000		65,100
6.000%, 01/15/22		55,000		52,938
				10,114,157
Packaging & Containers—0.0%
Graphic Packaging International, Inc.
4.875%, 11/15/22		220,000		221,100
Pharmaceuticals—0.1%
Bayer U.S. Finance LLC
2.375%, 10/08/19 (144A)		425,000		426,687
Cardinal Health, Inc.
3.500%, 11/15/24		1,075,000		1,071,965
Perrigo Co. plc
1.300%, 11/08/16		335,000		333,533
				1,832,185
Pipelines—0.4%
Energy Transfer Equity L.P.
7.500%, 10/15/20		390,000		432,900
Energy Transfer Partners L.P.
4.150%, 10/01/20		992,000		1,016,978
Kinder Morgan Energy Partners L.P.
5.500%, 03/01/44		675,000		686,164
Kinder Morgan, Inc.
3.050%, 12/01/19		190,000		188,489
4.300%, 06/01/25		440,000		440,205
MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp.
4.875%, 12/01/24 (b)		105,000		102,637
6.750%, 11/01/20		105,000		109,200
Sunoco Logistics Partners Operations L.P.
4.250%, 04/01/24		345,000		348,882
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp.
5.500%, 10/15/19 (144A)		130,000		129,025
6.250%, 10/15/22 (144A)		200,000		199,500
Williams Partners L.P.
3.900%, 01/15/25		930,000		893,801
4.300%, 03/04/24		695,000		693,723
				5,241,504

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—0.7%
American Tower Corp.
3.400%, 02/15/19		785,000		798,988
4.500%, 01/15/18		425,000		451,344
7.000%, 10/15/17		240,000		270,969
Brandywine Operating Partnership L.P.
3.950%, 02/15/23		875,000		882,434
Duke Realty L.P.
3.625%, 04/15/23 (b)		550,000		552,133
3.750%, 12/01/24 (b)		240,000		242,834
Health Care REIT, Inc.
4.500%, 01/15/24		500,000		529,494
Kimco Realty Corp.
3.125%, 06/01/23		850,000		832,787
Liberty Property L.P.
4.125%, 06/15/22		525,000		544,229
Prologis L.P.
3.350%, 02/01/21		2,675,000		2,710,920
Ventas Realty L.P. / Ventas Capital Corp.
2.700%, 04/01/20		1,645,000		1,627,802
3.125%, 11/30/15		500,000		510,103
				9,954,037
Retail—0.1%
CVS Health Corp.
5.300%, 12/05/43		102,000		121,933
Group 1 Automotive, Inc.
5.000%, 06/01/22 (144A)		205,000		200,388
Sally Holdings LLC / Sally Capital, Inc.
5.750%, 06/01/22		45,000		47,138
Wal-Mart Stores, Inc.
4.300%, 04/22/44		475,000		518,484
				887,943
Savings & Loans—0.1%
Nationwide Building Society
6.875%, 06/20/19 (GBP) (d)		730,000		1,110,757
Semiconductors—0.1%
Sensata Technologies B.V.
5.625%, 11/01/24 (144A)		20,000		20,750
TSMC Global, Ltd.
1.625%, 04/03/18 (144A)		1,400,000		1,374,128
				1,394,878
Software—0.1%
Activision Blizzard, Inc.
5.625%, 09/15/21 (144A)		420,000		441,000
Audatex North America, Inc.
6.000%, 06/15/21 (144A)		270,000		278,100
6.125%, 11/01/23 (144A)		60,000		61,950
MSCI, Inc.
5.250%, 11/15/24 (144A)		75,000		77,625
				858,675
Sovereign—0.0%
Republic of Angola Via Northern Lights III B.V.
7.000%, 08/16/19		500,000		497,500
Telecommunications—0.8%
AT&T, Inc.
4.800%, 06/15/44		510,000		519,668
Inmarsat Finance plc
4.875%, 05/15/22 (144A)		130,000		128,700
SoftBank Corp.
4.500%, 04/15/20 (144A)		380,000		374,300
Sprint Communications, Inc.
7.000%, 03/01/20 (144A)		540,000		583,200
Sprint Corp.
7.125%, 06/15/24		200,000		186,000
T-Mobile USA, Inc.
6.464%, 04/28/19		440,000		457,600
6.731%, 04/28/22		400,000		412,000
Verizon Communications, Inc.
2.625%, 02/21/20 (144A)		1,777,000		1,756,683
3.450%, 03/15/21		365,000		373,045
4.400%, 11/01/34		800,000		795,185
4.862%, 08/21/46 (144A)		525,000		539,294
5.012%, 08/21/54 (144A)		783,000		810,052
5.150%, 09/15/23		403,000		445,006
6.550%, 09/15/43		2,180,000		2,792,905
				10,173,638
Transportation—0.0%
Ryder System, Inc.
2.550%, 06/01/19		365,000		365,502
Trucking & Leasing—0.1%
Penske Truck Leasing Co. L.P. / PTL Finance Corp.
4.875%, 07/11/22 (144A)		1,425,000		1,535,037
Total Corporate Bonds & Notes (Cost $149,461,116)				148,909,095
Mortgage-Backed Securities—6.4%
Collateralized Mortgage Obligations—1.7%
Adjustable Rate Mortgage Trust
0.440%, 11/25/35 (d)		437,553		397,947
Banc of America Funding Trust
0.396%, 02/20/47 (d)		1,922,716		1,615,975
Bear Stearns Adjustable Rate Mortgage Trust
2.743%, 07/25/36 (d)		920,652		775,972
Bear Stearns ALT-A Trust
0.650%, 02/25/36 (d)		1,368,897		1,131,918
2.677%, 08/25/36 (d)		1,163,260		846,486
Bear Stearns Mortgage Funding Trust
0.370%, 02/25/37 (d)		1,162,918		865,643
Countrywide Alternative Loan Trust
0.440%, 01/25/36 (d)		374,506		332,827

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Countrywide Alternative Loan Trust
0.490%, 11/25/35 (d)		254,264	$	202,352
0.620%, 10/25/36 (d)		246,271		180,592
0.970%, 12/25/35 (d)		360,943		297,529
5.500%, 11/25/35		1,632,747		1,480,998
5.750%, 05/25/36		106,398		90,246
6.000%, 12/25/36		259,339		205,285
6.000%, 05/25/37		338,260		274,990
Countrywide Home Loan Mortgage Pass-Through Trust
0.370%, 04/25/46 (d)		511,414		413,605
0.510%, 02/25/35 (d)		268,770		241,595
0.510%, 03/25/35 (d)		285,850		246,244
2.424%, 06/20/35 (d)		44,310		42,335
2.538%, 09/25/47 (d)		1,104,734		984,186
5.750%, 08/25/37		259,683		247,963
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
0.320%, 12/25/36 (d)		617,887		532,271
DSLA Mortgage Loan Trust
1.033%, 03/19/46 (d)		138,110		105,596
Fannie Mae Connecticut Avenue Securities
3.070%, 07/25/24 (d)		415,000		371,591
3.170%, 07/25/24 (d)		715,000		645,897
5.055%, 11/25/24 (d)		250,000		253,898
Freddie Mac Structured Agency Credit Risk Debt Notes
4.670%, 02/25/24 (d)		355,000		351,187
4.920%, 10/25/24 (d)		250,000		246,952
GSR Mortgage Loan Trust
0.670%, 11/25/35 (d)		928,167		681,834
2.630%, 01/25/36 (d)		1,285,583		1,192,215
6.000%, 07/25/37		673,335		609,085
HarborView Mortgage Loan Trust
0.514%, 01/19/35 (d)		131,203		91,522
IndyMac INDX Mortgage Loan Trust
0.370%, 10/25/36 (d)		214,754		183,836
0.410%, 07/25/35 (d)		96,769		87,439
2.667%, 10/25/35 (d)		136,566		117,673
Lehman XS Trust
0.360%, 11/25/46 (d)		1,223,796		985,350
0.410%, 06/25/47 (d)		1,181,455		794,175
1.020%, 09/25/47 (d)		143,084		114,145
Luminent Mortgage Trust
0.370%, 02/25/46 (d)		201,779		152,031
0.410%, 04/25/36 (d)		214,294		141,395
0.430%, 11/25/35 (d)		105,360		94,776
MASTR Adjustable Rate Mortgages Trust
0.410%, 05/25/37 (d)		284,901		192,040
2.041%, 09/25/33 (d)		200,036		200,644
Morgan Stanley Mortgage Loan Trust
2.592%, 05/25/36 (d)		610,031		444,311
Residential Accredit Loans, Inc. Trust
0.390%, 02/25/46 (d)		534,527		257,127
0.913%, 09/25/46 (d)		782,395		523,814
1.406%, 11/25/37 (d)		266,629		169,582
Collateralized Mortgage Obligations—(Continued)
Structured Adjustable Rate Mortgage Loan Trust
0.470%, 09/25/34 (d)		122,897		108,997
WaMu Mortgage Pass-Through Certificates Trust
0.933%, 12/25/46 (d)		161,089		129,165
1.093%, 07/25/46 (d)		139,358		118,110
Wells Fargo Alternative Loan Trust
2.579%, 12/28/37 (d)		44,560		38,307
Wells Fargo Mortgage Backed Securities Trust
2.489%, 10/25/36 (d)		890,069		827,610
2.609%, 10/25/35 (d)		1,541,000		1,483,562
				23,120,825
Commercial Mortgage-Backed Securities—4.7%
BB-UBS Trust
3.430%, 11/05/36 (144A)		2,520,000		2,564,065
Bear Stearns Commercial Mortgage Securities Trust
4.871%, 09/11/42		361,627		366,834
5.129%, 10/12/42 (d)		806,982		818,385
5.331%, 02/11/44		169,283		180,867
5.405%, 12/11/40 (d)		1,134,748		1,164,865
5.449%, 12/11/40 (d)		170,000		175,501
5.537%, 10/12/41		638,073		673,015
5.694%, 06/11/50 (d)		930,170		1,008,917
CD Commercial Mortgage Trust
5.322%, 12/11/49		1,645,000		1,741,663
CD Mortgage Trust
5.299%, 01/15/46 (d)		760,000		781,443
6.124%, 11/15/44 (d)		80,000		87,699
Citigroup Commercial Mortgage Trust
4.023%, 03/10/47		655,000		701,576
6.142%, 12/10/49 (d)		440,000		481,464
COBALT CMBS Commercial Mortgage Trust
5.223%, 08/15/48		422,982		445,735
5.254%, 08/15/48		140,000		142,587
Commercial Mortgage Pass-Through Certificates
3.424%, 03/10/31 (144A)		1,065,000		1,092,844
3.694%, 08/10/47		365,000		380,157
3.961%, 03/10/47		730,000		781,929
4.236%, 07/10/45 (d)		680,134		747,034
4.354%, 03/10/46 (144A) (d)		315,000		213,327
4.575%, 10/15/45 (144A) (d)		165,000		156,080
6.040%, 12/10/49 (d)		1,700,805		1,827,935
Credit Suisse Commercial Mortgage Trust
5.702%, 06/15/39 (d)		19,447		20,773
5.970%, 02/15/41 (d)		305,000		334,333
Credit Suisse First Boston Mortgage Securities Corp.
4.771%, 07/15/37		420,000		423,817
FREMF Mortgage Trust
5.238%, 09/25/43 (144A) (d)		855,000		945,086

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
GMAC Commercial Mortgage Securities, Inc.
5.238%, 11/10/45 (d)		399,734	$	406,809
Greenwich Capital Commercial Mortgage Trust
5.736%, 12/10/49		1,655,000		1,792,443
GS Mortgage Securities Corp. II
2.954%, 11/05/34 (144A)		1,200,000		1,198,084
GS Mortgage Securities Corp. Trust
3.633%, 06/05/31 (144A)		130,000		133,943
GS Mortgage Securities Trust
0.313%, 07/10/46 (d) (e)		13,013,641		150,047
1.689%, 08/10/44 (144A) (d) (e)		1,665,873		97,225
3.674%, 04/10/47 (144A)		235,000		162,921
3.680%, 04/10/47		635,000		665,869
3.862%, 06/10/47		1,015,000		1,077,809
3.998%, 04/10/47		520,000		557,705
4.867%, 04/10/47 (144A) (d)		585,000		555,338
Hilton USA Trust
2.662%, 11/05/30 (144A)		1,055,000		1,056,330
2.907%, 11/05/30 (144A) (d)		251,294		251,307
JP Morgan Chase Commercial Mortgage Securities Corp.
2.840%, 12/15/47		890,059		888,256
4.425%, 12/15/47 (144A) (d)		245,000		210,707
JP Morgan Chase Commercial Mortgage Securities Trust
0.888%, 09/15/47 (d) (e)		4,833,271		250,402
1.661%, 02/12/51 (d)		1,007,125		1,010,346
2.753%, 10/15/45 (144A) (d)		265,147		203,345
3.775%, 08/15/47		520,000		549,955
3.905%, 05/05/30 (144A)		905,000		945,978
3.997%, 04/15/47		570,000		613,308
4.199%, 01/15/47		1,280,000		1,398,921
5.243%, 01/12/43 (d)		685,000		700,106
5.336%, 05/15/47		1,475,549		1,567,068
5.399%, 05/15/45		623,593		656,149
5.433%, 12/12/44 (d)		650,000		674,049
5.698%, 02/12/49 (d)		1,325,000		1,421,492
5.865%, 04/15/45 (d)		735,000		767,465
6.068%, 02/12/51		724,753		792,003
JPMorgan Chase Commercial Mortgage Securities Trust
5.716%, 02/15/51		507,911		546,250
LB-UBS Commercial Mortgage Trust
5.858%, 07/15/40 (d)		1,878,694		1,982,409
5.866%, 09/15/45 (d)		428,388		470,650
6.154%, 04/15/41 (d)		460,000		507,193
Merrill Lynch Mortgage Trust
5.137%, 07/12/38 (d)		260,058		265,367
ML-CFC Commercial Mortgage Trust
5.378%, 08/12/48		1,186,180		1,260,077
5.419%, 08/12/48		340,000		356,952
5.700%, 09/12/49		1,630,000		1,762,799
Morgan Stanley Bank of America Merrill Lynch Trust
3.134%, 12/15/48		155,000		157,114
3.741%, 08/15/47		320,000		337,021
Commercial Mortgage-Backed Securities—(Continued)
Morgan Stanley Bank of America Merrill Lynch Trust
4.064%, 02/15/47		1,295,000		1,396,685
4.500%, 08/15/45 (144A)		250,000		192,726
Morgan Stanley Capital I Trust
3.469%, 08/11/29 (144A)		795,000		822,646
4.989%, 08/13/42		986,155		988,519
5.206%, 11/14/42 (d)		292,661		297,276
5.404%, 10/12/52 (144A) (d)		135,000		136,668
5.656%, 10/15/42 (d)		139,689		143,498
5.692%, 04/15/49 (d)		2,185,000		2,352,629
5.809%, 12/12/49		650,081		706,749
Morgan Stanley Re-REMIC Trust
5.796%, 08/12/45 (144A) (d)		207,425		222,322
5.796%, 08/15/45 (144A) (d)		790,527		847,301
UBS-Barclays Commercial Mortgage Trust
3.185%, 03/10/46		735,000		747,269
4.092%, 03/10/46 (144A) (d)		155,000		127,083
VNDO Mortgage Trust
2.996%, 11/15/30 (144A)		1,105,000		1,106,085
Wachovia Bank Commercial Mortgage Trust
4.935%, 04/15/42		263,758		263,994
5.396%, 03/15/42 (144A) (d)		325,000		326,446
5.418%, 01/15/45 (d)		46,984		48,198
Wells Fargo Commercial Mortgage Trust
2.918%, 10/15/45		255,000		256,814
3.817%, 08/15/50		520,000		550,009
WF-RBS Commercial Mortgage Trust
1.461%, 03/15/47 (d) (e)		2,478,188		208,720
2.917%, 08/15/47		375,233		385,259
3.016%, 11/15/47 (144A)		550,000		375,625
3.678%, 08/15/47		780,000		817,417
3.995%, 05/15/47		565,000		606,616
4.045%, 03/15/47		1,000,000		1,076,274
4.101%, 03/15/47		510,000		552,139
4.902%, 06/15/44 (144A) (d)		650,000		731,417
5.000%, 06/15/44 (144A) (d)		105,000		98,166
5.000%, 04/15/45 (144A) (d)		130,000		100,419
5.562%, 04/15/45 (144A) (d)		255,000		272,163
				63,416,275
Total Mortgage-Backed Securities (Cost $85,749,588)				86,537,100
Asset-Backed Securities—6.1%
Asset-Backed - Automobile—1.8%
American Credit Acceptance Receivables Trust
1.140%, 03/12/18 (144A)		254,220		254,288
AmeriCredit Automobile Receivables Trust
1.310%, 11/08/17		550,000		551,718
1.520%, 01/08/19		185,000		185,214
1.660%, 09/10/18		1,150,000		1,155,962
1.690%, 11/08/18		325,000		325,877
1.930%, 08/08/18		415,000		417,564

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Automobile—(Continued)
AmeriCredit Automobile Receivables Trust
2.290%, 11/08/19		100,000	$	100,715
2.420%, 05/08/18		1,006,000		1,020,962
2.640%, 10/10/17		430,000		436,855
2.720%, 09/09/19		620,000		630,685
3.310%, 10/08/19		245,000		248,995
3.440%, 10/08/17		565,000		574,308
Credit Acceptance Auto Loan Trust
1.210%, 10/15/20 (144A)		340,000		340,100
1.500%, 04/15/21 (144A)		330,000		330,653
1.550%, 10/15/21 (144A)		690,000		688,639
1.880%, 03/15/22 (144A)		1,280,000		1,280,046
DT Auto Owner Trust
4.940%, 07/16/18 (144A)		374,022		379,465
First Investors Auto Owner Trust
1.490%, 01/15/20 (144A)		395,000		395,179
1.670%, 11/16/20 (144A)		1,055,000		1,051,839
1.810%, 10/15/18 (144A)		195,000		195,800
2.390%, 11/16/20 (144A)		285,000		284,140
Flagship Credit Auto Trust
1.210%, 04/15/19 (144A)		331,414		330,572
GM Financial Automobile Leasing Trust
1.960%, 03/20/18 (144A)		200,000		200,214
Prestige Auto Receivables Trust
1.090%, 02/15/18 (144A)		195,440		195,686
1.330%, 05/15/19 (144A)		330,000		330,491
Santander Drive Auto Receivables Trust
1.550%, 10/15/18		805,000		807,574
1.590%, 10/15/18		1,245,000		1,247,638
1.780%, 11/15/18 (144A)		2,360,000		2,364,812
1.820%, 05/15/19		305,000		305,117
1.890%, 10/15/19 (144A)		775,000		781,825
1.940%, 03/15/18		535,000		538,654
2.160%, 01/15/20		610,000		617,673
2.250%, 06/17/19		665,000		671,380
2.360%, 04/15/20		785,000		789,399
2.700%, 08/15/18		350,000		356,062
2.940%, 12/15/17		520,000		527,104
3.120%, 10/15/19 (144A)		300,000		307,167
3.250%, 01/15/20		510,000		525,211
3.780%, 11/15/17		406,867		411,978
3.780%, 10/15/19 (144A)		195,000		200,704
4.670%, 01/15/20 (144A)		1,085,000		1,123,336
Westlake Automobile Receivables Trust
1.580%, 04/15/20 (144A)		1,335,000		1,334,741
				24,816,342
Asset-Backed - Home Equity—0.3%
GSAA Home Equity Trust
0.240%, 12/25/46 (d)		437,914		236,262
0.400%, 04/25/47 (d)		316,699		206,071
0.410%, 11/25/36 (d)		411,526		240,368
0.470%, 03/25/36 (d)		1,887,002		1,319,368
5.985%, 06/25/36 (d)		729,044		438,222
Morgan Stanley ABS Capital I, Inc. Trust
0.320%, 06/25/36 (d)		1,409,321		1,057,500
				3,497,791
Asset-Backed - Other—4.0%
AMMC CLO, Ltd.
1.798%, 07/27/26 (144A) (d)		1,340,000		1,326,769
Apidos CDO
1.681%, 01/19/25 (144A) (d)		895,000		884,650
1.728%, 04/17/26 (144A) (d)		1,595,000		1,584,476
Ares CLO, Ltd.
1.081%, 04/20/23 (144A) (d)		1,311,255		1,299,259
1.748%, 04/17/26 (144A) (d)		1,475,000		1,462,912
Atlas Senior Loan Fund, Ltd.
1.796%, 10/15/26 (144A) (d)		1,190,000		1,181,113
1.796%, 07/16/26 (144A) (d)		615,000		612,159
Atrium VII
1.982%, 11/16/22 (144A) (d)		550,000		549,997
Avalon Capital, Ltd.
2.078%, 04/17/23 (144A) (d)		585,000		579,438
Avery Point CLO, Ltd.
1.754%, 04/25/26 (144A) (d)		1,460,000		1,456,703
Babson CLO, Ltd.
1.720%, 07/20/25 (144A) (d)		340,000		338,724
Battalion CLO, Ltd.
1.632%, 10/22/25 (144A) (d)		615,000		609,077
Benefit Street Partners CLO II, Ltd.
1.431%, 07/15/24 (144A) (d)		320,000		312,501
Carlyle Global Market Strategies CLO, Ltd.
1.621%, 01/20/25 (144A) (d)		1,935,000		1,923,030
Cavalary CLO II
2.228%, 01/17/24 (144A) (d)		990,000		961,096
Cent CLO 21, Ltd.
1.721%, 07/27/26 (144A) (d)		940,000		933,382
CIFC Funding, Ltd.
1.713%, 05/24/26 (144A) (d)		1,580,000		1,567,558
1.731%, 04/18/25 (144A) (d)		1,585,000		1,568,426
2.333%, 08/14/24 (144A) (d)		985,000		984,990
Dryden Senior Loan Fund
1.711%, 07/15/26 (144A) (d)		1,605,000		1,589,663
Finance America Mortgage Loan Trust
1.220%, 09/25/33 (d)		130,708		123,140
Flatiron CLO, Ltd.
2.136%, 07/17/26 (144A) (d)		330,000		323,978
Ford Credit Floorplan Master Owner Trust
1.400%, 02/15/19		230,000		229,621
2.860%, 01/15/19		139,000		142,988
3.500%, 01/15/19		265,000		275,224
Fremont Home Loan Trust
1.220%, 12/25/33 (d)		114,940		109,444
GMACM Home Equity Loan Trust
0.410%, 10/25/34 (144A) (d)		178,788		168,005
Gramercy Park CLO, Ltd.
1.528%, 07/17/23 (144A) (d)		1,345,000		1,330,239
GT Loan Financing I, Ltd.
1.503%, 10/28/24 (144A) (d)		680,000		671,683
HLSS Servicer Advance Receivables Backed Notes
1.495%, 05/16/44 (144A)		140,000		139,916
1.793%, 05/15/46 (144A)		2,210,000		2,183,038
1.979%, 08/15/46 (144A)		385,000		386,271

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
HLSS Servicer Advance Receivables Trust
1.990%, 10/15/45 (144A)		440,000	$	441,769
ING Investment Management Co.
1.441%, 03/14/22 (144A) (d)		1,500,000		1,491,669
1.761%, 10/15/22 (144A) (d)		435,000		433,622
2.091%, 03/14/22 (144A) (d)		500,000		495,392
KKR Financial CLO, Ltd.
1.381%, 07/15/25 (144A) (d)		565,000		551,303
Knollwood CDO, Ltd.
3.433%, 01/10/39 (144A) (d)		557,963		6
Lehman XS Trust
0.430%, 11/25/35 (d)		290,413		206,999
Limerock CLO
1.731%, 04/18/26 (144A) (d)		1,590,000		1,579,271
Madison Park Funding, Ltd.
1.731%, 07/20/26 (144A) (d)		1,485,000		1,480,125
Magnetite, Ltd.
1.700%, 07/25/26 (144A) (d)		1,255,000		1,245,542
1.711%, 04/15/26 (144A) (d)		970,000		963,506
2.230%, 07/25/26 (144A) (d)		1,010,000		990,928
Neuberger Berman CLO, Ltd.
1.626%, 08/04/25 (144A) (d)		1,230,000		1,214,825
1.701%, 04/15/26 (144A) (d)		1,170,000		1,159,910
Newcastle Mortgage Securities Trust
0.400%, 04/25/37 (d)		525,000		343,657
Oak Hill Credit Partners X, Ltd.
1.701%, 07/20/26 (144A) (d)		455,000		454,346
Octagon Investment Partners XVI, Ltd.
1.348%, 07/17/25 (144A) (d)		720,000		703,475
OHA Loan Funding, Ltd.
1.503%, 08/23/24 (144A) (d)		695,000		687,404
OZLM Funding IV, Ltd.
1.382%, 07/22/25 (144A) (d)		1,205,000		1,181,566
SBA Tower Trust
2.898%, 10/15/44 (144A)		845,000		847,216
Securitized Asset Backed Receivables LLC Trust
0.260%, 07/25/36 (d)		616,234		300,087
Seneca Park CLO, Ltd.
1.704%, 07/17/26 (144A) (d)		1,095,000		1,085,652
Shackleton CLO, Ltd.
1.722%, 07/17/26 (144A) (d)		1,105,000		1,075,556
Sound Point CLO, Ltd.
1.601%, 01/21/26 (144A) (d)		260,000		256,280
SpringCastle America Funding LLC
2.700%, 05/25/23 (144A)		1,252,888		1,250,892
Springleaf Funding Trust
2.410%, 12/15/22 (144A)		1,140,000		1,139,056
Symphony CLO L.P.
1.985%, 01/09/23 (144A) (d)		1,280,000		1,273,056
Symphony CLO, Ltd.
1.756%, 07/14/26 (144A) (d)		1,295,000		1,287,609
Vibrant CLO, Ltd.
1.708%, 07/17/24 (144A) (d)		1,920,000		1,907,076
Asset-Backed - Other—(Continued)
Vibrant CLO, Ltd.
2.628%, 07/17/24 (144A) (d)		500,000		492,773
				54,350,038
Total Asset-Backed Securities (Cost $83,414,963)				82,664,171
Floating Rate Loans (k)—2.2%
Agriculture—0.0%
American Rock Salt Holdings LLC
1st Lien Term Loan, 4.750%, 05/20/21		288,550		281,817
Auto Components—0.1%
Roundy’s Supermarkets, Inc.
Term Loan B, 5.750%, 03/03/21		149,845		140,854
Sedgwick Claims Management Services, Inc.
1st Lien Term Loan, 3.750%, 03/01/21		805,396		784,590
2nd Lien Term Loan, 6.750%, 02/28/22		205,000		193,469
				1,118,913
Auto Manufacturers—0.1%
Chrysler Group LLC
Term Loan B, 3.250%, 12/31/18		883,325		877,529
Chemicals—0.2%
Arysta LifeScience SPC LLC
1st Lien Term Loan, 4.500%, 05/29/20		356,381		354,896
Ferro Corp.
Term Loan B, 4.000%, 07/31/21		114,713		113,422
Ineos U.S. Finance LLC
Term Loan, 3.750%, 05/04/18		1,564,175		1,522,557
Nexeo Solutions LLC
Term Loan B3, 5.000%, 09/08/17		767,250		743,274
				2,734,149
Coal—0.0%
Arch Coal, Inc.
Term Loan B, 6.250%, 05/16/18		321,708		267,500
Commercial Services—0.0%
Acosta Holdco, Inc.
Term Loan, 5.000%, 09/26/21		185,000		184,954
Moneygram International, Inc.
Term Loan B, 4.250%, 03/27/20		179,432		166,423
				351,377
Diversified Financial Services—0.1%
Delos Finance S.a.r.l.
Term Loan B, 3.500%, 03/06/21		335,000		333,046

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (d)—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
TransUnion LLC
Term Loan, 4.000%, 04/09/21		436,061	$	430,883
				763,929
Electric—0.1%
Calpine Construction Finance Co. L.P.
Term Loan B2, 3.250%, 01/31/22		1,608,716		1,563,137
Energy Future Intermediate Holding Co. LLC
Term Loan, 4.250%, 06/19/16		100,000		100,156
Texas Competitive Electric Holdings Co. LLC
Term Loan, 3.750%, 05/05/16		141,089		141,883
				1,805,176
Energy Equipment & Services—0.0%
Chief Exploration & Development LLC
2nd Lien Term Loan, 7.500%, 05/12/21		105,000		95,288
Seadrill Partners Finco LLC
Term Loan B, 4.000%, 02/21/21		683,100		533,501
				628,789
Food—0.1%
Albertson’s Holdings LLC
Term Loan B4, 4.500%, 08/25/21		225,000		225,422
Aramark Services, Inc.
Term Loan F, 3.250%, 02/24/21		492,280		484,998
JBS USA Holdings, Inc.
Incremental Term Loan, 3.750%, 09/18/20		575,946		568,920
				1,279,340
Healthcare-Products—0.1%
Mallinckrodt International Finance S.A.
Term Loan B, 3.250%, 03/19/21		774,150		759,796
Healthcare-Services—0.2%
24 Hour Fitness Worldwide, Inc.
Term Loan B, 4.750%, 05/28/21		159,200		153,727
DaVita HealthCare Partners, Inc.
Term Loan B, 3.500%, 06/24/21		174,125		172,726
IMS Health, Inc.
Term Loan, 3.500%, 03/17/21		952,800		934,141
Medpace Holdings, Inc.
1st Lien Term Loan, 4.750%, 04/01/21		276,321		274,076
MPH Acquisition Holdings LLC
Term Loan, 3.750%, 03/31/21		227,273		221,449
Ortho-Clinical Diagnostics, Inc.
Term Loan B, 4.750%, 06/30/21		238,800		235,367
U.S. Renal Care, Inc.
Term Loan, 4.250%, 07/03/19		376,190		371,018
				2,362,504
Hotels, Restaurants & Leisure—0.0%
Aristocrat Leisure, Ltd.
Term Loan B, 4.750%, 10/20/21		225,000		221,625
Household Products—0.1%
Revlon Consumer Products Corp.
Term Loan B, 3.250%, 11/20/17		950,000		942,875
Insurance—0.1%
Asurion LLC
2nd Lien Term Loan, 8.500%, 03/03/21		285,000		284,287
Term Loan B1, 5.000%, 05/24/19		226,521		223,784
Term Loan B2, 4.250%, 07/08/20		296,985		288,818
Hub International, Ltd.
Term Loan B, 4.250%, 10/02/20		346,128		337,129
				1,134,018
Internet & Catalog Retail—0.0%
Lands’ End, Inc.
Term Loan B, 4.250%, 04/04/21		233,238		228,281
Internet Software & Services—0.0%
Dealertrack Technologies, Inc.
Term Loan B, 3.250%, 02/28/21		539,022		529,751
Leisure Time—0.1%
Delta 2 (LUX) S.a.r.l.
2nd Lien Term Loan, 7.750%, 07/31/22		165,000		161,081
Term Loan B3, 4.750%, 07/30/21		500,000		489,219
				650,300
Lodging—0.1%
La Quinta Intermediate Holdings LLC
Term Loan B, 4.000%, 04/14/21		568,616		562,646
Station Casinos LLC
Term Loan B, 4.250%, 03/02/20		311,515		306,063
				868,709
Machinery-Diversified—0.1%
Alliance Laundry Systems LLC
Term Loan, 4.250%, 12/10/18		149,171		147,866
Gardner Denver, Inc.
Term Loan, 4.250%, 07/30/20		569,236		534,992
Interline Brands, Inc.
Term Loan, 4.000%, 03/17/21		769,188		743,227
PRA Holdings, Inc.
1st Lien Term Loan, 4.500%, 09/23/20		266,875		263,873
				1,689,958
Media—0.0%
Advantage Sales & Marketing, Inc.
1st Lien Term Loan, 4.250%, 07/23/21		139,650		138,472

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (d)—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Charter Communications Operating LLC
Term Loan G, 4.250%, 09/12/21		180,000	$	181,137
Numericable U.S. LLC
Term Loan B1, 4.500%, 05/21/20		93,827		93,827
Term Loan B2, 4.500%, 05/21/20		81,173		81,173
				494,609
Oil & Gas—0.0%
Fieldwood Energy LLC
1st Lien Term Loan, 3.875%, 09/28/18		504,890		479,961
Paragon Offshore Finance Co.
Term Loan B, 3.750%, 07/18/21		99,750		82,793
Templar Energy LLC
2nd Lien Term Loan, 8.500%, 11/25/20		100,000		72,250
				635,004
Packaging & Containers—0.1%
Berry Plastics Holding Corp.
Term Loan D, 3.500%, 02/08/20		296,977		288,810
BWAY Holding Co., Inc.
Term Loan B, 5.552%, 08/14/20		169,150		168,463
Caesars Growth Properties Holdings LLC
Term Loan, 6.250%, 05/08/21		213,925		198,594
Signode Industrial Group U.S., Inc.
Term Loan B, 3.750%, 05/01/21		308,333		296,771
				952,638
Pharmaceuticals—0.0%
Grifols Worldwide Operations USA, Inc.
Term Loan B, 3.169%, 02/27/21		645,125		637,383
Pipelines—0.0%
Energy Transfer Equity L.P.
Term Loan, 3.250%, 12/02/19		325,000		316,062
Retail—0.2%
J Crew Group, Inc.
Term Loan B, 4.000%, 03/05/21		895,500		844,009
Michaels Stores, Inc.
Incremental Term Loan B2, 4.000%, 01/28/20		124,688		123,129
Neiman Marcus Group, Inc. (The)
Term Loan, 4.250%, 10/25/20		640,163		627,981
Party City Holdings, Inc.
Term Loan, 4.000%, 07/27/19		623,700		611,226
Rite Aid Corp.
Term Loan 7, 3.500%, 02/21/20		744,375		742,979
				2,949,324
Semiconductors—0.1%
Avago Technologies Cayman, Ltd.
Term Loan B, 3.750%, 05/06/21		218,900		218,353
Semiconductors—(Continued)
Entegris, Inc.
Term Loan B, 3.500%, 04/30/21		435,514		427,076
Freescale Semiconductor, Inc.
Term Loan B4, 4.250%, 02/28/20		346,500		338,704
				984,133
Software—0.1%
Infor (U.S.), Inc.
Term Loan B5, 3.750%, 06/03/20		339,796		330,133
Kronos, Inc.
2nd Lien Term Loan, 9.750%, 04/30/20		154,879		158,266
Incremental Term Loan, 4.500%, 10/30/19		405,378		403,351
				891,750
Telecommunications—0.2%
Level 3 Financing, Inc.
Incremental Term Loan B5, 4.500%, 01/31/22		190,000		190,653
West Corp.
Term Loan B10, 3.250%, 06/30/18		263,650		259,036
XO Communications LLC
Term Loan, 4.250%, 03/17/21		372,188		367,768
Ziggo Financing Partnership
Term Loan B1, 3.500%, 01/15/22		536,191		522,787
Term Loan B2A, 3.500%, 01/15/22		345,532		336,893
Term Loan B3, 3.500%, 01/15/22		568,277		554,070
				2,231,207
Trading Companies & Distributors—0.0%
Neff Rental LLC
2nd Lien Term Loan, 7.250%, 06/09/21		104,130		102,829
Total Floating Rate Loans (Cost $30,450,637)				29,691,275
Foreign Government—1.3%
Sovereign—1.3%
Brazil Letras Financeiras do Tesouro
Zero Coupon, 09/01/20 (BRL) (d)		586,000		1,441,165
Brazilian Government International Bond
5.000%, 01/27/45 (b)		300,000		294,000
Colombian TES
6.000%, 04/28/28 (COP)		1,758,600,000		642,094
Costa Rica Government International Bond
5.625%, 04/30/43 (b)		600,000		493,500
Croatia Government International Bond
6.000%, 01/26/24		300,000		323,250
Dominican Republic International Bond
11.500%, 05/10/24 (144A) (DOP)		40,000,000		899,325
Export-Import Bank of China (The)
3.625%, 07/31/24 (b)		1,575,000		1,590,369

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Federal Democratic Republic of Ethiopia
6.625%, 12/11/24 (144A)		270,000	$	263,250
Indonesia Treasury Bonds
8.375%, 03/15/24 (IDR)		9,000,000,000		753,936
Kazakhstan Government International Bond
4.875%, 10/14/44 (144A)		850,000		777,750
Kenya Government International Bond
6.875%, 06/24/24		500,000		523,750
Mexican Udibonos
4.000%, 06/13/19 (MXN)		13,085,270		967,854
4.000%, 11/08/46 (MXN)		10,960,784		848,098
Mexico Government International Bonds
4.000%, 10/02/23 (b)		1,024,000		1,062,400
4.750%, 03/08/44		1,400,000		1,459,500
6.750%, 09/27/34		75,000		97,950
Nigeria Government International Bond
5.125%, 07/12/18		775,000		767,250
Romanian Government International Bond
4.375%, 08/22/23 (b)		1,000,000		1,051,250
Russian Federal Bond - OFZ
7.500%, 02/27/19 (RUB)		30,675,000		388,802
South Africa Government Bond
7.750%, 02/28/23 (ZAR)		11,525,000		991,323
Uruguay Government International Bonds
4.250%, 04/05/27 (UYU)		23,487,348		951,762
4.375%, 12/15/28 (UYU)		5,325,071		220,444
Venezuela Government International Bond
7.000%, 03/31/38 (b)		950,000		388,550
Total Foreign Government (Cost $18,363,927)				17,197,572
Municipals—0.5%
Puerto Rico Commonwealth Government Employees Retirement System
6.150%, 07/01/38		1,860,000		924,234
6.200%, 07/01/39		825,000		409,934
6.550%, 07/01/58		315,000		156,486
State of California General Obligation Unlimited, Build America Bonds
7.350%, 11/01/39		1,525,000		2,258,830
7.600%, 11/01/40		350,000		546,115
State of Illinois
4.511%, 03/01/15		650,000		654,524
University of California CA, Revenue
4.601%, 05/15/31		1,775,000		1,960,807
Total Municipals (Cost $6,600,243)				6,910,930
Purchased Options—0.0%
Security Description	Shares/ Notional/ Principal Amount*		Value
Call Options—0.0%
BRL Currency, Strike Price BRL 2.41 Expires 09/28/15 (Counterparty - JPMorgan Chase Bank N.A.) (BRL) (h)		330,000		310
INR Currency, Strike Price INR 62.55 Expires 01/16/15 (Counterparty - Bank of America N.A.) (INR) (h)		70,000,000		964
MXN Currency, Strike Price MXN 13.61 Expires 01/15/15 (Counterparty - JPMorgan Chase Bank N.A.) (MXN) (h)		14,412,013		0
RUB Currency, Strike Price $36.97 Expires 09/02/15 (Counterparty - JPMorgan Chase Bank N.A.) (RUB) (h)		50,000,000		5,236
				6,510
Put Options—0.0%
10 Year Interest Rate Swap, Exercise Rate 3.50%, Expires 04/29/15 (Counterparty - JPMorgan Chase Bank N.A.) (h)		7,575,000		996
PEN Currency, Strike Price PEN 3.01 Expires 03/10/15 (Counterparty - JPMorgan Chase Bank N.A.) (PEN) (h)		1,790,000		8,459
				9,455
Total Purchased Options (Cost $200,031)				15,965
Short-Term Investments—8.8%
Mutual Fund—3.8%
State Street Navigator Securities Lending MET Portfolio (i)		52,284,330		52,284,330
U.S. Treasury—1.7%
U.S. Treasury Bills
0.005%, 01/08/15 (f) (j)		15,575,000		15,574,982
0.010%, 01/02/15 (b) (j)		3,900,000		3,899,998
0.024%, 01/29/15 (j)		3,900,000		3,899,927
				23,374,907
Commercial Paper—0.6%
Abbey National Treasury Services plc
0.070%, 01/08/15 (j)		3,950,000		3,950,000
Sumitomo Mitsui Banking Corp.
0.140%, 01/08/15 (j)		3,950,000		3,950,000
				7,900,000

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreement—2.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $36,322,076 on 01/02/15, collateralized by $37,050,000 Federal Home Loan Bank at 0.160% due 03/11/15 with a value of $37,050,000.		36,322,076	$	36,322,076
Total Short-Term Investments (Cost $119,881,313)				119,881,313
Total Investments—107.9% (Cost $1,365,192,924) (m)				1,465,403,026
Other assets and liabilities (net)—(7.9)%				(107,036,274	)
Net Assets—100.0%			$	1,358,366,752

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $60,508,843 and the collateral received consisted of cash in the amount of $52,284,330 and non-cash collateral with a value of $10,070,545. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(d) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(e) Interest only security.

(f) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2014, the market value of securities pledged was $2,654,520.

(g) Non-income producing; Security is in default and/or issuer is in bankruptcy.

(h) Illiquid security. As of December 31, 2014, these securities represent 0.0% of net assets.

(i) Represents investment of cash collateral received from securities lending transactions.

(j) The rate shown represents current yield to maturity.

(k) Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(l) Principal amount of security is adjusted for inflation.

(m) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,368,564,346. The aggregate unrealized appreciation and depreciation of investments were $98,296,102 and $(1,457,422), respectively, resulting in net unrealized appreciation of $96,838,680 for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $118,646,826, which is 8.7% of net assets.

(ACES)— Alternative Credit Enhancement Securities.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

(ARM)— Adjustable-Rate Mortgage

(BRL)— Brazilian Real

(CDO)— Collateralized Debt Obligation

(CLO)— Collateralized Loan Obligation

(CMO)— Collateralized Mortgage Obligation

(COP)— Colombian Peso

(DOP)— Dominican Peso

(EUR)— Euro

(GBP)— British Pound

(IDR)— Indonesian Rupiah

(INR)— Indian Rupee

(MXN)— Mexican Peso

(PEN)— Peruvian Nuevo Sol

(REMIC)— Real Estate Mortgage Investment Conduit

(RUB)— Russian Ruble

(UYU)— Uruguayan Peso

(ZAR)— South African Rand

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
BRL	2,085,000	UBS AG		01/15/15	$	767,580	$	14,669
EUR	100,000	Royal Bank of Canada		01/16/15		122,887		(1,868	)

See accompanying notes to financial statements.

MSF-22

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	4,000	National Australia Bank Ltd.		03/18/15	$	4,955	$	(112	)
MYR	2,520,000	Bank of America N.A.		02/13/15		721,753		(3,322	)
NGN	153,497,000	BNP Paribas S.A.		10/08/15		845,714		(92,921	)
RON	2,900,000	BNP Paribas S.A.		03/16/15		803,280		(21,749	)
RSD	49,000,000	Citibank N.A.		09/18/15		493,802		(35,176	)
TRY	2,125,000	Bank of America N.A.		03/31/15		894,812		(2,093	)
Contracts to Deliver
BRL	2,085,000	UBS AG		01/15/15		776,797		(5,452	)
COP	1,880,400,000	Bank of America N.A.		01/15/15		791,914		838
COP	1,643,100,000	Bank of America N.A.		01/15/15		704,437		13,193
EUR	5,702,000	JPMorgan Chase Bank N.A.		01/16/15		7,081,171		180,656
EUR	415,000	Citibank N.A.		09/18/15		536,782		33,113
GBP	1,002,000	Citibank N.A.		01/16/15		1,569,503		7,920
GBP	325,000	Bank of America N.A.		02/06/15		512,455		6,037
GBP	165,000	Bank of America N.A.		02/06/15		261,521		4,416
GBP	265,000	Morgan Stanley & Co. International plc		02/06/15		417,111		4,186
MYR	5,310,000	Barclays Bank plc		02/13/15		1,579,652		65,815
NGN	77,000,000	Citibank N.A.		10/08/15		364,066		(13,564	)
RUB	14,000,000	JPMorgan Chase Bank N.A.		01/15/15		266,286		36,114
TRY	2,125,000	Barclays Bank plc		03/31/15		910,778		18,059
ZAR	5,940,000	Barclays Bank plc		01/15/15		515,325		2,648
Net Unrealized Appreciation							$	211,407

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		4.500	%		TBA		(3,500,000	)	$	(3,682,930	)	$	(3,677,461	)
Fannie Mae 15 Yr. Pool		3.500	%		TBA		(9,700,000	)		(10,231,984	)		(10,247,140	)
Fannie Mae 30 Yr. Pool		3.000	%		TBA		(1,200,000	)		(1,201,688	)		(1,213,875	)
Fannie Mae 30 Yr. Pool		3.500	%		TBA		(7,500,000	)		(7,809,984	)		(7,818,165	)
Freddie Mac 30 Yr. Gold Pool		5.000	%		TBA		(700,000	)		(774,484	)		(772,434	)
Freddie Mac 30 Yr. Gold Pool		5.500	%		TBA		(1,000,000	)		(1,118,828	)		(1,117,109	)
Ginnie Mae I 30 Yr. Pool		4.000	%		TBA		(1,200,000	)		(1,282,328	)		(1,287,361	)
Ginnie Mae I 30 Yr. Pool		4.500	%		TBA		(8,700,000	)		(9,500,125	)		(9,505,770	)
Ginnie Mae II 30 Yr. Pool		4.500	%		TBA		(3,500,000	)		(3,824,570	)		(3,824,160	)
Ginnie Mae II 30 Yr. Pool		3.500	%		TBA		(1,600,000	)		(1,678,516	)		(1,679,500	)
Totals									$	(41,105,437	)	$	(41,142,975	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index Futures		03/20/15		101			USD	10,450,085		$	(85,465	)
U.S. Treasury Long Bond Futures		03/20/15		193			USD	27,711,805			188,758
U.S. Treasury Note 2 Year Futures		03/31/15		131			USD	28,685,276			(49,495	)
U.S. Treasury Note 5 Year Futures		03/31/15		484			USD	57,565,487			(3,518	)
U.S. Treasury Ultra Long Bond Futures		03/20/15		129			USD	21,139,087			170,101
United Kingdom Long Gilt Bond Futures		03/27/15		9			GBP	1,047,429			44,171
Futures Contracts—Short
Euro-Bund Futures		03/06/15		(8	)		EUR	(1,224,571	)		(27,092	)
U.S. Treasury Note 10 Year Futures		03/20/15		(137	)		USD	(17,343,345	)		(27,827	)
Net Unrealized Appreciation										$	209,633

See accompanying notes to financial statements.

MSF-23

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Swap Agreements

Centrally Cleared Credit Default Swap Agreements—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Implied Credit Spread at December 31, 2014(b)	Notional Amount(c)			Unrealized Appreciation/ (Depreciation)
Markit CDX North America High Yield Index, Series 22		(5.000%	)		06/20/19	3.265%		USD	1,965,150	$	(10,256	)
Markit CDX North America High Yield Index, Series 23		(5.000%	)		12/20/19	3.557%		USD	30,970,000		(236,619	)
Markit CDX North America Investment Grade, Series 23		(1.000%	)		12/20/19	0.661%		USD	36,475,000		(67,835	)
Markit iTraxx Crossover Index, Series 22		(5.000%	)		12/20/19	3.459%		EUR	11,415,000		89,782
Markit iTraxx Europe Index, Series 22		(1.000%	)		12/20/19	0.630%		EUR	7,205,000		11,931
Totals										$	(212,997	)

OTC Credit Default Swaps on Corporate and Sovereign Issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value			Upfront Premium Paid/ (Received)			Unrealized Depreciation
Darden Restaurants, Inc. 6.200%, due 10/15/17		(1.000%	)		12/20/19	Barclays Bank plc		1.462%		USD	575,000	$	12,500		$	21,831		$	(9,331	)
Darden Restaurants, Inc. 6.200%, due 10/15/17		(1.000%	)		12/20/19	Barclays Bank plc		1.462%		USD	230,000		5,000			8,501			(3,501	)
Darden Restaurants, Inc. 6.200%, due 10/15/17		(1.000%	)		12/20/19	Barclays Bank plc		1.462%		USD	115,000		2,500			4,361			(1,861	)
Darden Restaurants, Inc. 6.200%, due 10/15/17		(1.000%	)		12/20/19	Barclays Bank plc		1.462%		USD	105,000		2,283			3,735			(1,452	)
Federative Republic of Brazil 12.250%, due 03/06/30		(1.000%	)		12/20/19	Goldman Sachs International		1.937%		USD	690,000		29,939			29,980			(41	)
Federative Republic of Brazil 12.250%, due 03/06/30		(1.000%	)		12/20/19	JPMorgan Chase Bank N.A.		1.937%		USD	685,000		29,722			34,893			(5,171	)
Republic of South Africa 5.500%, due 03/09/20		(1.000%	)		12/20/19	Goldman Sachs International		1.832%		USD	650,000		(25,173	)		(18,038	)		(7,135	)
Russian Federation 7.500%, due 03/31/30		(1.000%	)		12/20/19	Goldman Sachs International		4.779%		USD	2,150,000		337,930			467,273			(129,343	)
Totals												$	394,701		$	552,536		$	(157,835	)

OTC Credit Default Swaps on Sovereign Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value			Upfront Premium (Received)			Unrealized Appreciation
Republic of Turkey 11.875%, due 11/15/30		1.000%		12/20/19	BNP Paribas S.A.		1.772%		USD	660,000	$	(23,749	)	$	(24,333	)	$	584

OTC Credit Default Swaps on Credit Indices—Buy Protection (a)

Reference Obligation	Fixe Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Markit ABX-HE AAA, Series 6, Version 1		(0.180%	)		07/25/45	JPMorgan Chase Bank N.A.		N/A		USD	89,807	$	2,245	$	2,260	$	(15	)
Markit ABX-HE AAA, Series 6, Version 1		(0.180%	)		07/25/45	JPMorgan Chase Bank N.A.		N/A		USD	27,871		697		—		697

See accompanying notes to financial statements.

MSF-24

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

OTC Credit Default Swaps on Credit Indices—Buy Protection (a)—(Continued)

Reference Obligation	Fixe Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)			Notional Amount(c)			Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Markit ABX-HE AAA, Series 6, Version 2		(0.110	%)		05/25/46	Bank of America N.A.		N/A			USD	673,295	$	133,817		$	142,656		$	(8,839	)
Markit ABX-HE AAA, Series 6, Version 2		(0.110	%)		05/25/46	Barclays Bank plc		N/A			USD	750,113		149,085			150,310			(1,225	)
Markit ABX-HE AAA, Series 6, Version 2		(0.110	%)		05/25/46	Credit Suisse International		N/A			USD	881,157		175,130			180,640			(5,510	)
Markit ABX-HE AAA, Series 6, Version 2		(0.110	%)		05/25/46	JPMorgan Chase Bank N.A.		N/A			USD	2,331,678		463,421			479,094			(15,673	)
Markit ABX-HE AAA, Series 6, Version 2		(0.110	%)		05/25/46	JPMorgan Chase Bank N.A.		N/A			USD	347,944		69,154			74,063			(4,909	)
Markit ABX-HE AAA, Series 6, Version 2		(0.110	%)		05/25/46	JPMorgan Chase Bank N.A.		N/A			USD	144,600		28,739			28,943			(204	)
Markit ABX-HE AAA, Series 7, Version 1		(0.090	%)		08/25/37	JPMorgan Chase Bank N.A.		N/A			USD	396,194		102,406			101,031			1,375
Markit ABX-HE AAA, Series 7, Version 1		(0.090	%)		08/25/37	JPMorgan Chase Bank N.A.		N/A			USD	170,989		44,196			43,603			593
Markit ABX-HE AAA, Series 7, Version 1		(0.090	%)		08/25/37	JPMorgan Chase Bank N.A.		N/A			USD	116,773		30,183			30,361			(178	)
Markit ABX-HE PEN AAA, Series 6, Version 2		(0.110	%)		05/25/46	JPMorgan Chase Bank N.A.		N/A			USD	498,778		69,205			69,908			(703	)
Markit CDX Emerging Markets Index, Series 2, Version 2		(1.000	%)		12/20/19	JPMorgan Chase Bank N.A.		3.394	%		USD	1,225,000		127,870			147,000			(19,130	)
Markit CMBX North America A, Series 7		(2.000	%)		01/17/47	JPMorgan Chase Bank N.A.		N/A			USD	480,000		(954	)		(10,238	)		9,284
Markit CMBX North America AA, Series 2		(0.150	%)		03/15/49	Credit Suisse International		N/A			USD	1,597,191		533,728			477,737			55,991
Markit CMBX North America AA, Series 7		(1.500	%)		01/17/47	Bank of America N.A.		N/A			USD	115,000		101			(1,302	)		1,403
Markit CMBX North America AA, Series 7		(1.500	%)		01/17/47	Credit Suisse International		N/A			USD	405,000		355			(3,797	)		4,152
Markit CMBX North America AA, Series 7		(1.500	%)		01/17/47	Credit Suisse International		N/A			USD	400,000		350			1,649			(1,299	)
Markit CMBX North America AA, Series 7		(1.500	%)		01/17/47	Credit Suisse International		N/A			USD	385,000		337			2,154			(1,817	)
Markit CMBX North America AA, Series 7		(1.500	%)		01/17/47	Credit Suisse International		N/A			USD	385,000		337			1,853			(1,516	)
Markit CMBX North America AA, Series 7		(1.500	%)		01/17/47	Credit Suisse International		N/A			USD	370,000		324			(3,280	)		3,604
Markit CMBX North America AA, Series 7		(1.500	%)		01/17/47	Credit Suisse International		N/A			USD	320,000		280			(3,623	)		3,903
Markit CMBX North America AJ, Series 1		(0.840	%)		10/12/52	Credit Suisse International		N/A			USD	710,000		15,718			22,422			(6,704	)
Markit CMBX North America AJ, Series 2		(1.090	%)		03/15/49	Credit Suisse International		N/A			USD	1,328,797		113,595			101,344			12,251
Markit CMBX North America AJ, Series 2		(1.090	%)		03/15/49	Credit Suisse International		N/A			USD	555,318		47,473			41,643			5,830
Markit CMBX North America AJ, Series 2		(1.090	%)		03/15/49	Deutsche Bank AG		N/A			USD	252,868		21,617			19,286			2,331
Markit CMBX North America AJ, Series 4		(0.960	%)		02/17/51	Bank of America N.A.		N/A			USD	682,296		132,655			121,019			11,636
Markit CMBX North America AJ, Series 4		(0.960	%)		02/17/51	Credit Suisse International		N/A			USD	747,038		145,243			152,137			(6,894	)
Markit CMBX North America AJ, Series 4		(0.960	%)		02/17/51	Credit Suisse International		N/A			USD	632,493		122,973			126,516			(3,543	)
Markit CMBX North America AJ, Series 4		(0.960	%)		02/17/51	Credit Suisse International		N/A			USD	582,690		113,290			112,169			1,121

See accompanying notes to financial statements.

MSF-25

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

OTC Credit Default Swaps on Credit Indices—Buy Protection (a)—(Continued)

Reference Obligation	Fixe Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Markit CMBX North America AJ, Series 4		(0.960	%)		02/17/51	Credit Suisse International		N/A		USD	463,164	$	90,051	$	87,435	$	2,616
Markit CMBX North America AJ, Series 4		(0.960	%)		02/17/51	Credit Suisse International		N/A		USD	363,559		70,685		62,269		8,416
Markit CMBX North America AJ, Series 4		(0.960	%)		02/17/51	Credit Suisse International		N/A		USD	249,013		48,414		44,673		3,741
Markit CMBX North America AJ, Series 4		(0.960	%)		02/17/51	Credit Suisse International		N/A		USD	234,072		45,509		40,237		5,272
Markit CMBX North America AJ, Series 4		(0.960	%)		02/17/51	Credit Suisse International		N/A		USD	99,605		19,366		19,301		65
Markit CMBX North America AJ, Series 4		(0.960	%)		02/17/51	Deutsche Bank AG		N/A		USD	348,618		67,780		60,582		7,198
Markit CMBX North America AJ, Series 4		(0.960	%)		02/17/51	Deutsche Bank AG		N/A		USD	229,092		44,541		40,527		4,014
Markit CMBX North America AM, Series 2		(0.500	%)		03/15/49	Credit Suisse International		N/A		USD	2,840,000		28,649		41,095		(12,446	)
Markit CMBX North America AM, Series 4		(0.500	%)		02/17/51	Credit Suisse International		N/A		USD	435,000		13,879		23,564		(9,685	)
Markit CMBX North America AS, Series 6		(1.000	%)		05/11/63	Credit Suisse International		N/A		USD	1,080,000		9,207		11,647		(2,440	)
Markit CMBX North America AS, Series 7		(1.000	%)		01/17/47	Credit Suisse International		N/A		USD	535,000		8,814		8,498		316
Markit CMBX North America AS, Series 7		(1.000	%)		01/17/47	Credit Suisse International		N/A		USD	485,000		7,440		11,679		(4,239	)
Markit CMBX North America AS, Series 7		(1.000	%)		01/17/47	Credit Suisse International		N/A		USD	140,000		2,307		2,463		(156	)
Markit CMBX North America AS, Series 7		(1.000	%)		01/17/47	Credit Suisse International		N/A		USD	50,000		824		456		368
Totals												$	3,101,036	$	3,061,984	$	39,052

OTC Credit Default Swaps on Credit Indices—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Markit CMBX North America A, Series 2		0.250%		03/15/49	Bank of America N.A.		N/A		USD	275,467	$	(181,579	)	$	(161,034	)	$	(20,545	)
Markit CMBX North America A, Series 6		2.000%		05/11/63	Morgan Stanley & Co. International plc		N/A		USD	355,000		3,853			3,258			595
Markit CMBX North America AAA, Series 6		0.500%		05/11/63	Bank of America N.A.		N/A		USD	375,000		(7,966	)		(8,693	)		727
Markit CMBX North America AAA, Series 6		0.500%		05/11/63	Bank of America N.A.		N/A		USD	770,000		(16,357	)		(20,438	)		4,081
Markit CMBX North America AAA, Series 6		0.500%		05/11/63	Bank of America N.A.		N/A		USD	1,095,000		(23,261	)		(24,760	)		1,499
Markit CMBX North America AAA, Series 6		0.500%		05/11/63	Credit Suisse International		N/A		USD	1,135,000		(24,111	)		(22,567	)		(1,544	)
Markit CMBX North America AAA, Series 6		0.500%		05/11/63	Credit Suisse International		N/A		USD	6,970,000		(148,063	)		(146,772	)		(1,291	)
Markit CMBX North America AAA, Series 6		0.500%		05/11/63	Deutsche Bank AG		N/A		USD	315,000		(6,692	)		(7,036	)		344
Markit CMBX North America AAA, Series 6		0.500%		05/11/63	Deutsche Bank AG		N/A		USD	750,000		(15,932	)		(11,532	)		(4,400	)
Markit CMBX North America AAA, Series 6		0.500%		05/11/63	Deutsche Bank AG		N/A		USD	1,115,000		(23,686	)		(24,026	)		340

See accompanying notes to financial statements.

MSF-26

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

OTC Credit Default Swaps on credit indices—Sell Protection (d)—(Continued)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Markit CMBX North America AAA, Series 6		0.500%		05/11/63	JPMorgan Chase Bank N.A.		N/A		USD	410,000	$	(8,710	)	$	(10,714	)	$	2,004
Markit CMBX North America AAA, Series 6		0.500%		05/11/63	Morgan Stanley & Co. International plc		N/A		USD	745,000		(15,826	)		(16,860	)		1,034
Markit CMBX North America AAA, Series 7		0.500%		01/17/47	Bank of America N.A.		N/A		USD	755,000		(23,909	)		(18,821	)		(5,088	)
Markit CMBX North America AAA, Series 7		0.500%		01/17/47	Credit Suisse International		N/A		USD	300,000		(9,500	)		(7,836	)		(1,664	)
Markit CMBX North America AAA, Series 7		0.500%		01/17/47	Credit Suisse International		N/A		USD	450,000		(14,250	)		(12,888	)		(1,362	)
Markit CMBX North America BB, Series 6		5.000%		05/11/63	Bank of America N.A.		N/A		USD	340,000		1,147			(1,302	)		2,449
Markit CMBX North America BB, Series 6		5.000%		05/11/63	Bank of America N.A.		N/A		USD	270,000		911			(1,194	)		2,105
Markit CMBX North America BB, Series 6		5.000%		05/11/63	Barclays Bank plc		N/A		USD	255,000		860			1,707			(847	)
Markit CMBX North America BB, Series 6		5.000%		05/11/63	Credit Suisse International		N/A		USD	1,342,000		4,526			(13,934	)		18,460
Markit CMBX North America BB, Series 6		5.000%		05/11/63	Credit Suisse International		N/A		USD	900,000		3,035			21,976			(18,941	)
Markit CMBX North America BB, Series 6		5.000%		05/11/63	Credit Suisse International		N/A		USD	815,000		2,748			13,988			(11,240	)
Markit CMBX North America BB, Series 6		5.000%		05/11/63	Credit Suisse International		N/A		USD	450,000		1,517			(3,100	)		4,617
Markit CMBX North America BB, Series 6		5.000%		05/11/63	Credit Suisse International		N/A		USD	140,000		472			(19	)		491
Markit CMBX North America BB, Series 7		5.000%		01/17/47	Bank of America N.A.		N/A		USD	225,000		(4,584	)		(6,120	)		1,536
Markit CMBX North America BB, Series 7		5.000%		01/17/47	Bank of America N.A.		N/A		USD	230,000		(4,686	)		(5,674	)		988
Markit CMBX North America BB, Series 7		5.000%		01/17/47	Bank of America N.A.		N/A		USD	405,000		(8,251	)		3,616			(11,867	)
Markit CMBX North America BB, Series 7		5.000%		01/17/47	Credit Suisse International		N/A		USD	195,000		(3,973	)		(10,880	)		6,907
Markit CMBX North America BB, Series 7		5.000%		01/17/47	Credit Suisse International		N/A		USD	1,465,000		(29,847	)		(53,594	)		23,747
Markit CMBX North America BB, Series 7		5.000%		01/17/47	Deutsche Bank AG		N/A		USD	90,000		(1,834	)		(2,580	)		746
Markit CMBX North America BBB-, Series 7		3.000%		01/17/47	Credit Suisse International		N/A		USD	370,000		(4,398	)		(6,491	)		2,093
Markit CMBX North America BBB-, Series 7		3.000%		01/17/47	Credit Suisse International		N/A		USD	595,000		(7,072	)		(18,997	)		11,925
Markit PrimeX ARM, Series 2		4.580%		12/25/37	JPMorgan Chase Bank N.A.		N/A		USD	947,662		29,220			28,457			763
Markit PrimeX FRM, Series 1		4.420%		07/25/36	JPMorgan Chase Bank N.A.		N/A		USD	68		7			7			—
Totals											$	(536,191	)	$	(544,853	)	$	8,662

Securities in the amount of $364,239 have been received at the custodian bank as collateral for swap contracts.

(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter

See accompanying notes to financial statements.

MSF-27

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

(d) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(ABX-HE)— Asset-Backed Home Equity Index

(BRL)— Brazilian Real

(CMBX)— Commercial Mortgage-Backed Index

(COP)— Colombian Peso

(EUR)— Euro

(GBP)— British Pound

(MYR)— Malaysian Ringgit

(NGN)— Nigerian Naira

(RON)— New Romanian Leu

(RSD)— Serbian Dinar

(RUB)— Russian Ruble

(TRY)— Turkish Lira

(USD)— United States Dollar

(ZAR)— South African Rand

See accompanying notes to financial statements.

MSF-28

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	812,501,577		$	—		$	—	$	812,501,577
Total U.S. Treasury & Government Agencies*		—			161,094,028			—		161,094,028
Total Corporate Bonds & Notes*		—			148,909,095			—		148,909,095
Total Mortgage-Backed Securities*		—			86,537,100			—		86,537,100
Total Asset-Backed Securities*		—			82,664,171			—		82,664,171
Total Floating Rate Loans*		—			29,691,275			—		29,691,275
Total Foreign Government*		—			17,197,572			—		17,197,572
Total Municipals		—			6,910,930			—		6,910,930
Total Purchased Options*		—			15,965			—		15,965
Short-Term Investments
Mutual Fund		52,284,330			—			—		52,284,330
U.S. Treasury		—			23,374,907			—		23,374,907
Commercial Paper		—			7,900,000			—		7,900,000
Repurchase Agreement		—			36,322,076			—		36,322,076
Total Short-Term Investments		52,284,330			67,596,983			—		119,881,313
Total Investments	$	864,785,907		$	600,617,119		$	—	$	1,465,403,026
Collateral for Securities Loaned (Liability)	$	—		$	(52,284,330	)	$	—	$	(52,284,330	)
TBA Forward Sales Commitments	$	—		$	(41,142,975	)	$	—	$	(41,142,975	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	387,664		$	—	$	387,664
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(176,257	)		—		(176,257	)
Total Forward Contracts	$	—		$	211,407		$	—	$	211,407
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	403,030		$	—		$	—	$	403,030
Futures Contracts (Unrealized Depreciation)		(193,397	)		—			—		(193,397	)
Total Futures Contracts	$	209,633		$	—		$	—	$	209,633
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	101,713		$	—	$	101,713
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(314,710	)		—		(314,710	)
Total Centrally Cleared Swap Contracts	$	—		$	(212,997	)	$	—	$	(212,997	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	3,570,160		$	—	$	3,570,160
OTC Swap Contracts at Value (Liabilities)		—			(634,363	)		—		(634,363	)
Total OTC Swap Contracts	$	—		$	2,935,797		$	—	$	2,935,797

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-29

Metropolitan Series Fund

WMC Balanced Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,465,403,026
Cash		425,139
Cash denominated in foreign currencies (c)		1,039
Cash collateral (d)		1,903,080
OTC swap contracts at market value (e)		3,570,160
Unrealized appreciation on forward foreign currency exchange contracts		387,664
Receivable for:
Investments sold		5,014,802
TBA securities sold (f)		88,821,266
Fund shares sold		34,370
Principal paydowns		25,072
Dividends and interest		3,784,916
Variation margin on futures contracts		71,069
Interest on OTC swap contracts		13,507
Prepaid expenses		3,505
Total Assets		1,569,458,615
Liabilities
Forward sales commitments, at value		41,142,975
OTC swap contracts at market value (g)		634,363
Cash collateral for swap contracts		2,378,000
Unrealized depreciation on forward foreign currency exchange contracts		176,257
Collateral for securities loaned		52,284,330
Payables for:
Investments purchased		7,622,058
TBA securities purchased (f)		105,129,227
Fund shares redeemed		413,843
Foreign taxes		803
Variation margin on swap contracts		18,237
Payable for premium on purchased options		401,540
Interest on OTC swap contracts		5,295
Accrued Expenses:
Management fees		487,257
Distribution and service fees		19,952
Deferred trustees’ fees		65,370
Other expenses		312,356
Total Liabilities		211,091,863
Net Assets	$	1,358,366,752
Net Assets Consist of:
Paid in surplus	$	1,013,748,772
Undistributed net investment income		25,647,505
Accumulated net realized gain		218,712,841
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		100,257,634
Net Assets	$	1,358,366,752
Net Assets
Class A	$	1,250,627,097
Class B		71,621,895
Class E		36,117,760
Capital Shares Outstanding*
Class A		56,095,763
Class B		3,229,895
Class E		1,623,693
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	22.29
Class B		22.17
Class E		22.24

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,365,192,924.

(b) Includes securities loaned at value of $60,508,843.

(c) Identified cost of cash denominated in foreign currencies was $1,663.

(d) Includes collateral of $1,687,784 for futures contracts and $215,296 for centrally cleared swap contracts.

(e) Net premium paid on OTC swap contracts was $3,692,640.

(f) Included within TBA securities sold is $82,410,336 related to TBA forward sale commitments and included within TBA securities purchased is $40,959,344 related to TBA forward sale commitments.

(g) Net premium received on OTC swap contracts was $647,306.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	13,499,799
Interest (b)		17,585,306
Securities lending income		225,461
Total investment income		31,310,566
Expenses
Management fees		6,164,307
Administration fees		31,699
Custodian and accounting fees		508,602
Distribution and service fees—Class B		182,376
Distribution and service fees—Class E		54,674
Interest expense		25,170
Audit and tax services		82,223
Legal		34,863
Trustees’ fees and expenses		38,591
Shareholder reporting		262,366
Insurance		8,402
Miscellaneous		17,148
Total expenses		7,410,421
Less management fee waiver		(415,783	)
Less broker commission recapture		(10,508	)
Net expenses		6,984,130
Net Investment Income		24,326,436
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (c)		242,432,977
Futures contracts		562,861
Written options		226,727
Swap contracts		(1,901,568	)
Foreign currency transactions		670,800
Net realized gain		241,991,797
Net change in unrealized appreciation (depreciation) on:
Investments		(130,579,317	)
Futures contracts		(278,752	)
Written options		27,174
Swap contracts		(585,685	)
Foreign currency transactions		252,828
Net change in unrealized depreciation		(131,163,752	)
Net realized and unrealized gain		110,828,045
Net Increase in Net Assets From Operations	$	135,154,481

(a) Net of foreign withholding taxes of $74,523.

(b) Net of foreign withholding taxes of $10,510.

(c) Net of foreign capital gains tax of $803.

See accompanying notes to financial statements.

MSF-30

Metropolitan Series Fund

WMC Balanced Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	24,326,436		$	24,314,308
Net realized gain		241,991,797			87,149,522
Net change in unrealized appreciation (depreciation)		(131,163,752	)		131,318,552
Increase in net assets from operations		135,154,481			242,782,382
From Distributions to Shareholders
Net investment income
Class A		(24,938,092	)		(29,469,679	)
Class B		(1,292,484	)		(1,608,768	)
Class E		(686,167	)		(844,948	)
Total distributions		(26,916,743	)		(31,923,395	)
Decrease in net assets from capital share transactions		(110,824,768	)		(90,973,572	)
Total increase (decrease) in net assets		(2,587,030	)		119,885,415
Net Assets
Beginning of period		1,360,953,782			1,241,068,367
End of period	$	1,358,366,752		$	1,360,953,782
Undistributed net investment income
End of period	$	25,647,505		$	26,722,022

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		734,471		$	15,564,925			1,816,467		$	34,142,526
Reinvestments		1,224,256			24,938,092			1,648,192			29,469,679
Redemptions		(6,526,709	)		(138,492,749	)		(7,721,804	)		(145,181,520	)
Net decrease		(4,567,982	)	$	(97,989,732	)		(4,257,145	)	$	(81,569,315	)
Class B
Sales		187,005		$	3,940,494			236,375		$	4,430,064
Reinvestments		63,669			1,292,484			90,329			1,608,768
Redemptions		(681,968	)		(14,406,599	)		(609,866	)		(11,469,641	)
Net decrease		(431,294	)	$	(9,173,621	)		(283,162	)	$	(5,430,809	)
Class E
Sales		46,123		$	974,280			56,048		$	1,067,699
Reinvestments		33,718			686,167			47,309			844,948
Redemptions		(251,411	)		(5,321,862	)		(312,756	)		(5,886,095	)
Net decrease		(171,570	)	$	(3,661,415	)		(209,399	)	$	(3,973,448	)
Decrease derived from capital shares transactions				$	(110,824,768	)				$	(90,973,572	)

See accompanying notes to financial statements.

MSF-31

Metropolitan Series Fund

WMC Balanced Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	20.59		$	17.52		$	15.95		$	15.72		$	14.61
Income (Loss) from Investment Operations
Net investment income (a)		0.39			0.36			0.38			0.36			0.33
Net realized and unrealized gain on investments		1.73			3.18			1.58			0.26			1.06
Total from investment operations		2.12			3.54			1.96			0.62			1.39
Less Distributions
Distributions from net investment income		(0.42	)		(0.47	)		(0.39	)		(0.39	)		(0.28	)
Total distributions		(0.42	)		(0.47	)		(0.39	)		(0.39	)		(0.28	)
Net Asset Value, End of Period	$	22.29		$	20.59		$	17.52		$	15.95		$	15.72
Total Return (%) (b)		10.55			20.59	(c)		12.38			3.80			9.65
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53			0.51			0.52			0.51			0.50
Gross ratio of expenses to average net assets excluding interest expense (%)		0.53			0.51			0.52			0.51			0.50
Net ratio of expenses to average net assets (%) (d)		0.50			0.51			0.52			0.51			0.50
Net ratio of expenses to average net assets excluding interest expense (%) (d)		0.50			0.51			0.52			0.51			0.50
Ratio of net investment income to average net assets (%)		1.81			1.89			2.23			2.23			2.21
Portfolio turnover rate (%)		413	(e)		340	(e)		494	(e)		942			1,014
Net assets, end of period (in millions)	$	1,250.6		$	1,249.1		$	1,137.3		$	1,126.6		$	1,216.2
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	20.48		$	17.43		$	15.88		$	15.65		$	14.55
Income (Loss) from Investment Operations
Net investment income (a)		0.33			0.31			0.33			0.32			0.29
Net realized and unrealized gain on investments		1.73			3.16			1.57			0.26			1.06
Total from investment operations		2.06			3.47			1.90			0.58			1.35
Less Distributions
Distributions from net investment income		(0.37	)		(0.42	)		(0.35	)		(0.35	)		(0.25	)
Total distributions		(0.37	)		(0.42	)		(0.35	)		(0.35	)		(0.25	)
Net Asset Value, End of Period	$	22.17		$	20.48		$	17.43		$	15.88		$	15.65
Total Return (%) (b)		10.28			20.28	(c)		12.11			3.59			9.31
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78			0.76			0.77			0.76			0.75
Gross ratio of expenses to average net assets excluding interest expense (%)		0.78			0.76			0.77			0.76			0.75
Net ratio of expenses to average net assets (%) (d)		0.75			0.76			0.77			0.76			0.75
Net ratio of expenses to average net assets excluding interest expense (%) (d)		0.75			0.76			0.77			0.76			0.75
Ratio of net investment income to average net assets (%)		1.56			1.64			1.98			1.98			1.97
Portfolio turnover rate (%)		413	(e)		340	(e)		494	(e)		942			1,014
Net assets, end of period (in millions)	$	71.6		$	75.0		$	68.7		$	67.8		$	72.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-32

Metropolitan Series Fund

WMC Balanced Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	20.54		$	17.48		$	15.92		$	15.70		$	14.59
Income (Loss) from Investment Operations
Net investment income (a)		0.35			0.33			0.35			0.33			0.31
Net realized and unrealized gain on investments		1.74			3.17			1.57			0.26			1.06
Total from investment operations		2.09			3.50			1.92			0.59			1.37
Less Distributions
Distributions from net investment income		(0.39	)		(0.44	)		(0.36	)		(0.37	)		(0.26	)
Total distributions		(0.39	)		(0.44	)		(0.36	)		(0.37	)		(0.26	)
Net Asset Value, End of Period	$	22.24		$	20.54		$	17.48		$	15.92		$	15.70
Total Return (%) (b)		10.41			20.39	(c)		12.18			3.67			9.45
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68			0.66			0.67			0.66			0.65
Gross ratio of expenses to average net assets excluding interest expense (%)		0.68			0.66			0.67			0.66			0.65
Net ratio of expenses to average net assets (%) (d)		0.65			0.66			0.67			0.66			0.65
Net ratio of expenses to average net assets excluding interest expense (%) (d)		0.65			0.66			0.67			0.66			0.65
Ratio of net investment income to average net assets (%)		1.66			1.74			2.08			2.07			2.06
Portfolio turnover rate (%)		413	(e)		340	(e)		494	(e)		942			1,014
Net assets, end of period (in millions)	$	36.1		$	36.9		$	35.0		$	35.4		$	40.9

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) In 2013, 0.04%, 0.04% and 0.04% of the Portfolio’s total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadvisor for a realized loss. Excluding this item, total return would have been 20.55%, 20.24% and 20.35% for Class A, Class B and Class E, respectively.

(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(e) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 163%, 139% and 243% for the years ended December 31, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

MSF-33

Metropolitan Series Fund

WMC Balanced Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is WMC Balanced Portfolio (the “Portfolio”), which is diversified. On February 3, 2014, Wellington Management Company LLP succeeded BlackRock Advisors, LLC as the subadviser to the Portfolio and the name of the Portfolio was changed from the BlackRock Diversified Portfolio to the WMC Balanced Portfolio. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively

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traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes

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amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, paydown gain/loss reclasses, broker commission recapture, amortization and accretion of debt securities, convertible preferred stock adjustments, real estate investment trusts (REITs), return of capital adjustments and swap contract transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $36,322,076, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as Reverse repurchase agreements on the Statement of Assets and Liabilities.

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WMC Balanced Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

For the year ended December 31, 2014, the Portfolio had an outstanding reverse repurchase agreement balance for 26 days. The average amount of borrowings was $68,781,044 and the weighted average interest rate was (0.54%) during the 26 day period. There were no outstanding reverse repurchase agreements as of December 31, 2014.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the year ended December 31, 2014, the Portfolio held U.S. Treasury securities purchased through secured borrowing transactions. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop”, is included in net investment income with the cost of the secured borrowing transaction being recorded as interest expense over the term of the borrowing.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Treasury and mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

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Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High Yield Debt Securities - The Portfolio may invest in high yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations or an assignment, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

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3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes 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.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio 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. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

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WMC Balanced Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked to market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio 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 instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Options on swaps (“swaptions”) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s

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Notes to Financial Statements—December 31, 2014—(Continued)

remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2014, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust the interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal

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Notes to Financial Statements—December 31, 2014—(Continued)

course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)	$	996
	Unrealized appreciation on futures contracts* (b)		403,030	Unrealized depreciation on futures contracts* (b)	$	107,932
Credit	OTC swap contracts at market value (c)		3,570,160	OTC swap contracts at market value (c)		634,363
	Unrealized appreciation on centrally cleared swap contracts** (b)		101,713	Unrealized depreciation on centrally cleared swap contracts** (b)		314,710
Equity				Unrealized depreciation on futures contracts* (b)		85,465
Foreign Exchange	Investments at market value (a)		14,969
	Unrealized appreciation on forward foreign currency exchange contracts		387,664	Unrealized depreciation on forward foreign currency exchange contracts		176,257
Total		$	4,478,532		$	1,318,727

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

** Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

(a) Represents purchased options which are part of investments as shown in the Statement of Assets and Liabilities.

(b) Financial instrument not subject to a master netting agreement.

(c) Excludes OTC swap interest receivable of $13,507 and OTC swap interest payable of $5,295.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	294,079	$	(276,008	)	$	—		$	18,071
Barclays Bank plc		258,750		—			—			258,750
Citibank N.A.		41,033		(41,033	)		—			—
Credit Suisse International		1,626,576		(241,214	)		(1,315,000	)		70,362
Deutsche Bank AG		133,938		(48,144	)		(83,000	)		2,794
Goldman Sachs International		367,869		(25,173	)		(342,696	)		—
JPMorgan Chase Bank N.A.		1,228,836		(9,664	)		(980,000	)		239,172
Morgan Stanley & Co. International plc		8,039		(8,039	)		—			—
UBS AG		14,669		(5,452	)		—			9,217
	$	3,973,789	$	(654,727	)	$	(2,720,696	)	$	598,366

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Notes to Financial Statements—December 31, 2014—(Continued)

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Bank of America N.A.	$	276,008	$	(276,008	)	$	—	$	—
BNP Paribas S.A.		138,419		—			—		138,419
Citibank N.A.		48,740		(41,033	)		—		7,707
Credit Suisse International		241,214		(241,214	)		—		—
Deutsche Bank AG		48,144		(48,144	)		—		—
Goldman Sachs International		25,173		(25,173	)		—		—
JPMorgan Chase Bank N.A.		9,664		(9,664	)		—		—
Morgan Stanley & Co. International plc		15,826		(8,039	)		—		7,787
National Australia Bank Ltd.		112		—			—		112
Royal Bank of Canada		1,868		—			—		1,868
UBS AG		5,452		(5,452	)		—		—
	$	810,620	$	(654,727	)	$	—	$	155,893

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Investments (a)	$	206,656		$	(143,087	)	$	—		$	(21,111	)	$	42,458
Forward foreign currency transactions		—			—			—			826,098			826,098
Futures contracts		488,133			—			74,728			—			562,861
Swap contracts		(659,476	)		(1,242,092	)		—			—			(1,901,568	)
Written options		164,669			—			—			62,058			226,727
	$	199,982		$	(1,385,179	)	$	74,728		$	867,045		$	(243,424	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Investments (a)	$	(200,766	)	$	—		$	—		$	(92,491	)	$	(293,257	)
Forward foreign currency transactions		—			—			—			267,951			267,951
Futures contracts		(193,287	)		—			(85,465	)		—			(278,752	)
Swap contracts		(231,686	)		(353,999	)		—			—			(585,685	)
Written options		17,109			—			—			10,065			27,174
	$	(608,630	)	$	(353,999	)	$	(85,465	)	$	185,525		$	(862,569	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	41,549,763
Forward foreign currency transactions		17,171,844
Futures contracts long		79,597,599
Futures contracts short		(43,748,831	)
Swap contracts		99,858,660
Written options		(83,090,000	)

‡ Averages are based on activity levels during 2014.

(a) Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

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Notes to Financial Statements—December 31, 2014—(Continued)

Written Options

The Portfolio transactions in written options during the year December 31, 2014:

Call Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		2,260,000			—		$	8,983
Options written		42,995,000			132			676,913
Options bought back		(2,900,000	)		(132	)		(580,685	)
Options exercised		(1,130,000	)		—			(4,831	)
Options expired		(41,225,000	)		—			(100,380	)
Options outstanding December 31, 2014		—			—		$	—
Put Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		1,185,040,000			217		$	98,906
Options written		67,149,000			132			695,422
Options bought back		(1,212,094,000	)		(349	)		(742,204	)
Options expired		(40,095,000	)		—			(52,124	)
Options outstanding December 31, 2014		—			—		$	—

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

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Notes to Financial Statements—December 31, 2014—(Continued)

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these 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.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$4,099,893,346	$	1,777,815,151	$	4,212,775,024	$	1,886,870,130

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $4,845,559 in sales of investments, which are included above.

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2014 were as follows:

Purchases	Sales
$3,719,461,379	$	3,719,300,079

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$6,164,307		0.500	%	Of the first $500 million
		0.450	%	Of the next $500 million
		0.400	%	On amounts in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Effective February 3, 2014, Wellington Management Company LLP is compensated by MetLife Advisers to provide subadvisory services for the Portfolio. Prior to February 3, 2014, BlackRock Advisors, LLC was compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

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Notes to Financial Statements—December 31, 2014—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 28, 2014 to April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.020%		On the first $500 million

Any reductions in total advisory fees paid by the Portfolio due to these waivers may be reduced or eliminated by changes in the advisory fee structure at higher asset levels. MetLife Advisers will receive advisory fees equal to 0.480% of the Portfolio’s average daily net assets for amounts over $500 million but less than $750 million (0.030% over the contractual advisory fee rate) and 0.460% for amounts over $750 million but less than $1 billion (0.010% over the contractual advisory fee rate). As a result, the dollar amount of the waiver will be reduced as assets grow beyond $500 million up to $1 billion, but the advisory fee net of waivers will never exceed the contractual dollar amount that would otherwise be payable under the advisory fee.

The Subadviser has voluntarily agreed, for the period from February 3, 2014 through February 2, 2015, to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee agreement, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $415,783 was waived in the aggregate for the year ended December 31, 2014 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an active employee of MetLife or its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$26,916,743	$	31,923,395	$	—	$	—	$	26,916,743	$	31,923,395

MSF-46

Metropolitan Series Fund

WMC Balanced Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$68,063,616	$	179,918,915	$	96,700,819	$	—	$	344,683,350

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as shortterm losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $16,387,061.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-47

Metropolitan Series Fund

WMC Balanced Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of WMC Balanced Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of WMC Balanced Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 WMC Balanced Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-48

Metropolitan Series Fund

Trustees and Officers

Management of The Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/ August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Av id Technology, Inc.**

MSF-49

Metropolitan Series Fund

Trustees and Officers—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-50

Metropolitan Series Fund

WMC Balanced Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with MetLife Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser that the Adviser had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance program, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report.

MSF-51

Metropolitan Series Fund

WMC Balanced Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted that the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report.

The Board noted that applicable sub-advisory fees for the Portfolios are paid by the Adviser out of its advisory fee. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board considered the effective fees under the Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

WMC Balanced Portfolio (formerly, BlackRock Diversified Portfolio). At the November Meeting, the Board, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement relating to the Portfolio. The Sub-Advisory Agreement for the Portfolio was not up for renewal at the November Meeting because it had previously been approved by the Board, including a majority of the Independent Trustees, in connection with the Portfolio’s change in Sub-Adviser to Wellington Management Company LLP, effective February 2014. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Advisory Agreement with the Adviser regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed both the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its blended benchmark, the S&P 500 Index (60%) & Barclays U.S. Aggregate Bond Index (40%), for the one-, three-, and five-year periods ended October 31, 2014.

MSF-52

Metropolitan Series Fund

WMC Balanced Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fee and total expenses (exclusive of 12b-l fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe at the Portfolio’s current size.

MSF-53

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the WMC Core Equity Opportunities Portfolio returned 10.63%, 10.35%, and 10.45%, respectively. The Portfolio’s benchmark, the Russell 1000 Index¹, returned 13.24%.

Wellington Management Company LLP assumed management of the Portfolio on February 3, 2014, prior to which the Portfolio was sub-advised by Davis Selected Advisers, L.P.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities and other developed-market stocks rose during the one year period as the S&P 500 Index posted a 13.7% return and the MSCI World Index posted a 5.5% return. Emerging markets trailed, with the MSCI Emerging Markets Index posting a loss of -1.8%, gross of withholding taxes. U.S. stocks began 2014 with their worst month in nearly two years. Worries about a slowdown in China and general angst surrounding emerging markets overshadowed a fairly benign domestic environment. Despite a myriad of adversely weather-influenced economic data, the S&P 500 Index rebounded from January’s pullback and finished February at a new peak. By the end of the second quarter the S&P 500 Index was up 224.4% from its closing low on March 9, 2009. The second half of the year was also bumpy, with U.S. equities sinking in July, rebounding in August, and falling once again around mid-September before recovering in October. U.S. equities hit several all-time highs toward the end of the period, pulling back slightly on the final trading day of November and into December, led by weakness in the Energy sector after Organization of the Petroleum Exporting Countries (OPEC) decided to leave production unchanged.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the period Wellington Management Company LLP managed the Portfolio, it trailed its benchmark, the Russell 1000 Index, for the period ended December 31, 2014. Sector positioning, a result of the bottom-up stock selection process, detracted from relative results, driven largely by the Portfolio’s underweight allocation to Information Technology (“IT”) and Utilities, and an overweight to Energy. A frictional cash position also weighed on benchmark-relative results as equities rose during the period. Strong stock selection within the Industrials, Financials, and Consumer Discretionary sectors was partially offset by weaker selection within Consumer Staples and Health Care.

Top relative detractors during the period included BG Group (United Kingdom), Mattel, and Roche (Switzerland). Shares of natural gas-focused oil & gas exploration company BG Group fell following the release of disappointing third quarter results, which fell short of consensus expectations. We expect BG’s prospects to improve in 2015 as a liquified natural gas (LNG) project in Australia starts up and production for a project in Brazil begins to accelerate. We continued to hold the position. Mattel, a leading toy manufacturer, saw its shares decline as a result of challenging fundamentals. Traditional toy categories have experienced some secular headwinds in recent years, such as the use of more sophisticated digital toy products, and Mattel has been impacted by these trends. We trimmed the position but continued to evaluate the long-term implications of recent troubles. Roche, a biopharmaceutical company, saw price weakness during the fourth quarter after negative trial results were reported in mid-December. Even with this setback, the company has a good drug portfolio and industry leading diagnostics, which should maintain their value-creation engine. Our investment thesis remains intact and we continued to own the stock. Not owning strong performing benchmark constituent Apple also hurt relative results during the period.

Top contributors during the period included UnitedHealth, Lowe’s, and Nike. UnitedHealth, a U.S.-based health insurance company, continued to benefit from the Affordable Care Act. The stock has performed well as earnings over the course of the year have been solid. The company also recently announced that its board of directors had increased the quarterly dividend and renewed its share repurchase program, highlighting the company’s ability to generate strong cash flow. Shares of leading home improvement retailer Lowe’s benefited from investor optimism about the home improvement landscape. Shares of Nike, a U.S.-based manufacturer of athletic apparel and gear, were strong in the second half of the year as earnings exceeded expectations and their business in China has shown better than expected improvements. Not owning Google, a benchmark constituent that declined during the period, also aided the Portfolio’s relative returns.

MSF-1

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

As of December 31, 2014, the Portfolio was most overweight the Consumer Staples, Industrials, and Health Care sectors, and continued to be most underweight the IT, Financials, and Telecommunication Services sectors.

Donald J. Kilbride

Portfolio Manager

Wellington Management Company LLP

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 INDEX & THE S&P 500 INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
WMC Core Equity Opportunities Portfolio
Class A		10.63		12.40		6.62
Class B		10.35		12.13		6.35
Class E		10.45		12.23		6.46
Russell 1000 Index		13.24		15.64		7.96
S&P 500 Index		13.69		15.45		7.67

¹ The Russell 1000 Index is an unmanaged measure of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investable U.S. equity market.

² The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
United Parcel Service, Inc. - Class B		3.2
TJX Cos., Inc. (The)		3.0
UnitedHealth Group, Inc.		2.9
Lockheed Martin Corp.		2.6
Cardinal Health, Inc.		2.6
ACE, Ltd.		2.6
Wal-Mart Stores, Inc.		2.6
Coca-Cola Co. (The)		2.6
Praxair, Inc.		2.5
Microsoft Corp.		2.5

Top Sectors

	% of Net Assets
Health Care		17.9
Industrials		16.4
Consumer Staples		14.5
Financials		13.0
Consumer Discretionary		12.3
Information Technology		10.6
Energy		9.2
Materials		4.2
Utilities		1.1

MSF-3

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio 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 in the particular share class of the Portfolio, to estimate the 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 expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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 fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in 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 these other costs were included, your costs would have been higher.

WMC Core Equity Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.59	%	$	1,000.00	$	1,069.70	$	3.08
	Hypothetical*		0.59	%	$	1,000.00	$	1,022.23	$	3.01
Class B(a)	Actual		0.84	%	$	1,000.00	$	1,068.40	$	4.38
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.97	$	4.28
Class E(a)	Actual		0.74	%	$	1,000.00	$	1,068.80	$	3.86
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.48	$	3.77

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—99.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—10.1%
General Dynamics Corp.		359,290	$	49,445,490
Honeywell International, Inc.		760,377		75,976,870
Lockheed Martin Corp.		536,035		103,224,260
Northrop Grumman Corp.		512,457		75,531,037
United Technologies Corp.		858,919		98,775,685
				402,953,342
Air Freight & Logistics—3.2%
United Parcel Service, Inc. - Class B		1,149,255		127,762,678
Banks—3.2%
PNC Financial Services Group, Inc. (The)		714,866		65,217,225
Wells Fargo & Co.		1,153,820		63,252,413
				128,469,638
Beverages—6.1%
Anheuser-Busch InBev NV		652,410		73,418,118
Coca-Cola Co. (The)		2,418,710		102,117,936
Diageo plc		2,371,395		68,014,334
				243,550,388
Biotechnology—1.7%
Amgen, Inc.		429,817		68,465,550
Capital Markets—1.8%
BlackRock, Inc.		199,926		71,485,541
Chemicals—4.2%
Ecolab, Inc.		638,232		66,708,009
Praxair, Inc.		784,826		101,682,056
				168,390,065
Electrical Equipment—1.2%
Emerson Electric Co.		793,699		48,995,039
Energy Equipment & Services—1.3%
Schlumberger, Ltd.		614,998		52,526,979
Food & Staples Retailing—4.5%
CVS Health Corp.		786,060		75,705,439
Wal-Mart Stores, Inc.		1,195,375		102,658,805
				178,364,244
Health Care Equipment & Supplies—2.3%
Medtronic, Inc. (a)		1,254,803		90,596,777
Health Care Providers & Services—5.5%
Cardinal Health, Inc.		1,278,590		103,220,571
UnitedHealth Group, Inc.		1,159,662		117,230,231
				220,450,802
Hotels, Restaurants & Leisure—2.2%
McDonald’s Corp.		941,643		88,231,949
Household Products—3.9%
Colgate-Palmolive Co.		1,066,189		73,769,617
Procter & Gamble Co. (The)		922,854		84,062,771
				157,832,388
Insurance—6.7%
ACE, Ltd.		897,278		103,079,297
Chubb Corp. (The)		709,612		73,423,554
Marsh & McLennan Cos., Inc.		1,617,051		92,559,999
				269,062,850
IT Services—5.9%
Accenture plc - Class A		1,119,701		100,000,496
Automatic Data Processing, Inc.		1,151,771		96,023,148
International Business Machines Corp.		245,444		39,379,036
				235,402,680
Leisure Products—1.0%
Mattel, Inc. (a)		1,282,980		39,701,816
Media—1.5%
Walt Disney Co. (The)		629,429		59,285,917
Multi-Utilities—1.1%
Dominion Resources, Inc.		585,557		45,029,333
Oil, Gas & Consumable Fuels—7.9%
BG Group plc		4,823,669		64,206,566
Chevron Corp.		875,128		98,171,859
Enbridge, Inc.		1,140,095		58,612,284
Exxon Mobil Corp.		1,008,316		93,218,814
				314,209,523
Pharmaceuticals—8.4%
Johnson & Johnson		934,356		97,705,607
Merck & Co., Inc.		1,718,464		97,591,571
Pfizer, Inc.		1,705,319		53,120,687
Roche Holding AG		326,873		88,595,809
				337,013,674
Real Estate Investment Trusts—1.3%
Public Storage		273,960		50,641,506
Road & Rail—1.9%
Canadian National Railway Co.		1,091,210		75,158,051
Software—4.7%
Microsoft Corp.		2,156,212		100,156,048
Oracle Corp.		1,960,324		88,155,770
				188,311,818
Specialty Retail—5.2%
Lowe’s Cos., Inc.		1,286,117		88,484,849
TJX Cos., Inc. (The)		1,745,165		119,683,416
				208,168,265

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—2.4%
NIKE, Inc. - Class B		1,018,089	$	97,889,257
Total Common Stocks (Cost $3,464,463,206)				3,967,950,070
Convertible Bond—0.0%
Forest Products & Paper—0.0%
Sino-Forest Corp. (c)
Escrow (Cost $0)		5,844,000		0
Short-Term Investments—2.7%
Mutual Fund—2.0%
State Street Navigator Securities Lending MET Portfolio (b)		79,976,199		79,976,199
Repurchase Agreement—0.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $27,742,452 on 01/02/15, collateralized by $28,700,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $28,299,233.		27,742,452		27,742,452
Total Short-Term Investments (Cost $107,718,651)				107,718,651
Total Investments—101.9% (Cost $3,572,181,857) (d)				4,075,668,721
Other assets and liabilities (net)—(1.9)%				(77,459,534	)
Net Assets—100.0%			$	3,998,209,187

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $126,725,559 and the collateral received consisted of cash in the amount of $79,976,199 and non-cash collateral with a value of $50,597,079. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Represents investment of cash collateral received from securities lending transactions.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, this security represents 0.0% of net assets.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $3,573,527,689. The aggregate unrealized appreciation and depreciation of investments were $579,119,107 and $(76,978,075), respectively, resulting in net unrealized appreciation of $502,141,032 for federal income tax purposes.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	402,953,342	$	—		$	—	$	402,953,342
Air Freight & Logistics		127,762,678		—			—		127,762,678
Banks		128,469,638		—			—		128,469,638
Beverages		102,117,936		141,432,452			—		243,550,388
Biotechnology		68,465,550		—			—		68,465,550
Capital Markets		71,485,541		—			—		71,485,541
Chemicals		168,390,065		—			—		168,390,065
Electrical Equipment		48,995,039		—			—		48,995,039
Energy Equipment & Services		52,526,979		—			—		52,526,979
Food & Staples Retailing		178,364,244		—			—		178,364,244
Health Care Equipment & Supplies		90,596,777		—			—		90,596,777
Health Care Providers & Services		220,450,802		—			—		220,450,802
Hotels, Restaurants & Leisure		88,231,949		—			—		88,231,949
Household Products		157,832,388		—			—		157,832,388
Insurance		269,062,850		—			—		269,062,850
IT Services		235,402,680		—			—		235,402,680
Leisure Products		39,701,816		—			—		39,701,816
Media		59,285,917		—			—		59,285,917
Multi-Utilities		45,029,333		—			—		45,029,333
Oil, Gas & Consumable Fuels		250,002,957		64,206,566			—		314,209,523
Pharmaceuticals		248,417,865		88,595,809			—		337,013,674
Real Estate Investment Trusts		50,641,506		—			—		50,641,506
Road & Rail		75,158,051		—			—		75,158,051
Software		188,311,818		—			—		188,311,818
Specialty Retail		208,168,265		—			—		208,168,265
Textiles, Apparel & Luxury Goods		97,889,257		—			—		97,889,257
Total Common Stocks		3,673,715,243		294,234,827			—		3,967,950,070
Total Convertible Bond*		—		—			0		0
Short-Term Investments
Mutual Fund		79,976,199		—			—		79,976,199
Repurchase Agreement		—		27,742,452			—		27,742,452
Total Short-Term Investments		79,976,199		27,742,452			—		107,718,651
Total Investments	$	3,753,691,442	$	321,977,279		$	—	$	4,075,668,721
Collateral for securities loaned (Liability)	$	—	$	(79,976,199	)	$	—	$	(79,976,199	)

* See Schedule of Investments for additional detailed categories.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

As of December 31, 2014, the security designated as Level 3 was fair valued using significant unobservable inputs under procedures adopted by the Board. Such valuations were based on a review of inputs such as, but not limited to, similar securities, company specific financial information, and company specific news. For this security there was no change in the valuation techniques used since the December 31, 2013 annual report. The Level 3 security comprised 0.0% of net assets of the Portfolio. As such, the Level 3 roll forward and change in unrealized appreciation (depreciation) of the Level 3 security held at December 31, 2014 have not been presented.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	4,075,668,721
Cash denominated in foreign currencies (c)		199,588
Receivable for:
Fund shares sold		55,655
Dividends		7,241,779
Prepaid expenses		10,490
Total Assets		4,083,176,233
Liabilities
Due to custodian		2,474
Collateral for securities loaned		79,976,199
Payables for:
Fund shares redeemed		2,494,479
Accrued expenses:
Management fees		1,895,903
Distribution and service fees		271,055
Deferred trustees’ fees		63,426
Other expenses		263,510
Total Liabilities		84,967,046
Net Assets	$	3,998,209,187
Net assets consist of:
Paid in surplus	$	2,119,873,920
Undistributed net investment income		64,851,237
Accumulated net realized gain		1,310,188,642
Unrealized appreciation on investments and foreign currency transactions		503,295,388
Net Assets	$	3,998,209,187
Net Assets
Class A	$	2,352,117,269
Class B		693,714,924
Class E		952,376,994
Capital Shares Outstanding*
Class A		54,535,023
Class B		16,211,626
Class E		22,214,207
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	43.13
Class B		42.79
Class E		42.87

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Includes securities loaned at value of $126,725,559.

(b) Identified cost of investments was $3,572,181,857.

(c) Identified cost of cash denominated in foreign currencies was $199,786.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	93,557,857
Securities lending income		407,085
Total investment income		93,964,942
Expenses
Management fees		28,204,259
Administration fees		92,927
Custodian and accounting fees		427,864
Distribution and service fees—Class B		1,759,579
Distribution and service fees—Class E		1,470,136
Audit and tax services		39,404
Legal		47,704
Trustees’ fees and expenses		40,288
Shareholder reporting		523,303
Insurance		25,246
Miscellaneous		32,145
Total expenses		32,662,855
Less management fee waiver		(5,550,463	)
Less broker commission recapture		(7,292	)
Net expenses		27,105,100
Net Investment Income		66,859,842
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		1,290,627,911
Foreign currency transactions		(145,965	)
Net realized gain		1,290,481,946
Net change in unrealized depreciation on:
Investments		(954,910,533	)
Foreign currency transactions		(264,995	)
Net change in unrealized depreciation		(955,175,528	)
Net realized and unrealized gain		335,306,418
Net Increase in Net Assets From Operations	$	402,166,260

(a) Net of foreign withholding taxes of $1,226,569.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	66,859,842		$	25,872,241
Net realized gain		1,290,481,946			346,285,698
Net change in unrealized appreciation (depreciation)		(955,175,528	)		760,937,286
Increase in net assets from operations		402,166,260			1,133,095,225
From Distributions to Shareholders
Net investment income
Class A		(16,548,559	)		(31,490,128	)
Class B		(3,364,228	)		(8,152,158	)
Class E		(5,632,049	)		(12,388,595	)
Net realized capital gains
Class A		(197,771,508	)		(37,609,908	)
Class B		(60,905,856	)		(11,674,923	)
Class E		(84,758,861	)		(16,474,748	)
Total distributions		(368,981,061	)		(117,790,460	)
Decrease in net assets from capital share transactions		(196,634,254	)		(490,709,115	)
Total increase (decrease) in net assets		(163,449,055	)		524,595,650
Net Assets
Beginning of period		4,161,658,242			3,637,062,592
End of period	$	3,998,209,187		$	4,161,658,242
Undistributed net investment income
End of period	$	64,851,237		$	25,357,882

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		5,235,838		$	206,387,319			2,486,744		$	92,199,353
Reinvestments		5,529,414			214,320,067			1,979,376			69,100,036
Redemptions		(11,868,178	)		(483,397,690	)		(12,006,298	)		(452,672,435	)
Net decrease		(1,102,926	)	$	(62,690,304	)		(7,540,178	)	$	(291,373,046	)
Class B
Sales		271,312		$	11,082,666			472,141		$	18,005,282
Reinvestments		1,668,486			64,270,084			571,221			19,827,081
Redemptions		(3,026,976	)		(123,933,245	)		(3,096,663	)		(116,991,585	)
Net decrease		(1,087,178	)	$	(48,580,495	)		(2,053,301	)	$	(79,159,222	)
Class E
Sales		593,695		$	24,057,156			1,157,229		$	43,504,691
Reinvestments		2,343,555			90,390,910			830,600			28,863,343
Redemptions		(4,887,386	)		(199,811,521	)		(5,090,245	)		(192,544,881	)
Net decrease		(1,950,136	)	$	(85,363,455	)		(3,102,416	)	$	(120,176,847	)
Decrease derived from capital shares transactions				$	(196,634,254	)				$	(490,709,115	)

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	42.97		$	33.21		$	29.67		$	31.25		$	28.17
Income (Loss) from Investment Operations
Net investment income (a)		0.72			0.28			0.48			0.33			0.28
Net realized and unrealized gain (loss) on investments		3.41			10.64			3.33			(1.56	)		3.09
Total from investment operations		4.13			10.92			3.81			(1.23	)		3.37
Less Distributions
Distributions from net investment income		(0.31	)		(0.53	)		(0.27	)		(0.35	)		(0.29	)
Distributions from net realized capital gains		(3.66	)		(0.63	)		0.00			0.00			0.00
Total distributions		(3.97	)		(1.16	)		(0.27	)		(0.35	)		(0.29	)
Net Asset Value, End of Period	$	43.13		$	42.97		$	33.21		$	29.67		$	31.25
Total Return (%) (b)		10.63			33.70			12.86			(4.03	)		12.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.73			0.72			0.73			0.73			0.73
Net ratio of expenses to average net assets (%) (c) (d)		0.59			0.67			0.68			0.68			0.68
Ratio of net investment income to average net assets (%)		1.74			0.74			1.50			1.06			0.99
Portfolio turnover rate (%)		105			11			16			19			19
Net assets, end of period (in millions)	$	2,352.1		$	2,391.0		$	2,098.2		$	2,040.4		$	2,412.4
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	42.66		$	32.98		$	29.46		$	31.04		$	28.00
Income (Loss) from Investment Operations
Net investment income (a)		0.61			0.18			0.40			0.24			0.21
Net realized and unrealized gain (loss) on investments		3.38			10.57			3.31			(1.54	)		3.06
Total from investment operations		3.99			10.75			3.71			(1.30	)		3.27
Less Distributions
Distributions from net investment income		(0.20	)		(0.44	)		(0.19	)		(0.28	)		(0.23	)
Distributions from net realized capital gains		(3.66	)		(0.63	)		0.00			0.00			0.00
Total distributions		(3.86	)		(1.07	)		(0.19	)		(0.28	)		(0.23	)
Net Asset Value, End of Period	$	42.79		$	42.66		$	32.98		$	29.46		$	31.04
Total Return (%) (b)		10.35			33.36			12.62			(4.27	)		11.71
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98			0.97			0.98			0.98			0.98
Net ratio of expenses to average net assets (%) (c) (d)		0.84			0.92			0.93			0.93			0.93
Ratio of net investment income to average net assets (%)		1.49			0.49			1.25			0.80			0.75
Portfolio turnover rate (%)		105			11			16			19			19
Net assets, end of period (in millions)	$	693.7		$	738.0		$	638.2		$	631.4		$	593.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	42.74		$	33.03		$	29.51		$	31.09		$	28.04
Income (Loss) from Investment Operations
Net investment income (a)		0.65			0.22			0.43			0.28			0.24
Net realized and unrealized gain (loss) on investments		3.38			10.60			3.31			(1.55	)		3.06
Total from investment operations		4.03			10.82			3.74			(1.27	)		3.30
Less Distributions
Distributions from net investment income		(0.24	)		(0.48	)		(0.22	)		(0.31	)		(0.25	)
Distributions from net realized capital gains		(3.66	)		(0.63	)		0.00			0.00			0.00
Total distributions		(3.90	)		(1.11	)		(0.22	)		(0.31	)		(0.25	)
Net Asset Value, End of Period	$	42.87		$	42.74		$	33.03		$	29.51		$	31.09
Total Return (%) (b)		10.45			33.53			12.70			(4.18	)		11.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88			0.87			0.88			0.88			0.88
Net ratio of expenses to average net assets (%) (c) (d)		0.74			0.82			0.83			0.83			0.83
Ratio of net investment income to average net assets (%)		1.59			0.59			1.34			0.90			0.85
Portfolio turnover rate (%)		105			11			16			19			19
Net assets, end of period (in millions)	$	952.4		$	1,032.7		$	900.7		$	935.4		$	1,016.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(d) The effect of the voluntary portion of the waivers on average net assets was 0.03% for the year ended December 31, 2014 (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2014

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is WMC Core Equity Opportunities Portfolio (the “Portfolio”), which is diversified. On February 3, 2014, Wellington Management Company, LLP succeeded Davis Selected Advisers, L.P. as the subadviser to the Portfolio and the name of the Portfolio was changed from the Davis Venture Value Portfolio to the WMC Core Equity Opportunities Portfolio. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively

MSF-13

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

MSF-14

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, real estate investment trusts (REITs), return of capital adjustments and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $27,742,452, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that 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 the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

MSF-15

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	4,171,782,930	$	0	$	4,506,005,132

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $6,730,944 in purchases of investments, which are included above.

MSF-16

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$28,204,259		0.750	%	Of the first $1 billion
		0.700	%	On the next $2 billion
		0.650	%	On amounts in excess of $3 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Effective February 3, 2014, Wellington Management Company, LLP is compensated by MetLife Advisers to provide subadvisory services for the Portfolio. Prior to February 3, 2014, Davis Selected Advisers, L.P. was compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period February 3, 2014 through April 30, 2015, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.120%	First $500 million
0.145%	$500 million to $1 billion
0.120%	$1 billion to $3 billion
0.070%	$3 billion to $4.5 billion
0.095%	Over $4.5 billion

Prior to February 3, 2014 the Adviser had agreed, for the period April 29, 2013 to February 2, 2014, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	On the first $50 million
0.075%	On the next $450 million
0.100%	On the next $500 million
0.050%	On the next $2 billion
0.025%	On amounts in excess of $4.5 billion

Amounts waived for the year ended December 31, 2014 amounted to $4,226,677 and are included in the total amount shown as management fee waivers in the Statement of Operations.

Effective February 3, 2014, the Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $1,323,786 was waived in the aggregate for the year ended December 31, 2014 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net

MSF-17

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 was as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$39,349,902	$	52,030,881	$	329,631,159	$	65,759,579	$	368,981,061	$	117,790,460

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$141,177,520	$	1,235,271,618	$	501,949,556	$	—	$	1,878,398,694

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-18

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of WMC Core Equity Opportunities Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of WMC Core Equity Opportunities Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, 2014, by correspondence with the custodian and brokers; when 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 WMC Core Equity Opportunities Portfolio of Metropolitan Series Fund, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MSF-19

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From April 2012 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee, MIST Trust** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From April 2012 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MIST Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From April 2012 to present	Private Investor.	77	Trustee MIST Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds**.
Nancy Hawthorne (63)	Trustee	Indefinite; From May 2003 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MIST Trust**; Director, THL Credit, Inc.,** Director, Avid Technology, Inc.**
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MIST Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.

MSF-20

Metropolitan Series Fund

Trustees and Officers of Metropolitan Series Fund—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Keith M. Schappert (63)	Trustee	Indefinite; From August 2009 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MIST Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From May 2000 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MIST Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From May 2009 to present	Private Investor	77	Trustee, MIST Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco Foundation.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From May 2006 (President and Chief Executive Officer)/August 2006 (Trustee and Chairman of the Board) to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From November 2000 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From May 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From February 2005 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MSF-21

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with MetLife Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser that the Adviser had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance program, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report.

MSF-22

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted that the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report.

The Board noted that applicable sub-advisory fees for the Portfolios are paid by the Adviser out of its advisory fee. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board considered the effective fees under the Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

WMC Core Equity Opportunities Portfolio (formerly, Davis Venture Value Portfolio). At the November Meeting, the Board, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement relating to the Portfolio. The Sub-Advisory Agreement for the Portfolio was not up for renewal at the November Meeting because it had previously been approved by the Board, including a majority of the Independent Trustees, in connection with the Portfolio’s change in Sub-Adviser to Wellington Management Company LLP, effective February 2014. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Advisory Agreement with the Adviser regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed both the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board

MSF-23

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

further considered that the Portfolio underperformed its benchmark, the Russell 1000 Index, for the one-, three- and five-year periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance. The Board also noted the Sub-Adviser change in February 2014.

The Board also considered that the Portfolio’s actual management fees were below the Expense Group median and Sub-advised Expense Universe median and equal to the Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MSF-24

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions (the “Code of Ethics”). During the period covered by this report, no material amendments were made to the provisions of the Code of Ethics, nor did the registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Susan C. Gause, Nancy Hawthorne, Keith M. Schappert, Linda B. Strumpf, and Dawn M. Vroegop have each been determined to be an “audit committee financial expert” and each is “independent” (as each term is defined in Item 3 of Form N-CSR).

Item 4. Principal Accountant Fees and Services.

Information provided in response to Item 4 includes amounts billed during the applicable time period for services rendered by Deloitte & Touche LLP (“Deloitte”), the registrant’s principal accountant.

(a) Audit Fees

The aggregate fees billed for professional services rendered by Deloitte for the audit of the registrant’s annual financial statements and for services that are normally provided by Deloitte in connection with statutory and regulatory filings for the fiscal years ended December 31, 2013 and December 31, 2014 were $1,100,510 and $1,282,887, respectively.

(b) Audit-Related Fees

During the fiscal years ended December 31, 2013 and December 31, 2014, Deloitte billed $0 and $0, respectively, for assurance and related services that relate directly to the operations and financial reporting of the registrant, the registrant’s investment adviser or any other entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant.

(c) Tax Fees

The aggregate fees billed for professional services rendered by Deloitte for tax compliance, tax advice and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended December 31, 2013 and December 31, 2014 were $210,580 and $167,895, respectively. Represent fees for services rendered to the registrant for review of tax returns for the year end December 31, 2014 and for tax compliance, tax advice and tax planning in the form of preparation of excise filings and income tax returns for the fiscal year end December 31, 2013.

During the fiscal years ended December 31, 2013 and December 31, 2014, no fees for tax compliance, tax advice or tax planning services that relate directly to the operations and financial reporting of the registrant were billed by Deloitte to the registrant’s investment adviser or any other entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant.

(d) All Other Fees

The registrant was not billed for any other products or services provided by Deloitte for the fiscal years ended December 31, 2013 and December 31, 2014 other than the services reported in paragraphs (a) through (c) above.

During the fiscal years ended December 31, 2013 and December 31, 2014, no fees for other products or services that relate directly to the operations and financial reporting of the registrant, other than the services reported in paragraphs (a) through (c) above, were billed by Deloitte to the registrant’s investment adviser or any other entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant.

(e)(1) The registrant’s Audit Committee has established pre-approval procedures pursuant to paragraph (c)(7)(i)(B) of Rule 2-01 of Regulation S-X, which include regular pre-approval procedures and interim pre-approval procedures. Under the regular pre-approval procedures, the Audit Committee pre-approves at its regularly scheduled meetings audit and non-audit services that are required to be pre-approved under paragraph (c)(7) of Rule 2-01 of Regulation S-X. Under the interim pre-approval procedures, any member of the Audit Committee who is an independent Trustee is authorized to pre-approve proposed services that arise between regularly scheduled Audit Committee meetings and that need to commence prior to the next regularly scheduled Audit Committee meeting. Such Audit Committee member must report to the Audit Committee at its next regularly scheduled meeting on the pre-approval decision.

(2) Not applicable.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and adviser affiliates that provide ongoing services to the registrant for 2013 and 2014 were $0 and $0, respectively.

(h) The Audit Committee of the registrant’s Board of Trustees 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. Investments.

(a) Schedule of Investments is included as a part of the report to shareholders included under Item 1 of this Form N-CSR.

(b) 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. Purchases 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.

The registrant does not have procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

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 were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1) Code of Ethics is attached hereto.

(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3) Not applicable.

(b) The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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.

METROPOLITAN SERIES FUND
By:	/s/ Elizabeth M. Forget
	Elizabeth M. Forget
	President and Chief Executive Officer

Date: March 6, 2015

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.

By:	/s/ Elizabeth M. Forget
	Elizabeth M. Forget
	President and Chief Executive Officer

Date: March 6, 2015

By:	/s/ Peter H. Duffy
	Peter H. Duffy
	Chief Financial Officer and Treasurer

Date: March 6, 2015